Skip a Payment

Find out if you are eligible for a Holiday skip

Skip your loan payment!

Whether you need some extra cash for the holidays or just have an added expense, we have the perfect solution. At P1FCU, we offer our members a chance to skip up to two payments per year on qualified loans.

Follow these easy steps:

  1. Login to your Online Banking account using the mobile app or by selecting Home Banking Login at www.p1fcu.org.

  2. Click on the Transactions Menu from the left menu bar.

  3. Click on the Skip A Payment icon.

  4. Select which loan to skip from the list of eligible loans.

  5. Verify current and advanced due dates and select Continue.

  6. Select the account from which to deduct the $25.00 fee from the drop down menu.

  7. Agree to the Terms and Conditions.

  8. Click "Finish"

    Not enrolled in online banking?  Click Here to get enrolled now.

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  • What is Skip A Payment?  

    P1FCU's 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.

  • Which loans are eligible for Skip A Payment?  

    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.

  • What is the fee to Skip A Payment?  

    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.

  • How does the Skip A Payment affect my loan?  

    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.

  • What if I make my payment via payroll deduction or via ACH initiated by P1FCU?  

    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 cancelled by you.

  • Under what circumstances would a skip payment request be denied?  

    The service is subject to 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. Loan must be opened a minimum of 180 days with at least 6 payments applied before it is eligible for a skip.