‘Skip-A-Payment' Option At Greater Central Texas Federal Credit Union 11. February 2015 Administrator Auto Loans, Home Loans (0) Borrowing money can help ease a difficult situation and bring things back to track. Personal loans like auto loan, home loan and other loans help people overcome financial crisis. However as banks usually have strict conditions along with scrutinizing terms and conditions, people often prefer a credit union to secure a loan. Greater Central Texas Federal Credit Union is a non-profit organization owned by its members and offers loans at low interest rates. An issue that comes up with loans is its repayment. Taking out a fixed monthly payment month after month can be a nerve wrecking experience. There are many reasons that people fail to pay their monthly payments such as loss of employment, sudden unexpected medical expenditures or other expenses, which cannot be avoided. However once you miss a payment it becomes difficult to get back on track and streamline your expenses. In such situations, credit unions are very helpful as they are considerate, flexible and lenient. Greater Central Texas Federal Credit Union have flexible terms and conditions and in certain situations, also offer relaxation to the members who have borrowed money from the union. We also offer the ‘slip-a-payment’ option that helps members pay their payments easily. The skip-a-payment option allows the borrower to skip a payment at a nominal fee. It is available for the members provided that the loan account remains in good standing. Skip-a-payment is usually available on auto loans and RV loans. This option can be availed once per year and the loan should be more than 6 months old. Mortgage loans are however often excluded from this option.By offering ‘skip-a-pay’ option, you can easily overcome the financial crisis and skip a loan payment without affecting your credit rating. It is however, important to know that “skip-a-pay’ is a temporary option that may offer you relief for some time, but it comes at a cost. Interest still applies on your loan balance and even if you skip a payment it will extend the number of months that you may require paying off your balance. We, at Greater Central Texas Federal Credit Union provide you attractive loans at flexible terms. We offer ‘skip-a-payment’ option for members who are unable to make a particular month’s payment. For more information, visit us at 3305 E Elms Road, Killeen, TX 76542 or call (254) 690 – 2274.