SKIP A PAYMENT POLICY AND AGREEMENT:
You may be eligible to skip your monthly loan payment, provided that all of your accounts at Patriot Credit Union are in good standing and
*Your interest will continue to accrue and the skipped payment will cause your loan to extend beyond the original maturity, which will
change the total amount and schedule of repayment. All other terms and conditions of the loan will remain unchanged.
If your loan is insured with Credit Life and/or Disability, your monthly premium for coverage will still be added to the loan on the skipped
You may take advantage of this offer two times each calendar year, but not in consecutive or back to back months. All parties of the original
loan agreement, including any co-borrowers, must sign the Skip A Payment form.
Loans that are not eligible and do not qualify for the Skip A Payment Program:
- Loans with less than a six month payment history
- Loans with an APR(annual percentage rate) that would exceed 18% when the $25 fee is included
- Share secured, Real Estate, Mortgage, and Home Equity Loans
- Delinquent Loans and Accounts not in good standing
*Skip A Payment Agreements must be received at least 10 days before payment is due
I HAVE READ THE ABOVE POLICY AND I WOULD LIKE TO SKIP A PAYMENT. I understand that interest will continue to accrue and the skipped
payment(s) will cause my loan to extend beyond it’s expected maturity date.