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Why Does Skyla Do Skip-A-Pay?

July 25th, 2023 | 10 min. read

Why Does Skyla Do Skip-A-Pay?

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At Skyla Credit Union, we understand that life can be unpredictable. Unexpected expenses can suddenly arise, putting a strain on your finances. That’s why we offer the Skip-A-Pay program to our members! 

With Skip-A-Pay, you have the freedom to skip an eligible monthly loan payment whenever necessary, providing you with some much-needed breathing room and alleviating any financial strain. Let's take a closer look at the ins and outs of this program, how it operates, and why we offer it so you can determine if it's the right solution for your current circumstances.


here's what we'll cover


skip-a-pay iconwhat is skip-a-pay?Skip-a-pay circles-07

Skyla's Skip-A-Pay program is a flexible solution designed to help our members manage their finances better. This program allows eligible members to defer an existing loan payment, providing some much-needed breathing room for your budget.


How Does Skip-A-Pay work at Skyla?

Our Skip-A-Pay program is user-friendly. To use it, your loan must have been active for at least one year, and you should be current on your payments. In digital banking, simply click on the 'Transfer and Pay' tab, then select 'Skip-A-Pay'. Your eligible loans will be displayed. Choose the loan payment you wish to skip and press the 'Skip Payment' button.


Is there a fee?

Yes, there is a small fee of $25 for using the Skip-A-Pay feature2. This fee is automatically added to your loan balance so no extra payments are required. 


Application-Paper-Checkmark-Icondo i qualify for skip-a-pay at skyla?

Eligibility for our Skip-A-Pay program requires:

  • You have an Auto Loan or Personal Loan (Unfortunately, mortgages and Home Equity Lines of Credit (HELOC) are not eligible for the Skip-A-Pay program. If you need financial assistance for your mortgage or HELOC, please contact our Mortgage team)
  • You've had the loan for at least one year
  • You’re up-to-date with your payments
  • The minimum loan balance must be $75 or greater

You can skip two monthly payments per loan in a 12-month period, but not consecutively (meaning you can skip July and September but will need to make your payment in August). Check your eligibility by clicking on the 'Transfer and Pay' tab in Digital Banking, then selecting 'Skip-a-Pay'. Your eligible loans will be displayed.

QUICK TIP: Remember, not all loans are eligible for Skyla's Skip-A-Pay  If you have any questions regarding this program - our Customer Service Representatives are here to help!  Contact us  here, call us at 704.375.0183, or drop by any of our branches . We're here to help you navigate your financial journey.  


Wallet-Iconis it worth skipping a payment at skyla?

Yes indeed! That's precisely why we offer it. We empathize with the fact that unexpected expenses can arise, and sometimes you may need assistance covering them. Skipping a payment can prove beneficial, particularly when dealing with emergency expenses or requiring extra cash. The Skip-A-Pay program is designed for individuals who prefer not to borrow money to address unforeseen expenses.



does skipping a payment at skyla affect your credit score?

bubble-credit-report-notepadNo need to worry about your credit score! As long as you're using the Skip-A-Pay program and not just skipping a payment on your own, you're in the clear. We report the loan as paid during the Skip-A-Pay period, so it won't have any negative impact on your credit score.

Many lenders generally report your loan as "current" if you have a payment arrangement in place, even if you're not making payments. If the lender isn't made aware of your payment arrangement, they may report the loan as "missed," which could negatively impact your credit score.


Refinance-Iconwhat if I have auto-pay set up for my loan? 

If your loan payment is coming from a different financial institution via ACH, you're going to have to cancel or put a pause on that payment for the month you want to skip. But don't forget to set a reminder to set up a new auto-pay once the skipped month is over so you can keep up with your payments on time!



To receive the full benefit of the Skip-A-Pay, make sure you process your request before the first due date of the month, otherwise, it will only skip one of your weekly/bi-weekly payments.

For example…

If your payments are scheduled weekly on Fridays, we recommend doing your Skip-A-Pay on the 1st Friday due date, that way you won’t be due until the following month.

However, if you make your first Friday weekly payment and choose to skip the 2nd week, you will be due the following week.


Skyla skip-A-Pay Benefits

By deferring your payment, you can:

  • Gain some extra cash flow and remove some financial stress.
  • Maintain your credit score by avoiding late payments.


Skyla skip-A-Pay Drawbacks

The primary drawbacks of skipping a payment are:

  • It's not a long-term solution
  • There are restrictions: Like the number of times you can skip a payment on a loan at Skyla. On one hand, this can be a good thing because you could get ahead of interest accruing. On the other hand, if you have things on the loan like Guaranteed Asset Protection (GAP) on the loan, you will be limited to the number of times you can utilize Skip-A-Pay.
DEFINITION: GAP insurance, also known as Guaranteed Asset Protection, is a type of financial protection that covers the difference between the remaining loan balance and the payout from your auto insurance if your vehicle is stolen or deemed a total loss. It helps prevent you from having to pay the difference out of pocket.


Another restriction to keep in mind is at Skyla the minimum current balance of the loan must be $75 or more. 

  • Interest will continue to accrue: This will happen during the skipped month, ultimately costing more over time.

Do you want to take a closer look at the benefits and drawbacks of the skip-a-pay program? This way, you can make a more informed decision about whether it's worth pursuing.


What is Skip-A-Pay?

ready to give your wallet a break?

Keep in mind when doing Skyla's Skip-A-Pay program that this is not a long-term solution, but it is a way you can gain some extra cash flow and remove some immediate financial stress. And you can avoid hurting your credit score.

It's easy to get started in Digital Banking - simply click on the Transfer and Pay tab, then select Skip-a-Pay. So, give your wallet a break and start enjoying some financial peace of mind today. 


Start Skipping



We’re happy to help! If you have additional questions or concerns about using Skip-A-Pay for your loan, feel free to send us a secure message in Digital Banking. You can also contact us here , call us at 704.375.0183, or drop by any of our branches.





As the Content Specialist and author of the Learning & Guidance Center, Yanna enjoys motivating others by uncovering all that's possible in the world of finance. From financial tips and tricks to ultimate guides and comparison charts, she is obsessed with finding ways to help readers excel in their journey towards financial freedom.


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