Terms & Conditions – Skip A Payment
It is mutually agreed that in consideration of the fee of $30.00 per loan, my monthly loan payment will be deferred and extended to the end of the original term of this loan. I understand that finance charges will continue to accrue and all other terms and provisions of the original loan agreement are unchanged and remain in full force and effect. I understand this program is subject to approval and is not applicable to loans originating within the previous 60 days. I also understand this will not stop any ACH transfer I have set up with Element Federal Credit Union (or other institution) for the purpose of making my loan payment(s) at Element Federal Credit Union. The transfer will still take place from my other institution and the funds will be deposited into my savings account at Element Federal Credit Union. I am limited to skipping my loan payment a maximum of 8 times during the life of my loan. Skip payments cannot occur closer than 90 days apart.
I agree to Element Federal Credit Union’s electronic forms submission policy as well as these complete Terms and Conditions.