Terms and Conditions
Elements Financial offers a skip payment feature as follows: I will be allowed to make no payment for one month of my choosing without being considered delinquent on my plan ("skip period"). Interest and finance charges will continue to accrue during the skip period. A fee of $30 per consumer loan is imposed for exercising the skip feature. I understand and agree that this fee will be taken from my Member Savings account; therefore, I must have an open Member Savings account with sufficient funds in order to process the skip payment request. This fee is a finance charge, and will increase my Annual Percentage Rate (APR) on my loan. My required minimum monthly payment will start again beginning in the month immediately following the skip period and will continue as originally scheduled. I understand that I can only exercise this feature once each year or, if I have GAP or credit insurance on my loan, I can only exercise the skip payment feature once during the entire term of my loan. Any additional payments resulting from the exercise of the skip payment feature will not be covered by credit insurance and/or GAP. I further understand that exercising the skip payment feature will extend the time it takes to pay off my plan in full.
I understand that loan payments will be forwarded to Elements if I have originated payment from another financial institution for payment toward Elements loans. These funds will be available to me in my Elements money market savings account.
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