Can You Skip a Loan Payment? How Corda’s Skip-a-Pay Program Works
Skip-a-Pay may help create extra room in your budget.
Is skipping a loan payment right for you?
Life doesn’t always follow a schedule. If you’re wondering whether you can skip a loan payment during a month when expenses pile up, Corda Credit Union’s Skip-a-Pay program may be able to help.
Eligible borrowers* can skip a qualifying loan payment, giving loan payment flexibility when unexpected expenses or seasonal costs make budgeting more challenging. Whether you’re facing back-to-school shopping, holiday expenses, vehicle repairs, or another financial surprise, Skip-a-Pay may help create a little extra room in your budget.
What is Skip-a-Pay?
Skip-a-Pay is Corda Credit Union’s loan payment flexibility program that allows eligible borrowers to skip a qualifying loan payment without being considered late on their loan. Instead of making your regular payment that month, you can use those funds for other financial priorities, helping you manage cash flow when you need it most.
When could skipping a loan payment help?
Every financial situation is different, but being able to skip a loan payment may be helpful during times like:
- Back-to-school shopping
- Holiday expenses
- Vacation travel
- Home maintenance or repairs
- Vehicle repairs
- Higher seasonal utility bills
- Unexpected medical or family expenses
How does Skip-a-Pay work?
Eligible borrowers may skip up to two loan payments within a 12-month period, beginning with their first approved skip. To qualify:
- At least three payments must be made between skipped payments.
- New loans must have at least six payments before becoming eligible.
- Your loan must be current when you submit your request.
- A $25 fee applies to each skipped loan payment, excluding credit card payments.
What loans qualify for a skipped payment?
Skip-a-Pay is available on many consumer loans, but not every loan qualifies.
Eligible loans may include:
- Consumer loans (auto, boat, RV, personal, etc.)
- Credit cards
Loans that do not qualify include:
- First mortgages
- Home equity lines of credit (HELOCs)
- Certain second mortgages
- Commercial loans
- Loans more than 30 days past due
If you’re unsure whether your loan qualifies, contact our team for assistance.
Is Skip-a-Pay right for you?
While Skip-a-Pay can provide valuable flexibility, it’s important to remember that skipped interest will continue to accrue, and extending your loan may increase the total amount you pay over time.
If you’re unsure whether Skip-a-Pay is the right option for your situation, our team is always happy to help you understand your choices. If you have an eligible loan and think Skip-a-Pay could help, learn more or submit your request today.
Frequently Asked Questions
Eligible Corda borrowers may skip up to two qualifying loan payments within a 12-month period, provided they meet the program requirements.
If your auto loan qualifies and you meet the eligibility requirements, you may be able to skip a car payment through Corda’s Skip-a-Pay program.
An approved Skip-a-Pay request does not count as a missed or late payment. However, interest will continue to accrue during the skipped payment period, and extending your loan could increase the total amount you pay over time.
Many consumer loans qualify, while first mortgages, HELOCs, certain second mortgages, commercial loans, and loans more than 30 days past due are not eligible.
If you have an eligible loan, you can submit a Skip-a-Pay request through online banking or our mobile app. Contact our team with any questions or to help determine whether your loan qualifies.
A $25 fee applies to each skipped qualifying loan payment. There is no fee to skip an eligible credit card payment.
Disclosures
*Borrower must be at least 18 years old. If a loan has a co-borrower, consent from the co-borrower is required to skip the payment. Eligible borrowers may skip up to two payments within a 12-month period beginning with their first approved skip and must make at least three payments between skips. New loans must have at least six payments made before becoming eligible. Borrowers must be current on their loan at the time of request. First mortgages, home equity lines of credit, certain second mortgages, commercial loans, and loans more than 30 days past due are not eligible. A $25 fee applies to each skipped loan payment. No fee applies to eligible credit card payment skips. Corda Credit Union is not responsible for updating automatic payments made through third-party services, including bill pay providers. All Skip-a-Pay requests are subject to approval. GAP and other ancillary products may not cover skipped payments. Refer to your product contract(s) for details. A skipped credit card payment applies only to the next payment due. Regular payments will resume the following billing cycle.
