Midcoast FCU / Skip A Pay

Take a break from your loan!

Take a break from your monthly loan payment with our Skip-A-Pay program. Members can utilize Skip-A-Pay, any time of the year to assist with financial stress, periods of reduced income, holiday expenses, or just to take a needed break from their monthly obligations.

To qualify for the program the following conditions apply:

1. Any borrower on a loan can request a skip; however, your membership must be in positive standing.

2. To be eligible, loans must:

Have been open for at least 180 days
Have had at least 6 monthly payments
Be no more than 14 days past due at time of request
Have had no more than 1 payment 30 days delinquent within the past 6 months.

3. Eligible loan types include Auto, Recreational, Boat, Motorcycle, Personal RV, RV, Share Secured, and Personal Loans.

4. This offer is NOT applicable to mortgage loans, home equity loans or lines of credit, or credit cards.

5. Requests must be received at least two (2) business days before the payment due date in order to address any payment automation.

Important Notes:

The limit is 1 skipped payment per 12-month period per eligible loan.
A $25.00 fee applies per loan, per month skipped and is debited from the selected account when processed.
The skip will be applied to the next payment due date.
Interest will continue to accrue on all skipped payments and will extend the term of your loan.
Skip payments may affect payment protection and GAP coverage; see your agreement for details.
A payment cannot be reversed once it is made.
Skipping a payment does not automatically stop scheduled or automatic (ACH) transfers.
- Scheduled Transfers (Transfers & Payments) Members are responsible for changing the date on transfers setup within Digital Banking.
  - To stop a scheduled transfer, visit the “Transfers & Payments” tab, to view your scheduled transfers,
  - Click the “three dot” icon and electing to “Skip next transfer”.
- Automatic Transfers (ACH) Members are responsible for requesting their scheduled payment to be stopped.
  - To stop automatic transfers, contact us. Call 877-964-3262, chat, or stop by.
  - Request must be made with at least 2 business days’ prior notice to payment date.

If you have any questions, or need an exception made for any of the above qualifications, please feel free to contact us.

Auto & RV Loans

Whether it has 2 wheels, 4 wheels, floats on water, or travels across the snow, we can assist you with your financing needs. Our Auto and Recreational loan programs offer purchasing or refinance options on everything from cars and trucks, to snowmobiles and travel trailers.

Share Secured Loans

A Share Secured loan uses the cash in your savings account as collateral. It is a great way to help with short-term borrowing needs and with establishing or rebuilding your credit with timely repayment.