Skip-a-Payment Program

Let's give your budget some breathing room

There are any number of reasons you might need to skip a monthly loan payment: job loss, medical emergency, major repair bill, even vacation or tuition costs. At KeyPoint Credit Union, we know that life happens and we can offer financial relief.

Skip one monthly payment on eligible and qualifying loans in a calendar year. Your loan maturity date will be extended by the number of payments skipped.
Interest will continue to accrue on your loan and moving your skipped payments to the end of the loan will result in having to pay more interest than if you make payments as originally scheduled.
You will be charged a $25 processing fee. This fee will be added to the principal balance of your loan at the time the Skip-a-Payment is processed.
We will not report negative information to the credit reporting agencies from your participation in the Skip-a-Payment Program.
If you decide the help is no longer needed, you may resume making regular monthly payments at any time during the Skip-a-Payment period.

Skip-a-Payment Program Conditions

You must complete one authorization request form per eligible loan.
Your loan must be open for 12 months.
All accounts with KeyPoint must be in good standing.
Unfortunately, loans protected by bankruptcy, workout loans, credit cards, lines-of-credit, auto leases, fresh start loans, business loans, real estate loans, and mortgages are not eligible for the Skip-a-Payment program. Only auto loans and personal loans are eligible for the program.

What if I have an Auto-Pay set up for my loan?

Any automatic payments KeyPoint originates by ACH from an account with another financial institution or from an internal KeyPoint account will be suspended during an approved skipped period.
If your loan payment is coming from KeyPoint’s Online Banking or a different financial institution, you’ll need to cancel (or pause) your payment for the month you skip.
Just make sure to set a reminder to set up a new auto-pay when the skipped months are done so you continue making payments on time.