Relax and Skip Your Loan Payment!
Does your budget need a little breathing room? Whether it’s because of an unexpected expense or special occasion like a family vacation, we've all been there and understand what it means to turn a crisis into an inconvenience. Regardless of your circumstances, our Skip-A-Pay program might just provide you with the relief you need.
For a fee, this program allows you to skip making a monthly payment on qualifying loans without impacting your credit score. Even better, it’s a perfect opportunity to get a little extra money when you need it most.
It's easy to apply, too! Simply log into online banking and click the “SP” icon next to your loans. You may also visit any office or return a completed request form. Download our Skip-A-Pay request form now (PDF).
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Is Skip-A-Pay Right For Me?
Does our Skip-A-Pay program sound right for you? Here are some items to consider before requesting a Skip-A-Pay:
- Only consumer loans are eligible except for those secured by real estate or share balances.
- Each payment you skip requires a $30 processing fee.
- You are permitted 2 Skip-a-Pays per loan per year with a maximum of 6 over the life the loan. You must wait at least 60 days between skips.
- Electing a Skip-A-Pay may negatively affect GAP insurance associated with your loan.
- You are responsible for altering any recurring payment scheduled via Online Banking or another financial institution.
- Interest will continue to accrue on all skipped payments.
- The term of your loan will be extended and the final payment could be more than stated in your original loan documents
What Are the Eligibility Requirements?
In order to participate, you must meet the following conditions:
- Your membership must be considered "in good standing".
- Your loan must be open at least 6 months prior to requesting to skip a payment.
- Your loan cannot be currently past due and no more than 3 payments can have been over 30 days past due during the life of the loan.
- Your address and telephone number must be current in our system.
What is Skip-a-Pay?
Our Skip-A-Pay Program permits you to defer your monthly loan payment and keep the cash for other expenses. For qualifying loans, you may request a Skip-A-Pay up to two times per calendar year during the term of the loan, although only one payment may be skipped during a 60-day period. You get to choose the month that works best for your budget. If you have more than one qualifying loan, you may request to skip a payment on each loan.
When you choose to participate, we will advance both your next payment due date and your loan maturity date by one month. Interest will continue to accrue during the month the payment is skipped in accordance with the terms of your loan agreement.
There is a $30 processing fee for each loan payment you choose to skip which will be debited from either your Share or Share Draft account.
Which Type of Loans Qualify?
All consumer loans are eligible, except for those secured by real estate or share accounts, such as:
- Auto loans
- Motorcycle Loans
- Boat & Camper Loans
- ATV Loans
- Farm Equipment Loans
When Can I Apply to Skip My Payment?
Your loan must be open for at least 6 months before you are eligible to request a Skip-A-Pay. We must receive your request at least 10 days, but no more than 30 days, prior to the due date of the loan payment being skipped.
How Can I Apply to Skip My Payment?
Request Skip-A-Pay using one of the following options:
Skip-A-Pay Form
Complete the Skip-A-Pay Form (PDF) and return it to any Riverview office. The completed form can also be mailed to us at 403 Main St, Belpre, OH 45714, faxed to 740.423.1144, or e-mailed to us. If you choose to e-mail your form, we recommend using our secure e-mail system:
- Visit our secure email
- If you have previously used our secure email system, simply sign in using your username and password. If you are a new user, click 'Register' and follow the instructions to sign up.
- Once you are logged in, select the 'Compose' tab. You may then create your e-mail. Please send the e-mail to [email protected].
Online Banking
- Log in to your account via Online Banking and hover over
next to the loan on the Account Summary screen. - Click the More Info button.
- Click the Skip-A-Pay button to see if your loan is eligible and follow the prompts.
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Disclosure
You will be assessed a fee of $30.00 for each loan payment skipped. Requests must be received at least 10 days in advance of the payment due date but no more than 30 days prior to the due date. By participating in our Skip-A-Payment program, you agree and understand that (i) although no late charges or other penalties will be imposed for failure to make the payment being deferred, interest and any charges for payment protection will continue to accrue at the agreed rate which will result in higher interest charges that if you made your payment as originally scheduled; (ii) the deferred payment will extend the term of your loan beyond the original maturity date which could result in you having to make payments after your loan would otherwise have been paid off; (iii) the final loan payment may be higher than originally scheduled due to the higher interest charges; and (iv) you will be required to resume your regularly scheduled payments the following month. Offer limited to two (2) skips per calendar year with a minimum of 60 days between skip payment requests. If the loan includes Guaranteed Asset Protection (GAP) purchased from Riverview, skipped payments are limited to two (2) months over the life of the loan. GAP purchased through an auto dealer may not allow for any skipped payments. Riverview disclaims all responsibility for determining whether your request for a Skip-A-Pay is permissible under the GAP insurance agreement associated with the loan. This offer only applies to loans originated at least 90 days prior to the skip pay request date. It does not apply to loans secured by real estate or share balances, loans with added collateral protection insurance, business loans or members who have caused losses to the credit union. To qualify, payment(s) must be made in full for the month prior to the month in which you want to skip your payment, and loans must have no more than three (3) past due payments of 30 days or more during the life of the loan. Members with automatic scheduled payment transfers through Riverview’s Online Banking or through another financial institution are responsible for altering their next scheduled payment. All requests are subject to approval. Terms, conditions and loan eligibility may change at any time without advance notice.