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Loan Skip-a-Pay

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.

Skip-a-Pay Fee

The fee to skip a payment is $25 per qualified loan.

Skip-a-Pay FAQs

How do I request to skip my loan payment?

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.

How do I know if I am eligible to skip my loan payment?

Log into Online Banking or the Mobile App to see if your loan is eligible for Skip-a-Pay.

You can also visit a Retail Center or call our Virtual Retail Center at (713) 799-6200 or (800) 554-5690 for eligibility information as well. 

Is there a fee to skip my loan payment?
Yes, the fee to skip your loan payment is $25.00 per qualifying loan.
What types of loans are not eligible for Skip-a-Pay?
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.
How many payments can I skip?
You may skip up to two payments every rolling 12 months. 
Which payment can I skip?
You may only skip the payment which is currently due, so long as it is no more than 29 days past due.
If I have multiple loans, can I skip a payment on each loan?
Yes, you may skip a payment on multiple loans as long as the loans qualify for Skip-a-Pay.
What are the payment options for the Skip-a-Pay fee?

You have many options to pay the Skip-a-Pay fee:

  1. deduct the fee directly from your PrimeWay Checking or Savings account
  2. add the fee to the end of your loan
  3. use a debit card from another financial institution by calling (713) 799-6200 or (800) 554-5690
  4. pay by check or cash by visiting a Retail Center
When does the fee come out of my account?

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.

How does a skipped payment affect my loan?
The skipped payment will be added to the end of your loan, extending your original loan term.  Interest continues to accrue during the deferral period.
What if I pay my loan through online Bill Pay?

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.

How will I be notified if my skipped payment was approved?
You will receive the notice immediately if you make a Skip-a-Pay request within Online Banking or the Mobile App. 

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.

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