At Members First Credit Union of Florida, we know that life doesn't always line up perfectly with your budget. Unexpected expenses—like car repairs, medical bills, or seasonal costs—can put short-term pressure on your finances. That's why we offer options designed to support our members when they need it most.
One of those options is Skip-a-Payment. Used wisely, it can provide temporary relief without derailing your financial progress. Here's what every member should know before using it.
What is a Skip-a-Payment?
Skip-a-Payment allows eligible Members First members to temporarily defer one loan payment on qualifying loans, such as auto or personal loans. Instead of making your scheduled payment, the due date is pushed back—giving you a little extra breathing room for the month.
Key things to know:
- Interest continues to accrue during the skipped payment period
- Your loan term may be extended by one month
- Loans must be in good standing and meet eligibility requirements
- Restrictions and fees (if applicable) may apply
Skip-a-Payment is designed to help when life throws an unexpected curveball—not as a routine financial strategy.
What Skip-a-Payment Is Not
To make the best financial decision, it's just as important to know what Skip-a-Payment doesn't do. It is not:
- Loan forgiveness
- A reduction in your loan balance
- A "free" month with no cost
- A long-term solution for ongoing financial hardship
Because interest continues to accumulate, skipping a payment may slightly increase the total amount paid over the life of your loan.
When a Skip-a-Payment Makes Sense
Skip-a-Payment works best in short-term, temporary situations, such as:
- Emergency home or auto repairs
- Medical or family-related expenses
- Seasonal costs like holidays or back-to-school shopping
- A brief income interruption or unexpected expense
In these situations, Skip-a-Payment can help you stay current on your loan while managing other financial priorities.
When You May Want to Consider Other Options
If you find yourself needing extra help month after month, Skip-a-Payment may not be the best fit. You may benefit more from speaking with a Members First representative if:
Consider reaching out for help if:
- Your income has changed long-term
- You're frequently struggling to make payments
- You're feeling overwhelmed by your financial obligations
Members First offers personalized guidance and financial wellness support to help you find solutions that work for your situation.
Our Member-First Advice
Before you choose to skip a payment, ask yourself a few quick questions:
- Is this a short-term need or an ongoing challenge?
- Will skipping a payment help me regain balance next month?
- Have I explored all of my options?
At Members First Credit Union of Florida, our goal is to help you make informed decisions that support your long-term financial health—not just today, but for the future.
We're Here to Help
If you're considering Skip-a-Payment or want to explore other financial options, our team is here for you. Reach out to a Members First representative to review your eligibility and discuss what solution best fits your needs. We're committed to your financial well-being—every step of the way.
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