Skip Payment FAQs

Can I skip a payment on a loan?
Yes, if your loan is eligible. Please call our Contact Center at 540-389-0244 (local) / 866-389-0244 (toll-free) for further details and restrictions.

Auto loans, personal loans, home equity loans, and HELOCs are eligible for the Skip-a-Pay program. Please note that first mortgage loans, Flash Cash (small dollar) loans, credit cards, and overdraft protection loans are NOT eligible.

 

Approval is based on a number of factors, including:

• For your first Skip-a-Pay, at least six (6) months in a row of payments made on the loan you want to skip
• For any following instances of Skip-a-Pay, at least twelve (12) months in a row of payments made on the loan you want to skip
• No Skip-a-Pay or loan extensions used in the past twelve (12) months on the loan you want to skip
• No late charges within the past twelve (12) months on the loan you want to skip
• All Freedom First accounts must be in good standing and all loans current

 

Yes, there is a fee to skip your loan payment. Please contact us for a copy of our most up-to-date fee schedule or read our skip payment application carefully for more details.

 

If you are approved for the Skip-a-Pay program, your credit score will NOT be affected by skipping your eligible payment. However, please note that your credit score may be affected by missing or skipping payments outside of the program.

 

You can use Skip-a-Pay once every 12 months over the life of your loan. 

 

No, your monthly loan payment will remain the same unless you refinance your loan. However, using Skip-a-Pay will extend your loan term.

 

We must receive your Skip-a-Pay request or application at least five (5) business days before your loan payment is due. Otherwise, a successful application may apply to the following payment instead.

 

No. If you have automatic payments set up, please be sure to cancel them before your next due date to avoid an unexpected withdrawal. It is also important to reactivate your auto pay or manually make a payment on or before your next payment due date after the Skip-a-Pay instance.

 

You can easily manage your automatic payments in online banking, but if you need extra help please call our team at 540-389-0244 (local) / 866-389-0244 (toll-free) or visit a branch.

 

The easiest and quickest way to apply for Skip-a-Pay is through online/mobile banking, but you can also fill out our skip payment application and bring it to a branch, send it via mail (Skip-a-Pay, P.O. Box 1999, Salem, VA 24153), or send it via fax (540-527-0636). However, please note that we must receive your application at least 5 business days before your payment due date, so please be mindful when sending an application by mail.

 

To apply for Skip-a-Pay in online/mobile banking, follow these steps:

 

• Click or tap the hamburger menu on the left side of the screen and select "Skip Payment."
  • Only loans that are eligible for the program will show up on this screen.

• Select the eligible loan you'd like to skip, then click or tap "Next."

• Select the checking/savings account you want to use to pay the fee, then click or tap "Next." 
  • Any Freedom First savings or checking accounts with enough funds to cover the fee will show up on this screen.

• Review the terms and conditions to the Skip-a-Pay program. If you agree to the terms and the fee, tap or click "Agree" to submit your application.
  • Be sure to double-check the original payment date and the new payment date.
  • If you have automatic payments set up for your loan, be sure to cancel them before the "original payment date."