Skip-a-Pay

Eligibility Guidelines

If you would like to sign-up for Democracy Federal Credit Union's Skip-A-Pay program for the month of Jul 2024, please complete this online form authorizing your request. Turnaround time for a response is between 3 – 5 business days. I understand that:

• A completed Skip-A-Payment application must be received ten (10) days prior to my July due date and no later than July 31, 2024. July payment cannot be skipped until June payment is paid.

• All accounts with Democracy FCU must be in good standing and current.

• I may not skip the first three (3) payments of a new loan.

• This offer applies only to automobile loans and signature (personal) installment loans.

• This offer does not apply to loans that have been 60 or more days delinquent in the past six (6) months or modified/extended in the last 12 months.

• I may Skip-A-Payment if my Overdraft Privilege amount due is within the 30-day repayment period.

• Other restrictions may apply.

SKIP YOUR PAYMENT TODAY

 Fees and Terms

• Your payment will be deferred with no penalties or late fees.

• A $50.00 processing fee applies and can be deducted from your share account at the time of approval.

• Interest will continue to accrue on all deferred payments and may extend the term of the loan.

• Members with Bi-Weekly Notes or payments will be able to skip two payments.

• Payments made via payroll deduction and Automated Clearing House will be, if needed, reversed from your loan and credited to your savings account.

• If you have a payment set up via Bill Pay or Online Automatic Transfer or ACH, it will be the member’s responsibility to stop the payment(s) and then restart the payment.

• Automatic payments set up internally will be reset to skip the designated payment.