Need a little extra cash in your pocket? Have an unexpected expense come up? Here’s an alternative to taking out a small loan. A$25.00 transaction fee will be charged for each loan processed. Funds will be debited from a FOKFCU deposit account. If there are no funds available, the payment holiday will not be processed.
We allow you to skip one month’s payment (two bi-weekly payments*) anytime on all of your loans or on a particular loan. LOANS CANNOT BE DELINQUENT AT THE TIME OF THE REQUEST. First payments are not eligible to be skipped. Applications and approvals are required for all skipped payments and the application must be received at the credit union office before the loan due date. In certain cases, we will require applications to be signed by all parties who signed the original loan agreement(s). THIS OFFER DOES NOT APPLY TO ANY LOAN SECURED BY REAL ESTATE OR TO CREDIT CARD ACCOUNTS. If you choose to skip a payment, finance charges will continue to accrue on any balance, the maturity date of the loan will be extended and your regular payment schedule will resume the next month. If your loan is paid through direct deposit, those funds will be deposited to your share account.
*In the event there are three (3) bi-weekly pay periods in a month, we will allow you to skip the first two (2) pay periods of that month.Please complete and return to the credit union.
Don’t let the term “minimum payment” confuse you. When it comes to paying your credit card, settling for the bare minimum makes you pay alot more than you should be. Pay more than the minimum on your credit card each month, even if its only 10 more dollars extra, it will help.