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Marvel City Federal Credit Union is pleased to offer you the opportunity to help for the Holiday Season.
You can choose ONE month or TWO consecutive months to skip your monthly loan payment(s).
Choose from the months of October, November, or December to Skip-A-Loan payment(s).
It is easy!! To participate, you will need to complete the attached coupon below and bring it to the credit union before the due date of the payment you are deferring, with all required signatures. Pay the processing fee, $30.00 fee for skipping loan payment(s) for two months or to skip one month the fee is $25.00. The fee is due at the time the form is submitted.
Your loan payments must be current (Not delinquent). Collateral loans must have full coverage insurance with MCFCU listed as the lien holder. Interest will continue to accrue on your loan during the month(s) that you skip, your final payment amount and original maturity date will be adjusted accordingly.
- A form must be completed, and the fee paid for each loan that participates in the Skip-A-Loan payment(s) program
- ALL signers on the loan must sign the Skip-A- Loan payment(s) Form
- $30.00 fee to skip two months or $25.00 fee to skip one month to participate in the Skip-A-Loan payment(s) program
- Each loan can be skipped up to TWO months
- Loan must be current (not delinquent) before qualifying to do a Skip-A-Loan payment(s)
- Collateral loans must have full coverage active insurance
- Two months skipped must be consecutive you can choose October, November, December
- The first regular loan payment(s) must be made to be eligible
- Line of credit loans will pay accumulated interest before qualifying to do Skip-A-Loan payment(s)
- If a payment is deferred the interest will continue to accrue and will be deducted from future payments. The deferred payment on the loan will extend the loan maturity date
- The Skip-A-Loan Payment program is not available for any type of mortgage loans