You deserve a holiday and so does your loan payment! 

Free up your money for whatever you need this season with our Skip-a-Pay loan program.

 

The Members Choice Skip-a-Pay Program

The Members Choice Skip-a-Pay Program is a benefit we offer our loan account holders just for being members. Our Holiday Skip-a-Pay allows members to skip one qualified loan payment between November 1, 2024 and January 31, 2025, without impacting their credit score.** That payment will then be added to the end of the loan’s term. 

 

Who is Eligible?

  • Members must be in good standing (not delinquent or have a negative balance) on all accounts, including co-signer account(s).  Any currently delinquent loan, or a loan which has been previously delinquent, may be ineligible.
  • Loan must be current or in grace period; this includes any loans under your name.
  • Loan must have at least six payments credited.
  • Loan must not have had more than two skipped payments under this program within a calendar year.
  • Skipped payments cannot occur in two consecutive months; you must wait at least 60 days between skips

If I skip a payment, will it impact my credit rating?

No, Skip-a-Pay does not impact your credit rating

 

What loans are eligible for Skip-a-Pay?

  • New and pre-owned auto loans
  • Signature loans
  • Personal loans
  • Boat loans
  • RV loans

What loans are not eligible for Skip-a-Pay?

  • Any loan over $75k
  • Any real estate or land loan
  • Any line of credit
  • Credit cards
  • Business loans
  • Share / Stock / CD-secured loan
  • Student loans
  • Teacher loans
  • Smart Choice auto lease
  • Revolving loans
  • Payroll interruption loans
  • Recovery loans
  • Loans not serviced by Members Choice
Is there a fee?

There is a $35 processing fee per loan, per skip for this benefit.

 

Will participating in the Skip-a-Pay program affect my loan?

Yes. The skipped month(s) will be added to the end of your loan, extending the loan term. Interest will continue to accrue during skipped month(s).

What if I have automatic (ACH) payments set up for my loan, can I participate in the Skip-a-Pay program?

If you have automatic payments from a Members Choice account, or if we pull your payment automatically from another financial institution, we’ll arrange your skip for the program month selected. Please have your skip request to us at least five business days prior to your payment date. This gives us time to modify your ACH for the program month you’ve requested your skip.

What if I pay my loan through online bill pay, can I participate in the Skip-a-Pay program?

Bill Pay is different from automatic (ACH) payments. If you use Members Choice online banking Bill Pay or Bill Pay from any other financial institution, you’ll need to log into Bill Pay to stop and restart the payment yourself. Don’t forget to turn it back on after your skip!

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How often can I skip a payment?

As long as you continue to be eligible, you may skip any eligible loan during the two seasonal offerings in a calendar year. Payments cannot be skipped in consecutive months.**

 

Can I skip a payment at any time?

No, you need to apply for the Skip-a-Pay program during the seasonal offering period. Remember that you can only skip on the same loan a maximum of two times per calendar year, and you must wait at least 60 days between skips.

 

What if my loan has a co-borrower or co-signer?

If your original loan included a co-borrower, they will need to agree to and sign the Skip-a-Pay application as well.

More questions? Send them to us. We are happy to help.

 

Apply for your Skip-a-Pay

The Members Choice Credit Union (Members Choice) Skip-a-Pay agreement must be signed by all borrowers of the original Loan Agreement. The 2024 Holiday Skip-a-Pay allows members to skip one qualified loan payment between November 1, 2024 - January 31, 2025. Only two Skip-a-Pays may be granted per calendar year. The following Members Choice loan types are not eligible for the Skip-a-Pay program: Any loan over $75k, any real estate loan (including Mortgages, Home Equity, Home Improvement, land loans and HELOCs) or line of credit, credit cards, business loans, share secured, stock secured, CD secured, student loans, teacher loans, Smart Choice auto lease, payroll interruption loan, recovery loan, any loan originated within the past six (6) months, loans not serviced by Members Choice and any delinquent loan. Any currently delinquent loan or a loan which has been previously delinquent, may be ineligible. Any payment deferrals or previous extensions may affect eligibility. Loan must have at least six (6) payments credited. By enrolling in Skip-a-Pay, you agree to the terms and conditions and you are requesting Members Choice to skip one monthly payment and advance the due date of your regular monthly payment by one month. I am aware that choosing to defer/skip payments on my loan(s) may affect future payment on Life, Disability or GAP claims.

Enrollment in the program means you authorize Members Choice to extend your final loan payment as needed. Your payment will revert back to your original payment schedule and due date following the skipped payment. Payments and credits shall be applied in the following order: accrued interest or finance charges; outstanding principal, any amounts past due. Payments made in addition to the regularly scheduled payments shall be applied in the following order: accrued interest or finance charges; outstanding principal, any amounts past due. In some cases, based on the size of your balance, the accrued interest may be greater than the amount of your next regular payment; it may take several months to begin to reduce your principal balance. Submitting the application does not guarantee approval. Members Choice has the right to refuse any Skip-a-Pay request. You agree to hold Members Choice harmless for any consequences resulting from rejection of Skip-a-Pay request. If your application is rejected, you will not incur a fee, and you will be notified by email. All other payment terms of your Loan Agreement/Promissory Note will remain in full force and effect.

The maximum aggregate number of skips and extensions should not exceed the following based on term:
36-month term – Maximum of 5 skips
48-month term – Maximum of 6 skips
60-month term – Maximum of 8 skips
72-month term and greater – Maximum of 9 skips

 

About Members Choice Credit Union

At Members Choice Credit Union, we are more than a financial institution; we are your partners in bringing you closer to the life you want to live. For over 80 years, we've been dedicated to empowering families across Houston, Texas. Whether it’s buying your first home, driving off in a new car, building your savings, or becoming debt-free, we provide the tools and support to help you pursue your goals with confidence. Join us in discovering your version of "the good life" at www.mccu.com.

All memberships and credit products are subject to approval including credit approval.

 

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Members Choice Credit Union
18211 Katy Freeway
Houston, TX 77094

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