The Board of Directors has approved the return of the popular holiday tool that puts extra cash in your wallet for the holidays. Skip-A-Pay* is back! Apply and be approved, and you can skip your MCT loan payment(s) for an entire month! Here’s how it works:
Complete a Skip-A-Pay request form for each MCT loan you wish to “skip” the payment on. For example, if you have an auto loan and a personal loan with MCT, you can complete one form for each loan and tell us which month’s payment you want to skip – choose from November, December or January. Perhaps you have three loans and want to skip one in each month – great idea! Simply return the completed form(s) along with the $30 processing fee for each request.
The Skip-A-Pay request form is available at the branch or on our website. If your Skip-A-Pay request is approved, the date on the loan is moved forward one month from its current due date. Interest will continue to accrue at the rate stated at the time of origination, and the maturity date on the loan will be adjusted forward by one month. You can skip your payment and use the funds for something else, or simply pocket them for savings! Each loan will resume it’s regular payment schedule on the month following the month you skip. Apply today and forget about those loan payments for the holiday season!
* On approved credit. Eligible loans must have been open before June 1, 2024 and be current at the time of the request. Not all requests will qualify. Limit of three (3) Skip-A-Pays per loan, not including COVID-19. Offer must be processed by January 1, 2024. Mortgages, HELOCs and VISA cards not eligible.