Get a break from your loan payment
Lanco Federal Credit Union understands that, from time to time, delaying a loan payment can be a great help. When approved, Skip-a-Payment lets you skip one month’s payment without negative marks to your credit or late fees.
If this sounds like the solution you need, review the eligibility guidelines below and download the request form to get started. If you have any questions, or would like to discuss any available options for a loan not eligible for Skip-a-Payment, please call us at (717) 569-7180.
Skip-a-Payment eligibility criteria
Loans eligible for Skip-a-Payment:
Generally, Skip-a-Payment may be requested on Lanco FCU auto loans and personal loans, up to one time per loan per 12-month period.* You may skip one or all eligible loans that you have by submitting a Skip-a-Payment Request Form for each loan. The request form must be complete, including any co‑borrower’s signature if applicable. Incomplete requests will be returned.
Loans not eligible for Skip-a-Payment:
- Loans newer than 6 months*
- Loans currently past due*
- Personal or Home Equity Lines of Credit
- Credit Cards
- Home Equity Loans
- First Mortgages
- Student Loans
- Tuition Reimbursement Loans
Lanco FCU has the right to accept or deny Skip-a-Payment requests at its discretion.
There is a $35.00 fee for each approved Skip-A-Payment request.* The fee may be withdrawn from your Lanco FCU account, paid by cash, or by check made payable to Lanco Federal Credit Union.
Final Payment Date
Your final payment date 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.
*Eligibility during COVID-19 Pandemic: Lanco FCU is waiving the Skip-a-Payment fee and lifting some of the eligibility requirements. If your loan does not meet the standard Skip-a-Payment criteria described, please contact us at (717) 569-7180 or (888) 318-4222 to discuss your options.