At Amplify Credit Union, we believe that one bad month should never be the cause of financial hardship. That's why, once a year, we allow our members to skip a payment on an existing personal loan. In this section, we will explain how our Skip-a-Pay feature works and show you how to apply.
KEY TAKEAWAYS:
- Amplify's Skip-a-Pay feature may allow you to delay one monthly payment on a consumer loan.
- To apply for this feature, contact our loan servicing team at (512) 519-5417.
- There is no fee to submit a Skip-a-Pay application.
- Commercial loans and mortgages are not currently eligible for our Skip-a-Pay program.
What is Skip-a-Pay?
Once a year, qualified members are eligible to apply for our Skip-a-Pay program. If your application is accepted, you will be allowed to "skip" an eligible consumer loan payment, moving the current due date for that loan to the following month. Because we recognize the reasons for a Skip-a-Pay request may be sensitive for some members, you are not required to state the reason for your Skip-a-Pay request at the time of application.
Please note that utilizing our Skip-a-Pay feature does not remove this payment from your loan balance. Your loan(s) will still accrue interest or administrative fees during the month that you skip, and an additional month will be added to your repayment schedule.
Are there any fees with Skip-a-Pay?
As part of our fee-free banking initiative at Amplify, members will no longer be assessed a fee as part of their Skip-a-Pay application process. You can learn more about this program by visiting our Fee-Free Banking homepage.
How do I apply for Skip-a-Pay?
Please contact our loan servicing team at (512) 519-5417 for our updated application and guidance.