Skip-a-Payment

Running short this month? Relief is right here.

We've all been there. Bills pop up out of the blue. A major repair job costs a mint. Or you need extra money to do something nice for your family. When your budget gets stretched a bit, Mid American is happy to help out. Just give us advance notice and we can clear the way for you to skip a monthly loan payment. Here's how it works:

• You must make six full monthly payments before your first Skip-a-Payment, and between each Skip-a-Payment request thereafter.
• Your loan must be less than 10 days past due.
• There cannot be any scheduled payments within the next 5 days.
• Fee is $20 or 10% of payment amount, whichever is less, and is due at the time of the request.
• Mortgages, Home Equity Loans, Credit Cards, Lines of Credit, Balloon Loans, Single Payment Loans and Score Booster Loans are not eligible for a Skip-a-Payment.
  
• If you have a GAP policy on your loan, skipping a payment during the loan contract may affect the terms of the policy. Check your GAP policy for restrictions.
• Mid American Credit Union has the right to refuse any Skip-a-Payment request and will advise you if your request is denied.
• Finance Charges Explanation: Skipping a payment may cause your principal balance to remain unchanged and may extend the term of your contract. Interest will continue to accrue.