Need a little break from your monthly loan payments?
Now you have the option to skip a loan payment when you need it without impacting your credit rating. Greater Nevada Credit Union’s Skip-a-Payment program allows qualified members to apply to skip one monthly loan payment every 12 months.1 Before you apply, be sure the program is right for you.
For the fastest way to apply for Skip-a-Payment, use your Greater Nevada Digital Banking account. With your information already saved, you can bypass extra steps and instantly check your eligibility. Simply do the following:
1. Log into your Digital Banking account.
2. Click Requests from the main menu and select Skip a Pay Application from the drop-down options.
3. Follow the prompts to learn about your eligibility for skipping a loan payment and, if you’re eligible, apply without the need to supply your personal or loan information.
By skipping a GNCU loan payment, you keep extra cash that can be used if you’re in a pinch and need to pay for other essentials, such as utilities or groceries. That can save you time on trying to access extra cash. However, before you choose to skip a payment, read on about how the program works and other options you might have.
It’s important to remember that when you skip a loan payment, it increases the total cost of your loan, because you still incur interest. That’s because each time you make a fixed loan payment, a portion of that money goes toward interest, and the rest goes to the principle (or actual cost) of the loan.
In the beginning of a fixed-rate loan, the majority of your payment will pay for the interest, but as you make payments, more money goes toward the principle cost, thereby paying down your loan. When you skip a payment, you are not paying any principle or interest that month, but your loan’s interest still accumulates over the life of your loan.
GNCU will approve or deny your application for the Skip-a-Payment within two business days. If approved, you will be required to sign a Skip-a-Payment agreement either in a GNCU branch or electronically. If you have not received the Skip-a-Payment agreement or a notice of ineligibility by the third business day, please email skipapay@gncu.net.
Please choose either Greater Nevada Digital Banking or the online form below to submit your application. Note: Applying through Digital Banking provides an instant eligibility check, while the online form does not.
Important: Skip-a-Payment is only available to skip the current calendar month’s payment. You cannot request a skip for a future calendar month. We recommend submitting your request as early as possible in the calendar month.
1For best results, please verify eligibility with a GNCU Loan Servicing Specialist prior to submitting your Skip-a-Payment program application by calling (775) 334-8699. The Skip-a-Payment program is offered to eligible members with no penalties or late fees, and with no adverse effect on your credit. Interest will continue to accrue on your loan in the month of the skipped payment, and when you make your next payment, more of the payment will be applied to your interest. This program does not apply to loans during the first six (6) months of the loan agreement. You may only exercise one (1) Skip-a-Payment per calendar year/per loan with a maximum of three (3) skipped payments per loan term. For example, if you skipped a car payment in January 2022, you will not be able to skip another payment until January 2023. A $39.00 participation payment will be assessed for each loan approved for the Skip-A-Payment program, and it must come from your Regular Share Savings account that established your membership with GNCU. The following loan types are eligible for our Skip-a-Payment program: Certain New and Used Auto, New and Used Recreational Vehicles, and Personal Loans. Loan origination must be at least six (6) months prior to the Skip-a-Payment request. If you are requesting a Skip-a-Payment on a loan that has GAP coverage, you understand you may jeopardize any future GAP claim in the event of a total loss on the covered vehicle. Please refer to your GAP contract for further details or speak with a loan representative for further information. Payments must be current and other conditions apply. GNCU reserves the right to deny any Skip-a-Payment program participation request.
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