Need a break on your loan payments?

Are loan payment due dates creeping up and you're not quite sure how you can afford to pay them? We understand that you and your family might be experiencing some financial hardships that's caused your budget to take a hit, but know that all of us at GOLD are here for you. We'll help do what we can to get you through challenging times and back on your feet.

If you've got a payment due on an eligible consumer loan, GOLD's Skip-a-Pay program may be able to help.1 

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How Does Skip-A-Pay Work?

GOLD's Skip-a-Pay program allows you to skip up to two monthly payments during a calendar year for eligible consumer loans including:

  • GOLD Vehicle Loans
  • GOLD Personal Loans
  • GOLD Recreational Vehicle Loans
  • GOLD Certificate or Savings Secured Loans

In order to take advantage of the Skip-a-Pay program, you must be a Member in good standing on your loans with no delinquencies and no negative share balance at the time of your request. Two payments may be skipped over the course of a calendar year, with a maximum amount over the life of the loan being equal to the term of the loan in years. 

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Do Skipped Payments Affect Your Current Loan?

When you request to skip payments at GOLD, it's especially important that you understand what it will mean for your loan as a whole. 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, which is equal to your regularly monthly payment plus any payments you may have skipped during the lifetime of the loan. Interest will also continue to accrue even when payments are skipped. 

If you intend to skip payments, Skip-a-Pay requests must be received by GOLD no less than 3 business days before the loan payment due date and no more than 30 days prior to the payment due date.

Skip-a-Pay Limitations

If you choose to skip any of your payments, there are certain limitations associated with the program that you'll want to keep in mind: 

  • Not all loans are eligible, including the GOLD Credit Card, Home Equity Loan, Home Equity Line of Credit, Personal Line of Credit, and 1st Mortgages.
  • ​You are unable to use Skip-a-Pay for back-to-back loan payments.
  • Skip-a-Pay is not available on delinquent loans. Any prior delinquency must be cleared before skipped payments can be processed.
  • Skip-a-Pay is not available for loans that are paid via Automated Clearing House (ACH) Payroll Deduction unless it has been suspended for the desired monthly loan payment. 
  • If any vehicle loans have Guaranteed Asset Protection (GAP) Insurance coverage, skipped payments may jeopardize any future GAP claim in the event of a total loss on the covered vehicle. Borrowers should refer to their GAP contract for details on how many Skip-a-Pays they're eligible for. 

Would skipping loan payments help you?

Give our lending team a call to learn more about Skip-a-Pay, talk through your personal situation, and complete the authorization form: 484-223-4216. 

1 GOLD offers the Skip-a-Pay option on closed-end loans. GOLD does not offer the Skip-a-Pay option on open-end loans. New or subsequent disclosures for skipped payments on closed-end loans are not required. Generally, the only time new disclosures are required for closed-end loans is if a refinancing occurs (i.e., when an existing obligation is satisfied and replaced by a new obligation for the same borrower). New or subsequent disclosures are not necessary if the existing agreement is only being modified, for example, by lowering the payment or permitting a payment to be skipped. The Skip-a-Pay Authorization Form will make Members aware of: which loans and borrowers are eligible for Skip-a-Pay; which month(s) a skipped payment will be allowed; the effect the skipped payment will have on increasing the total finance charges; and the fact that the term of the loan will not be extended. See credit union for details.

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