How to Skip a Loan Payment with Skip Pay

How to Skip a Loan Payment with Skip PaySkip Pay is available on eligible Arkansas Federal auto, personal, and recreational vehicle loans. A $35 fee applies for each skipped payment. Loan must be in good standing. Members may skip one payment per eligible loan per calendar year (January 1–December 31) and must wait at least six months between skipped payments on the same loan. Loans paid through immediate payroll deposit are not eligible. Mortgages, credit cards, home equity loans, and home equity lines of credit are not eligible. Interest will continue to accrue during the skipped payment period. Skipping a payment may extend the term of your loan and increase the total interest paid over the life of the loan.

Planning a family vacation, this year’s school supply list is longer than you expected, or does your car need repairs at the worst possible time?

Whatever the reason, there are times when a little extra room in your budget can make a big difference.

That’s where Skip PaySkip Pay is available on eligible Arkansas Federal auto, personal, and recreational vehicle loans. A $35 fee applies for each skipped payment. Loan must be in good standing. Members may skip one payment per eligible loan per calendar year (January 1–December 31) and must wait at least six months between skipped payments on the same loan. Loans paid through immediate payroll deposit are not eligible. Mortgages, credit cards, home equity loans, and home equity lines of credit are not eligible. Interest will continue to accrue during the skipped payment period. Skipping a payment may extend the term of your loan and increase the total interest paid over the life of the loan. comes in.

Skip PaySkip Pay is available on eligible Arkansas Federal auto, personal, and recreational vehicle loans. A $35 fee applies for each skipped payment. Loan must be in good standing. Members may skip one payment per eligible loan per calendar year (January 1–December 31) and must wait at least six months between skipped payments on the same loan. Loans paid through immediate payroll deposit are not eligible. Mortgages, credit cards, home equity loans, and home equity lines of credit are not eligible. Interest will continue to accrue during the skipped payment period. Skipping a payment may extend the term of your loan and increase the total interest paid over the life of the loan. allows you to request a payment break on qualifying loans, helping create a little breathing room when you need it most. And now, you can request Skip PaySkip Pay is available on eligible Arkansas Federal auto, personal, and recreational vehicle loans. A $35 fee applies for each skipped payment. Loan must be in good standing. Members may skip one payment per eligible loan per calendar year (January 1–December 31) and must wait at least six months between skipped payments on the same loan. Loans paid through immediate payroll deposit are not eligible. Mortgages, credit cards, home equity loans, and home equity lines of credit are not eligible. Interest will continue to accrue during the skipped payment period. Skipping a payment may extend the term of your loan and increase the total interest paid over the life of the loan. directly through Digital Banking. No phone call. No branch visit. Just a simple way to skip a loan payment when you need it.

What is Skip Pay?

Skip PaySkip Pay is available on eligible Arkansas Federal auto, personal, and recreational vehicle loans. A $35 fee applies for each skipped payment. Loan must be in good standing. Members may skip one payment per eligible loan per calendar year (January 1–December 31) and must wait at least six months between skipped payments on the same loan. Loans paid through immediate payroll deposit are not eligible. Mortgages, credit cards, home equity loans, and home equity lines of credit are not eligible. Interest will continue to accrue during the skipped payment period. Skipping a payment may extend the term of your loan and increase the total interest paid over the life of the loan. is Arkansas Federal’s skip-a-payment program that allows eligible members to postpone a scheduled loan payment on qualifying loans.

Instead of making a payment during the selected month, the payment is deferred and may extend the term of your loan. Interest will continue to accrue during the skipped payment period, and a $35 fee applies to each skipped payment.

Whether you’re looking for a way to defer a car payment during a tight month or simply need a little extra flexibility, Skip PaySkip Pay is available on eligible Arkansas Federal auto, personal, and recreational vehicle loans. A $35 fee applies for each skipped payment. Loan must be in good standing. Members may skip one payment per eligible loan per calendar year (January 1–December 31) and must wait at least six months between skipped payments on the same loan. Loans paid through immediate payroll deposit are not eligible. Mortgages, credit cards, home equity loans, and home equity lines of credit are not eligible. Interest will continue to accrue during the skipped payment period. Skipping a payment may extend the term of your loan and increase the total interest paid over the life of the loan. can help provide temporary breathing room when you need it.

How to Skip a Loan Payment

Getting started with Skip PaySkip Pay is available on eligible Arkansas Federal auto, personal, and recreational vehicle loans. A $35 fee applies for each skipped payment. Loan must be in good standing. Members may skip one payment per eligible loan per calendar year (January 1–December 31) and must wait at least six months between skipped payments on the same loan. Loans paid through immediate payroll deposit are not eligible. Mortgages, credit cards, home equity loans, and home equity lines of credit are not eligible. Interest will continue to accrue during the skipped payment period. Skipping a payment may extend the term of your loan and increase the total interest paid over the life of the loan. is easy.

1. Log in to Digital Banking.

2. Tap More

3. Select Transfer & Pay

4. Choose Skip PaySkip Pay is available on eligible Arkansas Federal auto, personal, and recreational vehicle loans. A $35 fee applies for each skipped payment. Loan must be in good standing. Members may skip one payment per eligible loan per calendar year (January 1–December 31) and must wait at least six months between skipped payments on the same loan. Loans paid through immediate payroll deposit are not eligible. Mortgages, credit cards, home equity loans, and home equity lines of credit are not eligible. Interest will continue to accrue during the skipped payment period. Skipping a payment may extend the term of your loan and increase the total interest paid over the life of the loan. .

5. Follow the prompts. It’s that simple. No phone calls. No trip to a branch.

When Could Skip PaySkip Pay is available on eligible Arkansas Federal auto, personal, and recreational vehicle loans. A $35 fee applies for each skipped payment. Loan must be in good standing. Members may skip one payment per eligible loan per calendar year (January 1–December 31) and must wait at least six months between skipped payments on the same loan. Loans paid through immediate payroll deposit are not eligible. Mortgages, credit cards, home equity loans, and home equity lines of credit are not eligible. Interest will continue to accrue during the skipped payment period. Skipping a payment may extend the term of your loan and increase the total interest paid over the life of the loan. Make Sense?

Life doesn’t always happen on schedule. Skip PaySkip Pay is available on eligible Arkansas Federal auto, personal, and recreational vehicle loans. A $35 fee applies for each skipped payment. Loan must be in good standing. Members may skip one payment per eligible loan per calendar year (January 1–December 31) and must wait at least six months between skipped payments on the same loan. Loans paid through immediate payroll deposit are not eligible. Mortgages, credit cards, home equity loans, and home equity lines of credit are not eligible. Interest will continue to accrue during the skipped payment period. Skipping a payment may extend the term of your loan and increase the total interest paid over the life of the loan. can be helpful when:

• You’re planning a vacation or family trip
• Back-to-school expenses are adding up
• Seasonal expenses are stretching your budget
• An unexpected repair impacts your monthly spending
• Or you simply need a little extra flexibility this month.

While Skip PaySkip Pay is available on eligible Arkansas Federal auto, personal, and recreational vehicle loans. A $35 fee applies for each skipped payment. Loan must be in good standing. Members may skip one payment per eligible loan per calendar year (January 1–December 31) and must wait at least six months between skipped payments on the same loan. Loans paid through immediate payroll deposit are not eligible. Mortgages, credit cards, home equity loans, and home equity lines of credit are not eligible. Interest will continue to accrue during the skipped payment period. Skipping a payment may extend the term of your loan and increase the total interest paid over the life of the loan. isn’t intended to be a long-term financial solution, it can be a helpful tool when you need temporary breathing room.

What Loans Qualify for Skip Pay?Skip Pay is available on eligible Arkansas Federal auto, personal, and recreational vehicle loans. A $35 fee applies for each skipped payment. Loan must be in good standing. Members may skip one payment per eligible loan per calendar year (January 1–December 31) and must wait at least six months between skipped payments on the same loan. Loans paid through immediate payroll deposit are not eligible. Mortgages, credit cards, home equity loans, and home equity lines of credit are not eligible. Interest will continue to accrue during the skipped payment period. Skipping a payment may extend the term of your loan and increase the total interest paid over the life of the loan.

Skip PaySkip Pay is available on eligible Arkansas Federal auto, personal, and recreational vehicle loans. A $35 fee applies for each skipped payment. Loan must be in good standing. Members may skip one payment per eligible loan per calendar year (January 1–December 31) and must wait at least six months between skipped payments on the same loan. Loans paid through immediate payroll deposit are not eligible. Mortgages, credit cards, home equity loans, and home equity lines of credit are not eligible. Interest will continue to accrue during the skipped payment period. Skipping a payment may extend the term of your loan and increase the total interest paid over the life of the loan. is available on qualifying:

• Auto loans
• Personal loans
• Recreational vehicle loans

Mortgages, credit cards, home equity loans, and home equity lines of credit are not eligible.

If you’re unsure whether your loan qualifies, log in to Digital Banking and select More > Transfer & Pay > Skip Pay to see your available options.

Things to Consider Before You Skip a Payment

Before requesting a skipped payment, keep the following in mind:

• A $35 fee applies to each skipped payment
• Members may skip one payment per eligible loan per calendar year
• At least six months must pass between skipped payments on the same loan
• Interest continues to accrue during the skipped payment period
• Skipping a payment may increase the total interest paid over the life of the loan
• A skipped payment is not forgiven — it is deferred and may extend the life of your loan.

When approved through the Skip PaySkip Pay is available on eligible Arkansas Federal auto, personal, and recreational vehicle loans. A $35 fee applies for each skipped payment. Loan must be in good standing. Members may skip one payment per eligible loan per calendar year (January 1–December 31) and must wait at least six months between skipped payments on the same loan. Loans paid through immediate payroll deposit are not eligible. Mortgages, credit cards, home equity loans, and home equity lines of credit are not eligible. Interest will continue to accrue during the skipped payment period. Skipping a payment may extend the term of your loan and increase the total interest paid over the life of the loan. program, your skipped payment is not considered late or delinquent. However, it’s important to review the details and understand how a skipped payment may affect your loan repayment timeline.