There are times throughout the year when you may feel a strain on your budget. Summer can be one of those times as you start to pay for home maintenance, new clothes for the kids, and even just for fun.
Is there a way to pay for these expenses without adding to the monthly debt payments you already have?
There may be.
Have you checked into your options for skipping one of your current loan payments without killing your credit? Talk to your financial institution about Skip-A-Payment options.
Skip-a-payment programs allow you to periodically skip a monthly loan payment when you need some relief in your monthly budget. Not frequently available from banks, credit unions often offer this option at specific times of the year, like holidays or during the summer. Others let you choose when it’s best to use your skip-a-payment option.
Your options can vary by lender, so be sure to talk to your credit union representative to understand your choices. Here’s what you need to know.
Skip-a-payment programs that don’t adversely impact your credit will require you to arrange this action with your lender. You pay a small fee for the ability to skip your payment without being reported as late on your loan.
You also may have to have already made a certain number of on-time loan payments before you can elect to skip one. Some credit unions allow the option on most loans except real estate loans. Others only allow the payment break on fixed, closed-end consumer loans like auto loans and signature loans, and not on credit cards and lines of credit.
In nearly all cases, your lender will require you to be up to date on your loan payments.
Finally, one more word of caution: If you feel like you could use skip-a-payment every month, you may be in financial trouble. That’s the time to talk to your lender for advice on money management, debt counseling, and budgeting tips.
To learn more about how you can skip a payment on a Genisys loan for just $25, read about our Skip-A-Pay program.
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