Need some extra cash for the coming month? Take a break from loan payments!

Unexpected repairs? Back to school? Holidays? Vacation? If your accounts are in good standing, you may be able to skip a month’s payment for each eligible loan once per year for a $35 fee.

Interest continues to accrue, so unless you pay extra payments, your term will be extended.

Complete the attached form and email it to STLBranch@frbfcu.org at least 5 business days before the first payment you want to skip is due!

• There is a $35 fee per loan when you skip a month and the fee is paid by check or withdrawn from your account.
• All loans must be in good standing with no delinquency over 30 days for the past 3 months to qualify.
• One month’s payment may be skipped once per calendar year per loan. If you skip a month, you may not skip payments during the following months of the calendar year. However, you may skip monthly payments for more than one eligible loan during the same month.
• Personal Loans and Auto Loans are eligible for Skip-a-Month. CU Lines of Credit, Quick-Pay Loans, Real Estate Loans, Share Secured Loans and Credit Cards are not eligible for Skip-a-Month. Your loan must be open for at least 6 months to be eligible for Skip-a-Month.
• You must apply for Skip-a-Month 5 business days before your payment is due to allow time to process the request.
• Interest will continue to accrue, so skipping a month’s payment(s) will extend the term of your loan and you will pay more in interest unless you make extra payments.

Participation in the Skip‑a‑Month Program will not impact any Debt Protection coverage you may have on your loan. However, members with Guaranteed Asset Protection (GAP) coverage should be aware that GAP benefits are limited to 125% of the vehicle’s value. Skipping one or more loan payments may increase the total amount owed on your loan, which could result in your loan‑to‑value (LTV) ratio exceeding the 125% GAP coverage limit. In that case, your GAP coverage may not fully pay off the remaining loan balance in the event of a total loss. Before choosing to skip a payment, please review your GAP and loan agreement or contact the credit union for additional information.