Skip-A-Pay

Giving you financial relief.

Take a break from your loan payments with Skip-A-Pay

To give you immediate financial relief due to COVID-19, we’re now offering Skip-A-Pay on all your eligible loans. With Skip-A-Pay, you can postpone your monthly payments with no late fees. Interest will continue to accrue.

How Skip-A-Pay Works for Other Loans    

  • Your monthly payments will be postponed by three months with no late fees.
  • There is no impact to your credit score.
  • Interest will continue to accrue. The extended payment(s) may result in additional payments or a larger final payment.
  • If you have loans eligible for Skip-A-Pay, you will see a pop-up when you log in to Online Banking, or Coastal’s mobile app. You will also see an option on the Emergency Relief tile to enroll. If you don’t see an option for Skip-A-Pay, please reach out to our Member Assistance Program to see how we can help you.
  • Lines of Credit due dates will advance one month at a time. You will not need to make a payment as long as the payment due is $0.00 on the first of the month.
Member Assistance Program
If you’re facing hardships and have loans not covered by Skip-A-Pay, please reach out to our Member Assistance Program

Don’t Forget to Update Any Automatic Payments!

To do that, you should:

  • Inside Coastal’s Online Banking or Mobile App
    • You will need to log in to cancel your current automatic payments and then add a new automatic payment with the start date and frequency that matches your financial needs.
    • In some cases, we will have automatically adjusted your scheduled payments to your new due date.

    If you have any questions, send us a secure message inside Online Banking or our Mobile app, or call us at 800-868-4262 and press Option 4.

  • If your automatic payments are set up with another financial institution, you will need to reach out to them to adjust as needed.

 


 

Loans That Are Eligible

Loans eligible for Skip-A-Pay include:

  • Auto Loans
  • Unsecured or Signature Loans
  • Share Secured Loans
  • Lines of Credit (LOC)

Non-eligible Loans

Loans not eligible for Skip-A-Pay include, but are not limited to:

  • Real Estate Loans (Mortgages and Home Equity)
  • Student Loans
  • Credit Cards
  • Certificate Secured Loans
  • Business or Commercial Loans
  • Recreational Vehicles, or other Collateral Loans
  • No account with a charge off or bankruptcy
  • Loans opened in the last 179 days
  • Loans more than 29 days delinquent

  • Loan paid ahead more than 90 days

  • Member Assistance Program Loans
  • Auto Loans with Collateral Protection Insurance added

Additional Requirements

  • Member is required to have $5 in their Prime Share
  • Member cannot have a negative share balance
  • Member has not utilized more than 2 Skip-A-Payment offers per calendar year. This includes loans modified through the Member Assistance Program.
  • Member had not exceeded the lifetime maximum number of 6 skipped payments. This includes loans modified through the Member Assistance Program.

If you’re facing hardships and have loans not covered by Skip-A-Pay, please reach out to us at our Member Assistance Program.

 

Frequently Asked Questions

If you qualify for a credit card Skip-A-Pay, your next payment date could be advanced up to two months. For consumer loans, your new due date will be three months later. Lines of Credit due dates will advance one month at a time. You will not need to make a payment as long as the payment due is $0.00 on the first of the month. You can see the next due date on your loan in the Account Summary tile in Online Banking, or Coastal’s Mobile app.

For help with loans that do not qualify for Skip-A-Pay, please reach out to our Member Assistance Program.

For Credit Card Skip-A-Pay, we will not report you late to the credit bureaus. For all other consumer loans, there is no negative impact to your credit.

Yes. Interest will continue to accrue if you wait to make your payment. While there is no impact to your credit score, the first payment that you make after skipping your payments will pay down interest first and then your balance. This may result in additional payments or a larger final payment.

If your loan has GAP coverage, extending or reducing a payment may reduce this coverage. Please refer to your GAP Insurance policy for details.

If your loan has Credit Life or Credit Disability coverage, the type of coverage previously elected will remain in force and the insurance premium will be added to your monthly loan payment each month. Credit Life or Disability coverage is voluntary and can be cancelled at any time.

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