Skip-A-Pay

*Pelican State CU membership required. Restrictions and requirements for Skip-A-Pay eligibility applies to each individual loan. Skipped payments will be deferred and extended to the end of the original term of the loan. The $25.00 processing fee per loan is due before any payments will be deferred. Additional interest will accrue on the deferred payment throughout this deferred payment period. One skipped payment equals: one monthly payment, two consecutive bi-weekly payments, two consecutive semi-monthly payments, or four consecutive weekly payments. Skipped payments will affect the loan's annual percentage rate (APR) for the statement period. Not available on Opportunity Lines of Credit (OLOC), all types of Mobile Home Loans, Fresh Start Loans, Visa® Credit Cards, Mortgages, Home Equity Loans, Commercial Loans, Bridge Loans, Bridge Plus Loans, Balloon Loans, or Single Pay Loans. Your loan is NOT eligible for Skip-A-Pay if: you have already skipped 4 payments on the loan; you have skipped a payment on the loan within the last 6 months; the loan payment due date is over 45 days away (you cannot skip future payments—only the next payment due); you have made less than 3 months' worth of payments on a new loan; your payment is more than 10 days late; and/or your Pelican account is not in good standing. If the skipped payment is paid by direct deposit or payroll deduction automatically, the funds will be transferred to a checking account (savings, if checking not available) instead of going toward the loan. Skipping a payment may reduce the amount received on GAP claims on a vehicle. No more than 4 skipped payments will be permitted through the term of each individual loan. If the loan payment you would like to skip comes to Pelican via ACH from another financial institution, you must request your skip at least 5 days before the loan payment is due. See a Pelican Representative for details and questions.