Need some extra cash this month? You can skip a month of your consumer or auto loan with our Skip-A-Payment option.
Here's how it works:
- Download form and complete.
- Mail form or bring to any branch for processing.
Mailing Address: GICU Skip-A-Payment, PO Box 665, Ames, IA 50010
- A $30 fee applies for each loan skipped; this can either be debited from your GICU savings or checking account or can be paid by check.
If you elect to take advantage of the Skip-A-Payment offer, please note interest will continue to accrue on the unpaid balance for revolving loans and installment loans where interest is computed on a simple interest basis. For installment loans, repayment of the loan payment skipped must be made at the end of the loan term.
All Skip-A-Payment requests are subject to approval. Other restrictions may apply. See Terms & Conditions noted below.
All parties to the original loan agreement, including co-borrowers, must sign the Skip-A-Payment form. Signing this document indicates that you agree to the terms and conditions.
TERMS & CONDITIONS
You must be in good standing with the credit union. This means all loans and account balances must be current when the Skip-A-Payment coupon is received by the credit union.
The skip-a-payment offer requires that the previous three months of payments have been made. This service is limited to two times in any rolling 12 month period and a maximum of six per loan.
There will be a $30 per loan fee to take advantage of this offer.
Some loans may not qualify for this offer, including but not limited to, mortgages, home equity, personal lines of credit, credit cards and any loan with an APR in excess of 18%.
Interest accrual will continue during this period.