Amidst the pandemic, we want to do everything we can to support you during this extraordinary time. We know some of you are under financial stress and our goal is to relieve that as much as we can. Your next two months' loan payments will automatically be skipped. With no impact to your credit score, you can be a little more stress free these next couple of months with some extra cash. If you have not yet paid your March payment, that one will be skipped along with April's payment.
How it works:
- If you pay via automatic transfer from an internal MAC account, the payment will not be deducted for the skipped month(s).
- If you normally originate from another institution (method), mail, or bring payments directly to MAC FCU, don't! Send your next one before your regular due date for May (if March and April are skipped) or June (if April and May are skipped.)
- For the months skipped, interest will continue to accrue. Once your next scheduled payment is processed, the funds will be applied to the interest for the current month and the months skipped. The remaining funds will be applied to the principal. The total interest paid and length of the term to pay off the loan will fluctuate depending on how many times you participate or opt out of the skip-a-pay program.
- All other terms and conditions of the loan will remain the same and regular payments will resume after the two months.
- There are no penalties if you decide at any time to apply extra funds to principal or pay off your loan early.
- Real estate loan payments cannot be skipped.
MAC FCU Skip-A-Pay program is offered occasionally during the year and in times of emergency to assist members in financial need. To qualify, you must be in good standing with the credit union. By participating in the SAP program, you request that your loan payment be deferred. You agree and understand that: 1) the payment deferral will extend the term(s) of the loan(s); 2) interest will continue to accrue on the principal balance at the interest rate provided in the original loan agreement; 3) deferring payment will result in additional interest than if the payment was processed as originally scheduled. If applicable, refer to your GAP (Guaranteed Auto Protection) policy for further restrictions. MAC FCU reserves the right to discontinue this program at any time without notice. Real estate loans, including mortgage and home equity, are not eligible to be skipped. Certain other loans are ineligible to participate or may require signature to be skipped. Check with a MAC FCU representative to see if your loan qualifies. If you do not wish to have your loan(s) skipped, complete the Skip-A-Pay Opt Out form on this page. Your request to opt out must be received by the last day of the month prior to the one being skipped.