Although securing a loan, be it auto or home, can ease the financial crisis but not having enough funds to make a month’s payment can be a big problem. It would be a good option if you can avoid paying the loan for the specific month in which you have additional expenses.
Greater Central Texas Federal Credit Union offers skip-a-payment feature on the loans for the convenience of their members. To avail this option you just have to fill out a simple form given on their website to get the approval from the credit union. You have to provide your name, account number, loan number, email address, reasons for skipping the payment and your signature. Once approved you can skip the payment for the particular month and resume from the next.
The following requirements must be fulfilled to be eligible for skip-a-payment:
- Request form must be submitted at least 10 days before the due date of the loan.
- $35 must be deposited into the account as the fee to avail the facility.
- The account balances must be current.
- One skip-a-payment per loan per calendar year is permissible and it should not be in consecutive months.
- Interest will accumulate on the loan balance during the month when the payment is missed.
- The signature of the member authorizes Greater Central Federal Credit Union to extend the duration of the loan by one month.
The credit union offers home and auto loans at low interest rates to its members. Also, the application process is very easy with instant approval of the loan that is mostly within 48 hours.
For more details about the skip-a-payment feature offered by Greater Central Texas Federal Credit Union, you can call at (254) 690 – 2274 or visit their office at 3305 E. Elms Rd., Killeen, TX 76542. You can also browse through their website www.gctfcu.net to know more.
