At Amplify Credit Union, we believe that one bad month should never be the cause of financial hardship. That's why, once a year, we allow our members to skip a payment on an existing personal loan. In this section, we will explain how our Skip-a-Pay feature works and show you how to apply.
- Amplify's Skip-a-Pay feature may allow you to delay one monthly payment on a consumer loan.
- To apply for this feature, download and submit the Skip-a-Pay application.
- Commercial loans and mortgages are not currently eligible for our Skip-a-Pay program.
What Is Skip-a-Pay?
Once a year, qualified members are eligible to apply for our Skip-a-Pay program. If your application is accepted, you will be allowed to "skip" an eligible consumer loan payment for a $35.00 administrative fee, moving the current due date for that loan to the following month. Because we recognize the reasons for a Skip-a-Pay request may be sensitive for some members, you are not required to state the reason for your Skip-a-Pay request at the time of application.
Please note that utilizing our Skip-a-Pay feature does not remove this payment from your loan balance. Your loan(s) will still accrue interest or administrative fees during the month that you skip, and an additional month will be added to your repayment schedule.
UPDATE: As of Tuesday, March 24, we are waiving the $35.00 administrative fee for any Skip-a-Pay applications associated with COVID-19 hardship. Please include a memo or cover letter with your application to this effect.
How Do I Apply for Skip-a-Pay?
As a result of the ongoing pandemic, we have changed the application process for our Skip-a-Pay program. Please contact our loan servicing team at (512) 836-5901 for our updated application and guidance.