Now you can skip a loan payment when the time is right for you — once every 12 months — during the month of your choice. Use the cash to shop for the holidays, pay your taxes, save up for a large purchase or just plain catch up!*
- There is a $45.00 processing fee per loan
- Most MFed consumer loans are eligible
- Loans that ARE NOT ELIGIBLE include:
- Real estate
- Home equity
- Mobile home loans
- Credit cards
- Personal line of credit
- You may not be over your approved limit (if applicable) and all of your MFed accounts and loans must be current and in good standing
- When you skip a payment, your loan term will be extended by one month (this can increase the total interest you pay over the life of the loan); regular payments resume the following month
Call us at 1-800-640-1228 or simply come in to get the process started.
*For those who qualify, deferment of payment will extend the life of the loan and may cause an increase in the final payment amount. Offer only available on Consumer Loans, that must be current and all accounts in good standing. No more than 3 skips in the lifetime of the loan. The loan must be current and have no 20+ day delinquencies in the last 6 months. If loan is paid through an ACH then skip a payment must be done 10 day prior. The process has a onetime $45 fee and at least ten days notice is needed before loan payment would be due. Offer subject to approval and does not apply to the first payment of any loan.