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Skip a Payment

Go ahead and take a break from your loan payment.


Money a little tight this month? We've all been there.

Maybe it's the holiday season. Or vacation time. Or you're facing a major repair or a stack of medical bills. Whenever additional expenses create a cash crunch, one answer is to skip one of your P1FCU loan payments. By following a simple process and paying a small fee, you can buy some financial breathing space.

  • Qualified borrowers may skip up to two payments each calendar year, and up to a maximum of six payments during the life of the loan.
  • Signature loans, auto loans, boat, RV and personal property loans are eligible for the program as long as the payment amount is over $25. (Home equity, mortgages, and business loans are not eligible.)
  • There is a $25 fee for each skipped payment. The funds will need to be in a P1FCU account to be collected at the time the skip is processed.


Skip Payment Procedures

  1. Login to Online or Mobile Banking using the mobile app or by selecting Login in the top right corner of the page.
  2. Select Skip a Pay from the Transactions tab in the Menu
  3. If your loan appears from the list of options, it is eligible. 
  4. Select the loan you would like to skip. 
  5. Confirm your new due dates
  6. Select the account you would like to pay the $25 skip fee from
  7. Agree to the Terms and Conditions.
  8. Click Finish.

Skip a Payment FAQs


Skip A Payment program allows qualified borrowers the chance to skip up to two payments each calendar year up to a maximum of 6 skip payments during the life of the loan.
Signature loans, auto loans, boat, RV and personal property loans are eligible for the skip a payment program as long as the payment amount is not less than or equal to $25.00. Home Equity, Mortgages, and Business Loans are not eligible.
There is a $25.00 fee for each skipped payment. The funds will need to be in a share account to be collected at the time the skip is processed.
Skipping a payment advances your next due date to the following month. Finance charges will continue to accrue on a daily basis at the Annual Percentage Rate (APR) set forth in the loan agreement, both during and after the deferral period. This means it will result in higher total finance charges and possibly a higher total number of payments, than if made as originally scheduled. Therefore extra payment(s) may have to be made after the loan would otherwise have been paid off.
If your loan payment is made via payroll deduction, the total monthly payment will not be applied to your loan for the month you elected to skip. If your payment is made via Electronic Funds Transfer from another financial institution initiated by P1FCU*, the request must be received at least five (5) business days before your payment is due.

*If you have a scheduled payment set up through online banking or from another financial institution or bill payment program, this payment will process unless canceled by you.
The service is subject to the final approval of P1FCU. This offer does not apply to any real estate loan, business loan, or lease. This offer will not be honored if you have any account at P1FCU in a delinquent status, if you have an outstanding collection debt, have caused the credit union a loss, have already skipped 2 payments in the last 12 months, had reduced payments in the last 12 months, have made a workout adjustment to your original loan agreement, or have not fulfilled all requirements of your original loan agreement. The loan must be opened a minimum of 180 days with at least 6 payments applied before it is eligible for a skip.