Skip A Payment FAQs
Any secured consumer loan from Interra, an auto or boat loan for example, is eligible. However real estate and home equity loans, single payment note loans, lines of credit and credit cards are not eligible.
No, the $25 must be collected at the time you apply to Skip-a-Payment.
You must apply at least 10 days before the payment you want to skip is due.
Though you can skip two months per rolling 12-month period, you cannot skip two consecutive months.
For more information read the Skip-a-Payment program terms and conditions.
You must have had the loan open and not had a late payment (longer than 30 days late) for at least 6 months before it becomes eligible for the Skip-a-Payment program.
Automatic payment is a great way to pay! However, with Skip-a-Payment, it’s important to make preparations if you have automatic payment set up:
- If the transfer is an internal transfer from another Interra account, your loan payment due date will be advanced automatically.
- If you make your loan payment automatically from another institution, you will need to make arraignments to skip the payment once you’re approved by Interra to do so.
- If you have authorized Interra to initiate withdrawals from another financial institution, you then automatically authorize Interra to suspend the transfer for one month by applying for Skip-a-Payment.
Yes, interest will continue to accrue regardless of the skipped payment. Terms & Conditions
