In the past I've spoken about saving for those extra holiday expenses via the Holiday Club Account, so that you can manage to have the extra cash you need next year without giving it much thought.
OAS FCU has other ways to help for holidays. You could say that they offer various methods to fit different members’ needs. For instance, this year there’s a Holiday Loan Special for members who live in the United States, that you can find here.
So, there’s an idea to save for next year, and a loan that you could request this year but
… what if you want neither? What if you want a little bit of extra cash this year and don’t want to take out a loan?
For that there’s Skip-a-Pay. OAS FCU’s Skip-a-Pay program allows us to skip up to two non-consecutive loan payments on many of our credit union loans. By not having to make a payment we can put that money to other uses.
Let me give you an example. You have a car loan on which you pay $382 a month and say… an unsecured (signature) loan from a few years back on which you pay $195 a month. If you requested to skip both those payments in December, for example, you would have an extra $577 available for you to use that month.
During the skipped month interest continues to accrue and it gets paid with the next payment that you make (that’s why OAS FCU doesn’t like members to skip too payments, it’s too much interest and it goes against helping members save).
There are some rules, of course (when aren’t there rules?):
holidays, but it may be used at any time of the year, as long as it’s only once a year.
If you would like to request this service, here's the form to do it.
OAS FCU has other ways to help for holidays. You could say that they offer various methods to fit different members’ needs. For instance, this year there’s a Holiday Loan Special for members who live in the United States, that you can find here.
So, there’s an idea to save for next year, and a loan that you could request this year but
For that there’s Skip-a-Pay. OAS FCU’s Skip-a-Pay program allows us to skip up to two non-consecutive loan payments on many of our credit union loans. By not having to make a payment we can put that money to other uses.
Let me give you an example. You have a car loan on which you pay $382 a month and say… an unsecured (signature) loan from a few years back on which you pay $195 a month. If you requested to skip both those payments in December, for example, you would have an extra $577 available for you to use that month.
During the skipped month interest continues to accrue and it gets paid with the next payment that you make (that’s why OAS FCU doesn’t like members to skip too payments, it’s too much interest and it goes against helping members save).
There are some rules, of course (when aren’t there rules?):
- You cannot request to skip payments on any loans that you have had with OAS FCU less than a year, and you cannot skip payments on any loans secured by real estate (mortgage, second trusts, home equity lines, etc.).
- In order to qualify for skipping a payment (or two) your loans and accounts will have to have been in good standing the last 6 months.
- There’s a fee for the service: $10 for the first loan and $5 for each additional loan.
- There is a possibility that if this is a service that you use regularly throughout the life of your loan, the extra interest accrued becomes enough to require an extra payment. This varies from member to member and you would be notified by the loan staff if that becomes the case.
- The payments deferred must be non-consecutive. So, if you wanted to skip two now, you’d have to request for example, November and January skipped, or December and February. Even so, I’d recommend avoiding this if possible for you, because of the extra interest.
If you would like to request this service, here's the form to do it.
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