Skip a Payment
Galaxy offers our members with outstanding loan balances, the opportunity to skip-a-payment two times a year – during the summer and also during Christmas. This is our way of saying thank you for supporting the credit union and for helping our members at a time when personal funds may be low.
To take advantage of this offer, members complete a form, inform us what month they want to skip, and pay a small processing fee.
For example, our Summer Vacation and Back to School skip is available in either July or August. Our Christmas skip is available in November or December or January.
Loan payments must be current to be eligible and members must be in good standing with the credit union. The skip is for one monthly payment (or its equivalent).
To request a skip, members may complete the form included with the time appropriate newsletter or contact the credit union for a form.
More details are available by contacting us.
Loan payment must be current. Emergency or Better Choice Loans, Note Loans, and Lines of Credit are not eligible. You may skip only one monthly payment (or its equivalent). Complete the above form and submit at least 3 business days before the payment you want skipped is due. If you use a coupon book, move the coupon for the month you are skipping to the back of the book. The term of any Credit Life and/or Disability Insurance coverage purchased in connection with the original obligation will NOT be extended for the additional term provided in the Skip-A-Payment agreement. Payment Protection Plan coverage will continue. When you take advantage of this offer, we will shift your deferred payment to the end of your payment schedule, extending your maturity date by one month. Interest will continue to accrue on the unpaid balance of your loan during the deferment period.
