At RVA-FPCU we understand that there are times when members may need to skip their loan payments. To help during these times, the RVA-FPCU offers a Skip-a-Payment program to qualified members. Below are details about this program. Refer to the Application for specific disclosures and restrictions.
Skip-A-Payment Program Details
Must pay a $25 fee per loan for each monthly payment skipped (Due at the time of application. If application is denied, then the member will be refunded).
A full monthly payment is skipped (which means two bi-weekly payments if on payroll deduction).
Can only skip a payment once per loan in a six-month time period.
Interest continues to accrue on your loan and the time it takes to repay your loan will be extended by the skipped period.
A completed Application signed by all borrowers is required.
Not offered for Home Equity Loans over $35,000 or credit card products.
No borrower can be delinquent on any loan or debt owed to us.