If you need some extra cash for holiday shopping, vacation time, unexpected emergencies, or whatever else comes up, skipping a payment on your loan for the month may be a great option for you.
- Only 2 Skip-A-Pays are allowed per calendar year and 6 Skip-A-Pays over the life of the loan
- Cannot Skip-A-Pay 2 months in a row; there must be at least 60 days between Skip-A-Pay requests
- A processing fee of $40 per loan is due at time of the Skip-A-Pay request
- Interest will continue to accrue
- Automatic fund transfers, Automatic clearing house payments, and payroll transfers will NOT be affected if Skip-A-Pay is selected. These transfers of funds will need to be manually cancelled for the month of the skipped payment
- A Skip-A-Pay on a closed-end loan will result in the loan being extended one month. A Skip-A-Pay for a Home Equity Line of Credit will not change the draw period or repayment terms. All other terms and conditions of the original loan agreement will remain the same
- If your loan has GAP coverage, any skipped payments will not be covered in the event of a GAP claim
- Loan must be open for a minimum of 180 days
- Loan must be in good standing- cannot be delinquent or over the loan limit
- Credit Cards, Overdraft Loans, First Mortgages and Member Business Loans are excluded from this offer
To Complete A Skip-A-Pay, You Can Either…
Online Banking Instructions:
- Log on to online banking
- Look for the SP image in the Regular Payment column next to your loan
- Click More Info or select the loan
- Once viewing your loan detail, click the Skip-A-Pay button
- If eligible for a skip-a-pay, you will be directed to the Skip-A-Pay screen
- Please read the instructions and terms of MidUSA’s Skip-A-Pay program
- Choose the eligible account to withdrawal the $40 Skip-A-Pay fee from
- Agree to the terms of the Skip-A-Pay program prior to submitting
- Once you push submit, you will receive a confirmation message that informs you of your next payment due date and which account your Skip-A-Pay fee was deducted from.
If your loan is not eligible for a Skip-A-Pay, you will receive a message letting you know. Please call, email or visit your local branch, and we will take a look to see why you did not qualify and if we are able to process a Skip-A-Pay for you manually.