What is Skip-A-Pay?

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You know how sometimes life throws a curveball, and your wallet's like, "nope"? First Service Credit Union gets it, offering a Skip-A-Pay option that allows members to skip a qualifying loan payment twice a year without affecting your credit score.

Here’s the Deal

Skip-A-Pay is a feature that brings significant relief when you need it most. Need to skip a payment on your car, boat, or personal loan? Easy. Log in to First Service Digital Banking, go to Loans in the menu, and complete the form on the Skip-a-Pay page. If your loan is eligible, then boom, you’ve got extra cash this month. 

Eligible Loans for Skip-A-Payment

A wide array of loans qualify for this program, including auto, boat, motorcycle, RV, and personal loans, among others. 

Why It’s Awesome

● More Cash in Your Pocket: Perfect for when you're short on cash or saving up for something big. 

● Stress-Buster: It’s a chill way to handle money stress. No penalties, no credit score worries. 

● Flexibility is Key: Life's unpredictable. This option’s like a financial safety net for those 'just in case' moments. 

How It Works

For a small fee of $35 per skipped payment, members have the flexibility to defer up to two payments every 12 months – a lifeline for those tight on funds. While the option to skip a payment doesn't impact your credit score, it's important to remember that interest will continue to accrue on your loan. This means the total amount of interest paid over the life of the loan may increase. The deferred payment is simply added to the end of your loan term. This option is a helpful tool, available for up to 10 skips over the life of your loan, ensuring that short-term hurdles don't derail your long-term financial goals. 

When to Use It

Consider using Skip-A-Pay in situations like: 

● “Oops” Moments: Like when your car decides it needs a spa day at the mechanic. 

● Breather Time: When your bank account needs a little breather before the next paycheck. 

● Temporary Financial Setbacks: If you're facing short-term financial challenges, skipping a payment can help you stay on track without falling behind. 

Other Smart Moves

● Refinancing: If you're finding it hard to make ends meet, refinancing your loan to get lower monthly payments could be a viable alternative to free up funds. 

● Loan Consolidation: For those with multiple loans, consolidating them can reduce interest rates and improve monthly cash flow.

Explore Our Personal Loans

First Service Credit Union's Skip-A-Pay option is a commitment to providing members with the flexibility and support they need in challenging times. By understanding and utilizing this option wisely, you can navigate through financial hurdles more confidently, knowing that your credit union has your back

Interested in skipping your next loan payment?

Log in to Digital Banking