Our loan Skip-a-Pay program can help ease your financial burden in the case of unexpected expenses.
Skip a Payment on Your PrimeWay Loan
Having one of those months where money is a little tight due to some unexpected expenses? At PrimeWay, we understand. That's why we offer our members the chance to Skip-a-Pay. For just $25 per qualifying loan, you can skip your payment and free up the cash you need.
Qualifying Loan Types
Auto, Personal, Recreational Vehicle, Motorcycle, Boat, Watercraft, Certificate (CD) Secured and Savings Secured are all eligible loan types.
Loan Types Not Eligible
Mortgage, Home Equity, Home Improvement, HELOC, Credit Cards, Lines of Credit, Balloon, Stock, Integrity or any loan with a term of 12 months or less.
The fee to skip a payment is $25 per qualified loan.
You can immediately request Skip-a-Pay by logging into Online Banking or the Mobile App.
You may also make a request by submitting a Skip-a-Pay Form, in a Retail Center or over the phone at (713) 799-6200 or (800) 554-569, but please note, that the request can take up to 5 business days to process.
Log into Online Banking or the Mobile App to see if your loan is eligible for Skip-a-Pay.
You have many options to pay the Skip-a-Pay fee:
If you choose to pay the fee from your checking or savings, the fee will be deducted immediately.
The fee will be assessed within 24-48 business hours if you pay with a debit card.
If you use PrimeWay's Online Bill Pay or Loan Payment Portal for reoccurring loan payments, you will need to log into Online Banking and stop the payment for the month you are skipping.
Don't forget to check to make sure it continues after the month you are skipping.
If you choose to use the Skip-a-Pay form, you will receive an email confirmation notice within 10 days of your request.
Terms and Conditions
By submitting a Skip-a-Pay request, the member agrees to PrimeWay Federal Credit Union advancing the due date of their eligible loan by one month. The member agrees to the $25 per loan Skip-a-Pay fee skipped to be deducted from their selected account or advanced from the loan, pursuant to their selection in the request.
Loans are eligible for up to two (2) Skip-a-Pays per rolling 12-month period. Skipping a payment will extend the loan term and interest continues to accrue during the deferral period.
The member's account must be in good standing. The member may not have any negative share or share draft accounts with the Credit Union outside of Overdraft Privilege guidelines.
The loan must have had at least six (6) months of payment history, may not be 30 days or more past due and may not have been more than 30 days or more past due in the last six (6) months.
Collateralized loans may not have a current active Collateral Protection Insurance (CPI) policy added to the loan, and collateral must be currently insured in accordance with the loan agreement at the time of the Skip-a-Pay request.
Auto loans with Guaranteed Asset Protection (GAP) coverage may experience a deficiency balance in the event of a total loss. Any such deficiency balance will remain the member's responsibility.
Mortgage, Home Equity, Home Improvement, HELOC, Credit Cards, Lines of Credit, Balloon, Stock, Integrity or any loan with a term of 12 months or less are all ineligible loan types.