Skip-A-payment is a program that allows our members to skip a monthly loan payment during an especially tight financial season for just a small fee.
Here are some important points to consider once you decide to skip your payment:
1. Breathing Room
During an expensive time of year, you might not make it through the month without turning to swipe your credit card – and paying high interest on every purchase you make. By skipping a large bill payment, you’ll free up some cash for your daily expenses so that you don’t finish the month in the red.
2. Loan Effects
Skipping a payment means lengthening the life of your loan. Essentially, you’re moving this month’s payment to the end of the loan life. Also, while you won’t be racking up credit card bills with high interest rates, your loan will still accrue the interest that would have been paid.
Even with this in mind, skipping your loan payment can save you worries and stress during this holiday season.
The quickest and easiest way to apply for a Skip-A-Pay is to login to rcityonline and click on More Services.
Or call our Member Service Center at 210-225-6866.
You may qualify to skip one month's payments on one or all of your eligible River City FCU consumer loans. All requests are subject to approval. Your loan(s), share savings and checking account(s) must be in good standing: not delinquent, payments are current, not negative, etc.
Loans must be in existence for six months or longer to be eligible. The following loans are NOT eligible for Skip-A-Pay: share secured loans, balloon loans, Visa credit cards, real estate-related loans, loans with an active CPI policy or loans with two (2) prior extensions/Skip-A-Pays in the past 12-month period. Interest will accrue on all loans with skipped payments, which will cause the maturity date to be extended and may increase the final payment. Initial payment after the skipped period may be applied to accrued interest.
There will be a $25 processing fee charged for each Skip-A-Pay. Requests should be received at least 10 days prior to your due date in the month you would like to skip. All requsts must be submitted in time for us to reasonably act on the request. We cannot be responsible for payment(s) processed when we did not have time to reasonably act on the request.