What You’ll Learn
- Find out how to submit a deferred payment request through our Skip-a-Pay program.
- Get details about which Salal loans qualify for skipping a monthly payment.
Sometimes life throws unexpected expenses our way, leaving us in need of a little extra financial flexibility. Our Skip-a-Pay program lets qualified members request to skip their monthly loan payment. You can skip up to two loan payments within a 12-month period on eligible Salal loans. Your loans must be current to qualify, and you cannot skip consecutive payments on the same loan. You can skip a payment on any loan, except for mortgages, home equity loans, credit card accounts, or new loans that have been open for less than six months.
How Much Does Skip-a-Pay Cost?
There is a $25 fee for each skipped loan payment. Also, even though you’re skipping a payment, interest will continue to accrue during the skipped month. Skipping a payment will extend the term of your loan, and you will end up paying more interest than if you made your payment as stated in your original loan agreement. You will be required to resume payments the month following the skipped month.
Important note: If you use Salal’s Bill Pay or Bill Pay from any financial institution, you’ll need to log into your Bill Pay to stop and restart the payment yourself. Don’t forget to turn it back on after your skipped month.
Skip-a-Pay Guidelines and Eligibility
- Loan(s) must be current to qualify for Skip-a-Pay.
- You cannot skip consecutive payments on the same loan.
- You can skip no more than two (2) payments per 12-month period on the same loan.
- Skip-a-Pay requests must be submitted at least five business days before your loan payment due date and no more than two months before the month you’re requesting to skip.
What Else Should I Know?
Salal doesn’t guarantee that we’ll accept all Skip-a-Pay requests1. We may decline a request to Skip-a-Pay if certain conditions aren’t met. Not all loans are eligible for Skip-a-Pay. See more details about eligibility in the FAQ section below.
How to Submit a Skip-a-Pay Request
To submit a request for Skip-a-Pay, download the Skip-a-Pay request form from our Form Library. Fill out the form and bring it into a branch or mail it to the address listed on the form. For any questions or to verify eligibility, call our Virtual Branch at 800.562.5515.
Frequently Asked Questions About Skip-a-Pay
Does the Skip-a-Pay program hurt my credit?
Skipping a loan payment under Salal’s Skip-a-Pay program does not impact your credit rating.
What loans are eligible for Skip-a-Pay?
Signature loans, auto loans, boat and RV loans, motorcycle loans, and dealer direct standard pay (not deferred) are all eligible, provided the loan is at least six months old. Loans less than six months old are not eligible for a skipped payment.
What loans are NOT eligible for Skip-a-Pay?
Mortgage loans, savings-secured or certificate-secured loans, home equity loans or lines of credit (HELOCs), credit cards, EZ Lines of Credit, Dealer Direct Lifetime Buydown, or Dealer Direct Deferred Payment loans are not eligible for the Skip-a-Pay program.
What other conditions apply to using Skip-a-Pay?
To be eligible, your loan must be open six months and in good standing. That means your loans must be current, which includes no year-to-date late fees on the loan, and payments must have been made within the grace period every month in the calendar year in which you are requesting your skip. You may not be eligible for other reasons, such as an overdrawn Salal account.
What if I have automatic (ACH) payments?
If you have automatic payments from a Salal account, or if we pull your payment automatically from another financial institution, we’ll arrange your skip for the month you selected. Please have your skip request to us five business days before your loan payment date. This gives us time to modify your ACH for the month you’ve requested to skip.
