Skip A Payment

As a member at Sharefax, you can skip a payment on your loan(s) once during a calendar year.

How it Works

The best part is there is no out-of-pocket expense to you! It’s simple to take advantage of this offer; simply indicate your account and loan number for the loan(s) and month you would like to skip, and we’ll take care of it for you. If your payment is made by payroll deduction, your money will be put into your savings or checking account.

  • There is a $40 processing fee per loan to take advantage of this offer. This fee will simply be added to your loan balance. Loan interest will continue to accumulate during the month you skip your payment.
  • This offer excludes first and second mortgages, balloon notes, lines of credit, overdraft protection,  emergency loan advance, credit cards, auto leases, commercial loans, loans with payments less than $50 or a balance below $500. All loans considered must be current and, members must have made at least one full monthly payment to be eligible.
  • Must have qualified loan for 6 months to be eligible.

Disclosure

By signing above, if approved by the credit union, you authorize Sharefax Credit Union to amend your original note and extend your loan term. You agree that your regularly scheduled loan payment for the next month will be skipped. By signing this skip voucher, you are acknowledging that the processing fee will be added to the principal loan balance. The principal loan balance will increase, and interest will accrue on the resulting new balance, causing additional finance charges to accumulate. On your regular payment date the following month, the terms of your original loan agreement will resume. You will pay your regularly scheduled monthly payment from that date forward until the loan is paid in full. This will effectively extend the maturity date of your loan. Further, any applicable credit insurance will not be in effect beyond the original maturity date of your loan. If you are on a bi-weekly payment, we will skip two of those payments equal to one monthly payment. If your loan is paid through payroll deduction or automatic transfer, the funds will remain in your savings or checking account. First and second mortgages, balloon notes, home equity lines of credit, overdraft protection loans, emergency loan advance, credit cards, auto leases, commercial loans, loans with payments less than $50 or a balance below $500 and all loans that are delinquent are excluded from this offer. Gap protection payoff amounts can also be affected by this Skip-A-Payment. Member must be in good standing to be eligible.   *All Skip-A-Payment requests are subject to approval.