A little extra cash when you need it most.
As a Salal member, you can skip up to two payments within a year on eligible Salal loans.
- The Skip-a-Pay program allows qualified members to skip a monthly payment on any Salal Credit Union loan except mortgages, home equity loans, VISA accounts, or new loans open for less than six months.
- When skipping a payment, interest will continue to accrue at the interest rate provided in the original loan agreement during and after the month of the skipped payment. Deferring the payment will result in you having to pay more interest than if you made your payment as stated in your original loan agreement.
- The payment deferral will extend the terms of the loan(s), and you will have to make extra payment(s) through that new term date.
- You will be required to resume payments the month following the skipped month.
- There is a $25 fee for each skipped loan payment. The fee can be paid via cash, check, or withdrawal from a Salal account.
- 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.
- Salal Credit Union reserves the right to decline any Skip-a-Pay request due to poor payment performance or any other circumstances we deem derogatory related to your account.
- A Skip-a-Pay request must be received 5 business days prior to the loan payment due date and not more than two months before the requested skip month.
To submit a request, download the Skip-a-Pay form here and visit a Salal branch or mail it to the address on the form. For any questions or to verify eligibility, please call our Virtual Branch at 800.562.5515 or 206.298.9394.Download Skip-a-Pay Form
By participating in Salal Credit Union’s Skip-a-Pay program, you request that Salal Credit Union defer your loan payments as indicated. You agree and understand that:
1) Interest will continue to accrue at the interest rate provided in your original loan agreement, during and after this time.
2) Deferring your payment will result in your having to pay more interest than if you made your payment as originally scheduled.
3) The payment deferral will extend the terms of your loan(s), and you will have to make extra payment(s) through that new term date.
4) You will be required to resume your payments the following month.
5) A fee of $25 will be charged for this service at the time the request is processed which can be paid via cash, check, or withdrawal from a Salal account.
6) Skipping a payment and late payment fees may reduce the amount of a Guaranteed Asset Protection (GAP) claim.
Please refer to your GAP Policy for complete information. If you elected for GAP or Warranty Coverage, the coverage will not be extended beyond the original maturity date.
All deferrals are subject to Salal Credit Union approval. Eligibility requirements associated with this offer must be met, not limited to your loan(s) being current (have no amount past due).
Additional eligibility requirements are explained in the Frequently Asked Questions below. Not all loans are eligible for Skip-a-Pay.
Frequently Asked Questions
What is the Skip-a-Pay program?
Salal’s Skip-a-Pay program allows you to skip up to two monthly payments within a 12-month period on certain loans. Those payments are then added to the end of your loan term. Skipping a loan payment under Salal’s program does not impact your credit rating.
What loans are eligible for skips?
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 skip.
What loans are NOT eligible for skips?
Mortgage loans, savings secured or certificate secured loans, home equity loans or lines of credit (HELOCs), credit cards, EZ Lines, Dealer Direct Lifetime Buydown or Deferred Payment are not eligible for the Skip-a-Pay program.
Am I eligible?
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.
Is there a fee?
There is a $25 fee per skip, per loan, which can be paid via cash, check, or withdrawal from a Salal account.
How does it affect my loan?
The skipped months will be added to the end of your loan, extending the loan term. Interest will continue to accrue during skipped months.
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 5 business days prior to your payment date. This gives us time to modify your ACH for the month you’ve requested your skip.
What if I pay my loan through online Bill Pay?
Bill Pay is different than automatic (ACH) payments. If you use Salal’s Bill Pay or Bill Pay from any 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!
How often can I skip?
As long as you continue to be eligible, you may skip any eligible loan twice within a 12-month period. However, the skips on any single loan must occur at least 60 days apart.
Can I skip any time?
Yes, you can, but remember that you can only skip on the same loan a maximum of two times within a 12-month period, and you must wait at least 60 days between skips.