Need some extra cash this month?
Consider requesting a payment extension (also known as Skip-A-Pay or skip payment). This allows you to skip a monthly payment and moves out your final payment by one month instead of adding the payment to your final payment. No unpleasant surprises or balloon payments here!
There is a fee for a payment extension: it’s $30 if requested through your eBanking, and $40 if requested over the phone or in a branch.
The following products are eligible for payment extensions:
- Autos, Boats, RVs, Motorcycles, Personal Collateral loans
- Fixed rate Home Equity Loans
- Personal One Time Advances
- Consumer Business Loans of the same types as above
- Share-Secured Loans
- Re-write Loans
Ineligible loan products include:
- Lines of Credit
- Commercial Property Loans
- Loans that have been modified within 12 months
- Loans that have been restructured
- Any Visa product
How to request a Payment Extension in eBanking:
- Log in to your eBanking
- Choose Transactions on the left-hand side
- Select Skip-A-Pay
- You’ll see which of your loans are eligible for a Payment Extension
- Select the loan you’d like to skip
- Choose which account you’d like the fee to come from
- Once you’ve completed your request, you’ll see your next due date
Payment Extensions requested through eBanking are instantly applied. Extensions requested at a branch or on the phone can take up to 2 business days to be applied to your account.
Note: If you have Auto Pay, request your Payment Extension 7 days in advance to ensure it’s applied before your payment is withdrawn.
Certain restrictions apply. To qualify for a Payment Extension, you must meet the following criteria:
- Must be a member in good standing, all loans and accounts are current and positive
- Loan has to have had a full 12 months’ worth of payments for your first year
- No modifications for a full 12 months
- Must have fee available for withdrawal from NWCU checking or savings account
- Must have insurance, if required of your loan agreement
- No more than 6 extensions during the course of your loan
- No more than one extension per loan per year