The National JACL Credit Union offers members the option of skipping a payment (or getting a loan extension) on a personal loan once every 12 months.
Skipping a payment is sometimes a good option for members when their budget gets a little tight. It is a popular option around the holidays.
- Gets you some extra cash when you need it most at your current low rate.
- It can often get you enough cash to get through the holidays without using high interest credit cards or signature loans.
- Your payment does not increase.
- Since interest accrues daily, the subsequent payment will pay double the usual interest which increases the term of the loan.
- This program is not available on Home Loans since they are generally longer term and higher balance and skipping a payment could result in negative amortization. (Trust us…not a good thing).
If you think skipping a payment is right for you, please complete the following form.