Skip A Pay

Could you use a vacation? What about a vacation from your loan payment? DECU’s Skip-a-pay is a program that allows members to skip a monthly loan payment during an especially tight financial season.

As long as your account is in good standing, you can pick one or two months each calendar year to skip your personal loan or car payment. And as a sweet incentive, a portion of the Skip-A-Pay fee goes to support local charities.

If you wish to skip payments on any loan numbers 05-18, there is a fee of $40 for each loan (check payable to DECU). For loan numbers 30-39, we recommend a minimum donation* of $40 per loan in a check payable to our charity of the year.

There are a few things to keep in mind:

  • Interest will continue to accumulate on your loan during the month you skip your payment

  • Single payment loans, student loans, balloon notes, loans being paid by disability insurance, and real estate loans are not eligible for Skip-A-Pay

  • You can't skip your first payment

  • You can't skip two payments in a row

  • All accounts must be in good standing with no delinquent or overdrawn balance. Your account must be current as of the last business day of the month prior to when you want to skip.

  • If it's before the 20th of the month, you can skip next month's payment(s). If it’s after the 20th of the month, you can skip the month after the next payment(s). For example, submit your form to us by May 20 to skip your June payment or by November 20 to skip your December payment.

  • Payment notices will still be sent out if you receive payment notices

Additionally, here are some important points to consider before you decide to skip a payment:

1. You can relax a bit The primary benefit of choosing to skip a payment is the extra cash flow. By opting to skip a large payment on a loan, you’ll free up cash for your daily expenses so you don’t finish the month in the red.

2. Longer shelf-life on your loan It’s important to remember that by skipping a payment, you’re lengthening the life of your loan. True, you’re skipping a payment now, but you’re essentially moving this month’s payment to the end of the loan.

3.) Interest still applies You will still be billed for interest on the skipped loan payment. That interest will be paid next time you make a payment. This means you’ll end up paying a bit more in interest during the life of the loan.

While the idea of one less bill payment probably appeals to, well, everyone, your financial health may need a bit more relief. Talk to one of our Financial Representatives for information on credit counseling, money management, and healthy budgeting.