Summer is fun when you skip a payment.
Summer is here. You probably wish you could take the money for your monthly CSE loan payment and use it for a vacation, the kid’s summer camp, home and garden projects, or a new BBQ grill.
There are many reasons a monthly payment could be a financial strain like a temporary reduction in income, school or unforeseen expenses, such as car repairs or medical bills. CSE wants to help you take a break from loan payments this June!
CSE’s Summer Skip-A-Pay can let you do just that! As a valued CSE member, if you are eligible you may skip your payment on your CSE loan.
Here’s how it works: For a $25.00 processing fee per loan, you can skip your loan payment, it’s debited from your account at the time of signing. The interest will continue to accrue and the skipped payment will cause the loan to extend beyond the original maturity. Loans insured with Credit Life and or Disability insurance, the monthly premium for coverage will still be added to the loan on the skipped month. If the loan has GAP insurance, members are allowed five skips per the life of the loan. If members exceed that, the GAP insurance may not cover the remaining balance of the loan. Members may take advantage of this offer one time during each calendar year. Members cannot have consecutive Skip-A-Pays in December and January. All parties of the original loan agreement must sign the Skip-A-Pay form. After a one-time approval from the board extension, only one approved Skip-A-Pay after 12 consecutive full payments for the life of the loan.
Loans that are not eligible and do not qualify for the Skip-A-Pay are:
• Real estate, land and HELOC loans.
•Delinquent loans and accounts that are not in good standing.
• No share account or share draft account currently in overdraft.
•Loans previously approved for a workout loan are not eligible.
•Loans that have had a monthly extension in the calendar year are not eligible.
• Signed Skip-a-Pay Agreements must be received at least one day before the payment is due.
Don’t skip out on the summer fun. Skip your loan payment instead! Contact a CSE lender today.