Skip A Pay

Relax. Skip your payment!

Does your budget need a little breathing room? With the Skip Payment program from Founders Federal Credit Union, you can skip your qualified loan payment and keep the cash. Use the money you save from your loan payment deferral to pay other bills, get away for the weekend or make a purchase you’ve been putting off.

  • Requests may be made until the last day of the month to skip your next month's payment.
  • Only applies to loans advanced (add-ons) or loans originated at least six (6) months prior to the skip pay request date.

What is Skip A Pay?

Our Skip Payment Program gives you the option to defer your next month's payment on an eligible loan to the end of the loan for a small fee. Each skip is $25 and the fee will be added to the loan.

Which loans can be skipped?

  • Personal Loans
  • Vehicle Loans
  • Other Personal Property Loans
  • Share Certificate Secure Loans
  • Founders Education Loans
  • Watercraft Loans
  • * Real Estate Loans, Credit Cards and Lines of Credit do not qualify.

When can I apply to skip My payment?

Log in to Founders Online today to apply for your next Skip A Pay!

Skip A Pay Disclosures

How much does it cost to skip next month's payment(s)?
It costs $25 to skip your payment per loan, and it will be added to your approved loan once you qualify for the skip.

What are the qualifications to skip my payment?
Skip payment only applies to consumer loans: personal, vehicle, other personal property, share/certificate secured, educational and watercraft loans. Real estate loans, Founders Credit Card or Lines of Credit do not qualify. The loan origination date (which includes the last advanced or add-on date) must be six months prior to the day of the skip payment request. Extensions or alternate payments within the past six months will disqualify your loan and you cannot have an active Collateral Protection Insurance policy in place. You must have no loss to the credit union (loans, credit cards, shares, etc.), no negative share accounts, or have modified loans through trouble debt restructuring. Your payment(s) must be made on or before the last day of the month prior to the month in which you want to skip your payment.

When can I apply for my skip payment?
Apply now to skip your next month's payment.

Will interest continue to accrue during the skip period?
Yes, interest will continue to accrue and payment protection premiums will continue to accrue during the skip period.

How many times can I skip my payments?
Loans are limited to two skips per calendar year. You must make 3 months of payments between skip requests. Secured loans have a maximum of six (6) skips during the life of the loan. If the loan includes Guaranteed Asset Protection (GAP), skipped payments are limited as follows: Loans originated before 11/16/2015, are limited to two (2) months over the life of the loan and loans originated on or after 11/16/2015 are limited to six (6) months over the life of the loan.

How can I apply?
Talk with a lender at any of our branches in South Carolina and North Carolina or apply online through Founders Online.

How will I know if I am eligible to skip my payment?
Log in to Founders Online. The qualified loans will appear on the home page. Follow the instructions to apply. Remember to make your current month’s payment, as that is a requirement for the Skip A Pay to occur. 

What if I have an automatic (ACH) payment?
If your payment transfers from a Founders account, your transfer will suspend for the skipped month. If your payment comes from another financial institution and we originated the ACH, your transfer will suspend for the skipped month. If your payment comes from another financial institution and we did not originate the ACH, contact your financial institution to suspend your payment for the skipped month.

What if I make my payment through Founders Online?
You will need to login to the system to delete this transfer and delete the recurring series. You will need to set a new transfer series to continue your payment on recurring transfer after the skipped month.

If my request qualified, why didn’t my due date change?
If your request qualified, you must still make your payment on or before the last day of the month prior to the month in which you want to skip your payment. For example, if you are qualified to skip your October payment(s), you must make your September payment(s) on or before the last day of September.

Skip A Pay Disclosures