Skip-A-Payment

Looking for a break from a monthly loan payment?
LANCO has just what you need!

Just review the following terms to determine whether or not your LANCO loan qualifies. If it does, print the Skip-A-Payment coupon or stop by any LANCO office.

When we have approved the Skip-A-Payment option, we will skip the next monthly payment due on your loan if payment is due monthly, two payments if payment is due semi-monthly or bi-weekly, and four payments if due weekly.

Skip-A-Payment Details

• Open-Ended Loans (Lines of Credit), Business Loans, First Mortgages, VISA Credit Cards and Tuition Reimbursement Loans DO NOT qualify for this promotion.
• Loans with balances greater than $50,000 and loans newer
  than 6 months DO NOT qualify for this promotion.
• Other restrictions may apply. LANCO has the right to accept
  or deny Skip-A-Payment requests at our discretion.

Coupon

It must be complete including any co-borrower's signature if applicable. Incomplete coupons will be returned. Download a Skip-A-Payment coupon.

Auto Loans

If you received your loan financing through a dealership, you must have a LANCO savings account with a $5 minimum balance to become a member. The $5 must remain in the account for the duration of the loan.

Multiple Loans

You may copy the coupon if you would like to Skip-A-Payment on more than one qualified LANCO loan.

Fee

There is a $25 fee for each qualified Skip-A-Payment. The fee may be withdrawn from your LANCO account, paid by cash, or by check made payable to LANCO FCU. Please do not mail cash.

Frequency

One Skip-A-Payment option per loan is permitted per calendar year. Skip-a-Payment cannot be used for two consecutive months on the same loan.

Final Payment Date

It will be extended to allow you to pay your skipped payment at the end of your loan. Please note that interest will continue to accrue at your normal contract rate on your unpaid loan balance during the skipped period but you will not owe a late charge for skipping your payment. In addition, all other terms and provisions of your loan will remain the same.

If you have any questions about Skip-A-Payment, please contact LANCO at 717-569-7180.

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