Need a break from your loan payment? Try skip-a-payment!
You may be interested in skipping a loan payment if you've experienced an unexpected emergency or hardship.
How does skip-a-payment work?
You can skip up to two, nonconsecutive loan payments in a 12-month period. When you skip your payment, your loan term will advance by one month. In addition, interest will continue to accrue on your loan and a greater portion of your next payment will be applied to pay the accrued interest. Only vehicle loans and personal loans that are not past due are eligible for skip-a-payment. Loans booked before 7/1/10 are not eligible.
Is there a fee?
There's a fee of 10% of your payment or a minimum of $35 per skip-a-payment that can be paid by check or withdrawn from savings or checking.
How do I set up skip-a-payment?
Call (518) 783-2211 or 1-888-783-2211 for more information.