Skip to main content

Extended Payment

Skip A Monthly Loan Payment

Expenses each month are rarely the same—with some tougher than others.  And, we can all relate to emergencies upending even the best-planned budgets.  

If you’re feeling the pinch and could do with a financial breather, we can help. You may be eligible to skip your monthly Credit Union loan payment. Simply fill out the form below.

Note—there is a $40 fee for extending a qualified loan payment.

To request a loan deferral, enter your loan or credit card account number below. It can be found in Online Banking or your Credit Card statement:

If you take advantage of this Extended Payment 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: (1) FINANCE CHARGES will continue to accrue at the rate(s) provided for in your original loan agreement(s), during and after that time; (2) 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; (3) 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 (4) 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, Student Loans, Certificate Secured Loans and Commercial Real Estate Loans do NOT qualify. If you choose to extend a payment that is set up through Direct Deposit, folio deductions, or automatic payment, the payment amount will be deposited to your Membership Savings account within 5 business days after the scheduled payment date. To qualify for Extended Payment, 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; (4) Home Loans, Student Loans, Certificate Secured Loans and Commercial Real Estate Loans and deferred payment loans do NOT qualify, and (5) Loans with 0% APR DO NOT qualify. (7) Loans with 18% APR DO NOT qualify. (8) Agency Secured Loans Only: Loan balance must be within the available contract value borrowing limit in order to extend a payment. (9) Loan must have had consecutive payments in the last 3 months. There is a $40 fee for extending a qualified loan payment.

To qualify for Extended Payment, 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.

If you choose to extend a payment that is set up through Direct Deposit, Folio deductions, or automatic payment, the payment will automatically be posted to your loan on the scheduled payment date. The payment will subsequently be reversed and then the funds will be deposited to your Membership Savings account within five (5) business days after the payment date.