The Skip-a-Pay Program is available to HRCCU members looking to free up some extra cash, especially for the holiday season. You can skip loan or credit card payments for a designated time if you are eligible.
Here is how skipping a month’s payment on a loan will affect it:
- The skipped months will be added to the end of your loan, extending the loan term, and changing the total amount and schedule of repayment.
- Interest will continue to accrue at the rate set forth in the loan or credit agreement during the skipped months and after the deferral period; there will be an increase in the total finance charges.
In all other respects, the provisions of the loan or credit agreement shall remain the same.