Members with up-to-date loans have the option of skipping loan payments twice a year. If you have more than one loan, you can skip a payment for each loan when you apply for the service.
Taking advantage of this Skip-A-Loan Payment programme is easy. Simply read and complete the application online. Print and sign it then mail, fax or hand deliver it to our Loans department before the 15th of the month. Click here to download the form. (Open with Adobe Reader)
If you have a co-maker or guarantor for your loan, you will need to have them sign the form as well. You must also indicate on the form how the processing fee will be paid ($5 for loan payments totalling $500 and under and $25 for payments over $500.00). We’ll take care of the rest.
How does it work?
When your application is approved, the payment period is extended and the interest is added to the loan balance (capitalized) at the end of the month. You can also choose to pay the interest for the month. Payments made through payroll deduction will then be transferred to your account for the month you are skipping your payment.
Members whose loans are up-to-date can apply to skip loan payments. So give loans and your savings a break.
Use Skip-A-Loan if you need it. Apply today.