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 December 2024, please complete this online form authorizing your request. Turnaround time for a response is between 3 – 5 business days. I understand that:
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A completed Skip-A-Payment application must be received ten (10) days prior to my December due date and no later than December 31, 2024.
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December payment cannot be skipped until November payment is paid.
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All accounts with Democracy FCU must be in good standing and current.
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I may not skip the first three (3) payments of a new loan.
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This offer applies only to automobile loans and signature (personal) installment loans.
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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.
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I may Skip-A-Payment if my Overdraft Privilege amount due is within the 30-day repayment period.
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Other restrictions may apply.
Fees and Terms
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Your payment will be deferred with no penalties or late fees.
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A $50.00 processing fee applies and can be deducted from your share account at the time of approval.
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Interest will continue to accrue on all deferred payments and may extend the term of the loan.
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Members with Bi-Weekly Notes or payments will be able to skip two payments.
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Payments made via payroll deduction and Automated Clearing House will be, if needed, reversed from your loan and credited to your savings account.
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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.
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Automatic payments set up internally will be reset to skip the designated payment.