Why Use Skip a Payment?
Elements Financial's Skip a Payment benefit allows you to make no payment on your loan(s) for one month of your choice without being considered delinquent. Skip a Payment allows you to:
- Free up cash
- Plan a vacation
- Cover unexpected expenses
- You decide!
You must hold a loan for at least 12 months before it is eligible for the skip request, and it must have a minimum monthly payment of $100. In addition, all your Elements credit union accounts must be in good standing. Once you have exercised Skip a Payment or had a deferral on a loan, that loan may be eligible again in 12 months.
Eligible Elements loans include:
- Auto Loans
- RV, Boat, and ATV Loans
- Unsecured Signature Loans
- EZ Lines of Credit
Ineligible loans include credit cards and home-secured loans (including HELOCs).
Skip a Payment requests must be received no less than 7 days prior to the loan due date. A fee of $30 per consumer loan will be charged for exercising this feature and the fee will be added to your loan balance. The addition of the fee to your loan balance will impact your future monthly payment obligations.
Once you have exercised Skip a Payment or had a deferral on a loan, that loan may be eligible again in 12 months.
Request to Skip a Payment
Fill out the form below to request to skip a loan payment.