Are due dates for bills getting closer and you're not sure how you're going to pay them? If you have a payment due on a GOLD loan, we may be able to help through our Skip-a-Pay program1.
Skip-a-Pay allows you to skip up to two monthly payments during a calendar year for eligible consumer loans including personal loans, auto loans, and RV loans. While this program doesn't usually allow for back-to-back skipped payments or use on lines of credit (PLOC, HELOC, and GOLD Credit Card), if your request is due to COVID-19 related hardship, exceptions can be made. Additionally, you may be able to skip up to three payments and exclude them from the loan lifetime max which is equal to the term of the loan in years.
When requesting to skip a payment at GOLD or with another loan provider, it's important that you understand what that will mean for your loan. In our program, the term of your loan will not be extended. That means your final payment will be larger than your other payments, aka a balloon payment equal to your regular monthly payment plus any payments you skipped during the life of the loan. Interest will continue to accrue when payments are skipped.
Would skipping a loan payment help you? Call our lending team to talk through it and complete the authorization form: 484-223-4216.
If you have a mortgage through GOLD and need payment relief, please give us a call and we'll facilitate getting in touch with your mortgage servicer.