If you are looking to keep a little extra cash in your pocket one month; our Skip a Payment program may be just what you need! If you have an auto or personal loan with LMCU, you may be eligible to skip one monthly loan payment per year, for the small service fee of $25.
- To be eligible, the loan must be at least 12 months old with the most recent 12 monthly payments made "as agreed" and not in process of bankruptcy.
- Borrower(s) must also be currently creditworthy. All other loans with the Credit Union must also meet the same standards.
- Loans NOT ELIGIBLE include: Home Equity and Holiday Loans, and VISA Credit Cards.
- Your loan term will be extended by one month. This can increase the total interest you pay over the life of the loan.
- Any benefits from Disability, Life, and/or GAP insurances may be affected by the payments skipped.
- Your credit will not be affected by participation in this program.