Bookmark Your Budget with Skip-A-Payment

Sometimes life’s expenses can leave you in need of a financial break. That’s why we offer a Skip-A-Payment program.

Take a Break from Loan Payments

Skip-A-Payment can be a great option to manage your finances when you’re tight on cash or have unexpected expenses. If you have an auto loan or personal loan with Library of Congress FCU, you may be eligible to skip a monthly payment for a small fee of $25, which can be deducted from your savings or checking account. See below for qualifications.*

By skipping a payment, you can free up some money to allocate toward other financial priorities without risking late fees or credit damage.

• You can skip a maximum of 2 monthly payments per loan in a 12-month rolling period
• Your request for Skip-A-Payment must be submitted at least 3 days before your next loan payment due date
• Submit separate requests for each loan
• A $25 fee per loan will be deducted at the time the request is processed

* To qualify, the member must be in good-standing, all loan payments must be current (i.e., have no amount past due), and eligibility shall be subject to Library of Congress Federal Credit Union’s (“LCFCU”) approval. By participating in LCFCU’s Skip-A-Payment program (the “Program”), you request that LCFCU defer your loan payments as indicated. You agree and understand that finance charges will continue to accrue at the rate provided in your original loan agreement, during and after this time; deferring your payment will result in your having to pay higher total finance charges than if you made your payment as originally scheduled; the payment deferral will extend the terms of your loan(s) and you will have to make extra payment(s) after your loan(s) would otherwise be paid off (excludes Certificate-secured loans which require a new loan to be executed upon maturity of Certificate); you will be required to resume your payments the following month. If you elected Guaranteed Asset Protection (GAP) or Mechanical Repair Coverage, the coverage will not be extended beyond the original maturity date; certain restrictions may apply; the Program excludes all real estate loans, line of credit and credit cards; all deferrals are subject to LCFCU approval. Automatic transfers or payroll distributions to an LCFCU account or loan from another financial institution will NOT be stopped automatically. Please contact that financial institution to stop that funds transfer.

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