To stretch your budget, you may be eligible to skip your loan payment. It is a great way to free up cash for family vacations, back-to-school shopping, the holidays, car repairs or anytime you need some extra cash.
Members in good standing with a current Discovery loan may have the option to skip one month of loan payments in 2017. There is a $35.00 processing fee for each Skip-a-Payment request form submitted to the credit union.
You cannot skip more than one month's of loan payments for the same loan in 2017 and you cannot skip a loan payment on the same loan for two consecutive months. (For example, you cannot skip both December 2017 and January 2018 loan payments on the same loan) Not all loans will qualify for this program.
How do I skip a Loan Payment?
Complete the Skip-a-Payment Request Form and return it, along with the $35.00 processing fee, to Discovery Federal Credit Union at least 10 business days before the due date of the loan. Please note that both the primary and co-borrower/co-signer (if applicable) must sign the form. Not all loans or members will qualify for the program. If you want to verify if your loan qualifies for the program before you complete the necessary paperwork, please call the credit union at 610.372.8010.
Which Loans Qualify for the Skip-a-Payment Program?
- Auto Loans
- Home Equity Loans with terms of 15 years or less (Home Equity Lines of Credit do not qualify)
- Personal Loans (Personal Lines of Credit do not qualify)
- Lifestyle Loans
- Adventure Loans
If you have a new Discovery Federal Credit Union loan, you cannot skip your first payment due on the loan.
How does skipping a loan payment affect finance charges?
On qualifying loans, interest will continue to accrue during the waived payment period. The $35.00 processing fee does not reduce the principal.
If you have any questions regarding Discovery's Skip-a-Payment program, please contact the credit union at 610.372.8010.