6 September 2018,
Comments: Comments Off on Less Stress. More Freedom. Skip-A-Payment.
Less Stress. More Freedom.
We are excited to offer our members the ability to Skip-A-Payment all year round. If you could you use some extra cash for a vacation, or a little extra money just to get by, you can Skip-A-Payment and spend your money on what you really want or need! Whatever the reason, LCU can help with our Skip-a-Payment program.
Which loans qualify?
Share or Certificate Secured
Loans ineligible for Skip-A-Payment Program:
Real Estate (Mortgage, Mobile Home, HELOC, or Land)
Line of Credit
Requirements for Participation:
You must have made at least six full payments on your loan(s).
There must be at least 6 months between your last Skip-A-Payment.
If loans have a co-borrower or a co-signer, all signatures are required to participate.
You must be in good standing with all accounts and loans.
Must have current insurance in effect on all collateralized loans.
LCU reserves the right to deny Skip-a-Payment requests for any reason.
Skip-A-Payment fee of $25 for loans up to $5,000 and $50 for loans greater than $5,000 must be paid at the time of the application or available in the account.
Take advantage of Skip-A-Payment today!
Skipping a loan payment is quick and easy. Simply choose the month you’d like to skip, and complete the application either online by clicking here, or stop by a branch to pick up a form. After the form is complete, you can, drop it off at any branch, fax to 423-581-9229, or mail it to: Lowland Credit Union, Skip-A-Payment, 622 West First North St, Morristown, TN 37814.
Also, did you know that LCU offers Asset Protection for your collateralized loans?
Asset Protection is a perfect addition to protect your loan. It can help fill the gap between what your vehicle insurance will pay and what you owe on your loan, to cushion you against sudden out of pocket expenses if your vehicle is deemed a total loss. It will also provide a $1000 down payment for a replacement vehicle and covers 8 skipped payments per contract. See a loan officer for program details and pricing.
*By participating in the Skip-A-Payment program, you understand and agree that there is a fee of $25 for loans up to $5,000 and $50 for all loans over $5,001 for each payment that is skipped. The fee can be deducted from a Lowland Credit Union account or can be mailed to the address below. If the loan requested has been delinquent for any reason, the Credit Union reserves the right to deny your application to Skip-A-Payment. The Skip-A-Payment option in no way alters the terms and conditions of the original loan contract as previously disclosed. Interest at the agreed rate will continue to accrue on the unpaid balance of the loan. Offer applies only to consumer installment loans and does not apply to mortgage secured or revolving loans. Skip-A-Payment is only available six calendar months after the loan origination date and once every six calendar months. If the loan(s) are covered by a GAP Waiver Agreement, any Skip-A-Payment may have an adverse effect on how a GAP claim is paid. Refer to your GAP Wavier Agreement for skipped payment limitations.
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