Skip-a-Payment

   

You now decide when to skip a payment!

La Capitol’s Skip-a-Payment Program lets eligible members choose when they want to skip a payment on their loan. With Skip-a-Payment, members can free up some cash for times when their budget is a little tight. It’s extra money just when you need it! 

Ready to get started? Call 800-522-2748 or 225-342-5055 or visit a La Cap branch to fill out the necessary forms.

What Is the Skip-a-Payment Program?

La Cap’s Skip-A-Payment Program allows you to skip up to two monthly payments in a 12 month period on certain loans. Those payments are then added to the end of your loan term. Our Skip-a-Payment Program does not impact your credit rating.

What loans are eligible for skips?

The Skip-A-Payment Program applies to all La Cap loans except mortgages, home equity loans, Visa accounts, or new loans open for less than six months.

Am I eligible to skip my payment(S)?

To be eligible, your loan must have been open for at least six months and be in good standing. You may not be eligible for other reasons, such as having an overdrawn La Cap checking account or any circumstance the credit union deems derogatory related to your account.

Is there a fee?

There is a $25 fee per skip, per loan.

How does participating in the Skip-a-Payment Program affect my loan?

The skipped months will be added to the end of your loan, extending the loan term. Interest will continue to accrue during skipped months.

How often can I skip a payment?

As long as you continue to be eligible, you may skip any eligible loan up to two times in a 12 month period. Payments cannot be skipped in consecutive months.

Can I skip a payment at any time?

Yes, you can, but remember that you can only skip on the same loan a maximum of two times per calendar year, and you must wait at least ninety days between skips.

The Skip-a-Payment Program is voluntary. Not all members or loans are eligible for the program.

Each member’s skip options are different. Complete details that pertain to your situation will be provided on your Skip-a-Pay Agreement. 

See the full terms & conditions below.

  • Terms & Conditions

    TERMS AND CONDITIONS

    Members with loan(s) in good standing are eligible to defer their La Cap loan payment(s).  There will be a $25 Skip-a-Payment processing fee per skipped loan.

    By signing/accepting the Skip-a-Payment Agreement, you authorize La Capitol Federal Credit Union to defer your payment(s) and extend your loan term(s). The deferred payment(s) will be added to the end of your loan(s). The interest on your loan(s) will continue to accrue, and all other terms and provisions will remain unchanged. Taking advantage of skip pay could possibly affect the amount of future GAP / GAP PLUS claims.  

    If a co-borrower’s/guarantor’s signature is needed, you will be notified. 

    HOW AUTOMATIC PAYMENTS WILL BE HANDLED:

    • Payroll Deduction/Direct Deposit: Instead of your loan payment transferring to your loan(s), the funds will be deposited to your regular savings account or checking account if you do not have a regular savings account.
    • Easy-Pay: Loan payments and deposits set to come from La Cap or another financial institution will NOT be deducted from the designated account as usual.
    • If you have elected to participate in the Skip-a-Payment Program and your loan payment is set up to reoccur automatically within online banking, you will need to cancel the payment(s) that are to be skipped.