Skip-A-Pay Tool

Terms and Conditions (effective April 22, 2025):

If you take advantage of this SKIP-A-PAY offer, your loan(s) will continue to accrue interest during that time. While deferring your next loan payment will extend the term of your loan(s), you always have the option of making additional or larger payments in the future with no prepayment penalty to pay down your loan faster. By accepting this offer, you request that Farmers Insurance Federal Credit Union (Credit Union) defer your next loan payment for the loan(s) indicated by you. You also understand and agree that: (A) FINANCE CHARGES will continue to accrue at the rate(s) provided for in your original loan agreement(s), during and after that time; (B) deferring your next payment(s) will result in you having to pay higher total FINANCE CHARGES than if you made your payments as originally scheduled; (C) this (these) payment deferral(s) will extend the term of your loan(s) and you will have to make extra payments after your loan(s) would otherwise be paid off; and (D) you will be required to resume your next regularly scheduled monthly payment(s) in the month following the deferred payment(s). If you previously elected credit life and/or disability insurance, the insurance coverage will be extended until the loan has been paid in full. All payment deferral requests are subject to Credit Union credit approval. All of your Credit Union loans must be current (have no amounts past due) at the time your request for this offer is received by the Credit Union for any of your qualifying loans. Certain other restrictions may apply. Some loans may not be eligible: Home Loans, Credit Cards, Student Loans, Certificate Secured Loans, Agency Flex Loans, and Commercial Real Estate Loans do NOT qualify. If you choose to skip a payment that is set up through Direct Deposit or Folio Deductions the funds will be deposited to your Membership Savings account within 5 business days after the scheduled payment date. If you choose to skip a payment that is set up through automatic payment, the payment amount will be skipped and stay in the original account. To qualify for SKIP-A-PAY, loans must meet the following criteria:(1) Loan must have been opened/funded for more than 6 months; (2) Current payment must be greater than $75/month; (3) All of the membership’s loans, Credit Cards, and lines of credit must be in good standing and may not have a balance exceeding the credit limit; (5) Home Loans, Credit Cards, Student Loans, Certificate Secured Loans, Agency Flex Loans, and Commercial Real Estate Loans do NOT qualify, and (6) Loans with 0% APR DO NOT qualify. (7) Loans with 18% APR DO NOT qualify. (8) Agency Secured Loans Only: May not be an original term of 84 months or longer and loan balance must be within the available contract value borrowing limit in order to extend a payment. To qualify for SKIP-A-PAY, the primary borrower must meet the following criteria: (1) Borrower must be 18 years or older; (2) Borrower may not have previously declared bankruptcy; (3) Borrower may not have previously caused the Credit Union a loss through a previously unpaid loan charge off; (4) Borrower may not have previously caused the Credit Union a loss through an unrepaid share account charge off. I agree with the terms and conditions above. If you choose to skip a payment that is set up through Direct Deposit or Folio Deductions the funds will be deposited to your Membership Savings account within 5 business days after the scheduled payment date. If you choose to skip a payment that is set up through automatic payment, the payment amount will be skipped and stay in the original account.