Skip-A-Payment Application

Do you need a little extra cash? Louisville Federal Credit Union can help provide you with budget relief during difficult times! With LFCU's Skip-A-Payment Program, you can apply to skip your payments on your credit union loan(s). Simply choose which month you want to skip and complete the form below.

Program Rules

• You may only skip one payment per calendar year per loan.
• The loan must have been open for at least 6 months.
• You must be current on all loan payments and have no prior history of delinquent payments.
• A $10 fee will be required for each loan payment skipped.
• Members who had NSF transactions during the past 12 months are not eligible for the Skip-a-Payment program offer.
• Real Estate loans and Payday loans are not eligible for the Skip-a-Payment program.
• Your loan will be extended one month beyond its maturity for each approved Skip-a-Payment utilized.
• Prior to your final loan payoff you will be required to make payment(s) you skipped and that interest will continue to accrue at the contract rate on the unpaid balance including the month(s) you have chosen and have been approved to skip.
• The payment deferral fee is considered a finance charge and payment of this fee increases the total cost of credit.
• All other terms and provisions of the original loan agreement are unchanged and remain in effect.
• If you have GAP Insurance with your loan, you may only utilize two (2) Skip-a-Payments for the life of the loan.

Skip-A-Pay Request Agreement

By completing this form, you understand and agree to the Program Rules. You understand and agree that: 1) LFCU will review your account and deferrals are subject to LFCU approval; 2) there is a $10 fee per loan that you choose to skip; 3) you will resume your payments the following month; 4) the $10 fee must be available in your LFCU savings or checking account and the fee will be taken from available funds selected; 5) your loan will be extended one month beyond its maturity for each month you are approved to skip; 6) prior to your final loan payoff you will be required to make payment(s) skipped and that interest will continue to accrue at the contract rate on the unpaid balance including the month(s) chosen and have been approved to skip; 7) the fee will result in an extension of the maturity date and will increase the APR and Finance Charges disclosed on the original promissory note and the payment of this fee increases your total cost of credit. All other terms and provisions of the original loan agreement are unchanged and remain in effect; 8) you understand and agree that if you have elected GAP or Mechanical Repair Coverage, the coverage will not extend beyond the original maturity date; and, 9) other restrictions may apply.

I am instructing LFCU to skip the following loan payment(s) and I understand and agree that at least five (5) days notice must be given in advance of the payment to be skipped: