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You can skip your payment* on one or more of your loans for a $25 processing fee per loan.

Here’s how:

• Determine the loan payment(s) you’d like to skip (no real estate or credit card loans)
• Apply through Online/Mobile Banking
• Make sure you cancel any automatic payments you might already have set up (either through another financial institution, or with us here at Premier Members Credit Union)
• Must be: current on all loans; must not have been 60 days or more delinquent during the past 24 months; must have made 3 consecutive monthly payments. Maximum of 2 deferrals are allowed per year and maximum of 6 deferrals are allowed during the life of the loan.

*By participating in the PMCU payment deferment offer, you are requesting to defer your loan payments as indicated above. You agree and understand that: 1.) There will be a $25 processing fee for each payment deferred; 2.) You must specify whether your loan is paid with an ACH or payroll deduction in order for PMCU to stop payment. If PMCU is unable to stop your ACH or payroll deduction payment in time, your payment deferral may be delayed until the next scheduled payment; 3.) You must specify whether your loan is paid by auto deduct through online banking or another method from any banking institution (including PMCU). PMCU is unable to stop payments set up though these methods. Any payment(s) that are approved for deferral but automatically made through an automatic payment method will be re-directed as a deposit into your share account; 4.) Deferring your payment(s) may result in your having to pay a higher total finance charge than if you made your payment(s) as originally scheduled. Interest will continue to accrue on the outstanding principal balance during the payment deferral period; 5.) The payment deferral may extend the maturity date and payment terms for each of your loan(s) on which one or more payments are deferred, and you have to make more payments to extinguish the balance of your loan(s) than was originally specified in your loan documents. In the event your payment deferral request is granted, you agree to fully cooperate with PMCU to sign any and all documents requested by PMCU to: a. Document the payment deferral and loan modification; b. Preserve any and all PMCU security interest and rights indicated on the initial loan documents; 6.) If you elected to add GAP or Warranty Coverage to your loan(s), the coverage may not extend beyond the original maturity date. GAP purchased after July 31st, 2021 from PMCU allows for 6 payment deferrals without a reduction in GAP benefit. This policy allows a total of 6 deferrals /or/ 6 late payments over the life of your loan for a total of 180 days. When you voluntarily participate in PMCU’s payment deferral program, GAP purchased from a seller other than PMCU, or prior to July, 31, 2021, may result in a reduction in your GAP benefit paid in the event of a loss. Any additional unpaid amounts for deferments, skip-a-pays or delinquent payments (over 6 for your loan) will reduce the GAP benefit accordingly and may result in a remaining loan balance.; 7.) You are required to resume your payments when the deferral period is over; 8.) Your loan(s) must be current on the day the payment deferral is requested and must not have been 60 days or more delinquent during the last 24 months to be eligible for a payment deferral; 9.) You must have made three (3) consecutive monthly payments to your PMCU loan(s) to be eligible for a payment deferral; 10.) You cannot defer a payment on any loan for two (2) or more consecutive months; 11.) All payment deferrals are subject to Credit Union approval; 12.) Maximum of two (2) deferrals are allowed per year and maximum of six (6) deferrals are allowed during the life of the loan; 13.) Payment deferrals are not available on Real Estate Loans (including Home Equity), Fast Track loans or Credit Cards, active bankruptcy and/or foreclosures.