What Happens When you Skip-a-Pay?
If you’ve been impacted by the COVID-19 pandemic and are exploring your financial options, we want to remind you that you can choose to Skip-a-Pay* on your Centra loan. If you are facing reduced work hours, temporary closings, or other challenges, skipping your loan payment can give you more flexibility.
When you Skip-a-Pay, you opt to skip one monthly payment, without any impact to your credit score. When you skip your payment, your interest still accrues as usual**, but your future monthly payments don’t change. To make up for the missed payment, the term of your loan is extended by one month. Basically, you’re skipping one monthly payment now and paying it at the end of your loan instead.
If you find that you need to skip more than one month, we have options for you. Please contact us to talk through what options are available to help get you through this time of uncertainty. We want to do everything we can to ease the financial burden on our Members who have been adversely impacted by this situation.
*Auto loans, closed-end Home Equity Loans, boat loans, RV loans, motorcycle loans, unsecured loans, and LoanLiners are eligible for the Skip-a-Pay program. Deferment options may be available for other loan types.
**Interest will continue to accrue on the unpaid balance during the skipped payment period. When payments resume, interest and applicable finance charges will be collected first.