Take a break from your monthly loan payment with our Skip-a-Pay program
Everyone deserves a break. Our Skip-a-Pay program allows you to skip a loan payment and use the money for anything else you want or need. Skipping your loan payment will not affect your credit score.
When can I skip a loan payment?
You can skip a payment on your eligible Arsenal loan once every six months (up to five times total throughout the life of the loan). Just let us know in advance of your payment due date.
Loans eligible for the Skip-a-Pay program include auto, boat, motorcycle, RV, PWC and personal loans.
How much does it cost to skip a loan payment?
The processing fee for each loan you skip is 10 percent of the monthly loan payment amount. For example, you would pay $15 to skip a monthly payment of $150. For loan amounts that are $500 or greater, it’s a flat $50 fee.
How do I skip a loan payment?
Send us an email or start a live chat and we will help get you started on your Skip-a-Pay. You can also call or visit your closest branch for more information.
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Offer not valid on real estate loans, commercial loans, line-of-credit loans, holiday loans and credit cards. Limit of five skips per loan for the life of the loan. We’ll notify you if the loan you choose to skip is ineligible. By signing below, you authorize Arsenal Credit Union to add one (1) monthly payment or two (2) biweekly payments to the end of your loan(s). Interest will continue to accrue on the unpaid balance of your loan(s) during the month you skip your payment(s). Notice: If your loan payment with us is debited from another financial institution or if you have it set up through online bill pay, you are responsible for cancelling the payment you are opting to skip.