Skip-a-Pay

Looking to free up some cash? Skip-a-Pay can help!

Skip-a-Pay is a program offered to members who have fixed-term auto or personal loans, which allows you to skip a monthly loan payment. A Skip-a-Pay Offer is sent to members with eligible loans on a periodic basis, usually three times a year.

How do I know if I’m eligible?

Members will receive their Skip-a-Pay Offer by an email notification if they are signed up for eDocuments or by mail if they are paper statement users. The email notification lets you know your Skip-a-Pay Offer is available within Virtual Branch, Self Service, eDocuments.

Lines of credit, credit cards, or home loans are NOT eligible loan types.

How does it work?

Members receiving the Skip-a-Pay Offer may choose one month per calendar year to skip their loan payment. To take advantage of the offer, simply fill out an online form or complete the Skip-a-Pay Coupon that is part of the Skip-a-Pay Offer document. A $40 processing fee is assessed at the time the online form or coupon is received. The fee must be paid out-of-pocket and is not added to the loan. The fee will generally be paid by a transfer from a savings or checking account.

The month of the skipped payment

Many members have their loans set up on an automated basis. There are a few ways your skipped month can go.

If we originate your funds via ACH from another institution.

If another financial institution sends us your monthly payment and we originally set that up for you… your monthly payment won’t come here. The funds remain at your other institution and you’ll have access to those funds from there.

If your payment comes to us via payroll deduction

When the month comes up for the skipped payment, your funds will still come to Mill City Credit Union by their usual payroll deduction. But.. instead of the money going toward your skipped loan payment, the funds will deposit to your Mill City account, either your checking or savings account. You may then use those funds however you like.

How do I make a Skip-a-Pay request?

It’s simple! There’s a short online form where you can make your request. Or, complete and return the Skip-a-Pay Coupon you received with your offer. Not sure you got an offer? Fill out the form and we’ll let you know if you have an eligible loan*.

Skip-a-Pay Request

*Lines of credit, credit cards, or home loans are NOT eligible loan types.