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skip-a-pay

Skip-A-Payment lets you defer two eligible loan payments per year. See details for qualifications and exclusions.

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What Is the Skip-A-Payment Plan?

The Skip-A-Payment Plan is a special loan option that permits you to defer your regular loan payment twice per calendar year and instead, pay a skip processing fee. The Skip-A-Payment Plan is available on eligible loans with balances of $3,000 and greater, and with an Annual Percentage Rate of 11.00% or lower at the time of the deferral. The plan is not available for certain types of credit union loans. See below for more details.

Who Can Participate in the Skip-A-Payment Plan?

Any member whose Reliant loan qualifies for the plan may apply for Skip-A-Payment participation. All your loans and Visa credit card payments must be current. Reliant has the right to deny your participation request in the plan based on reason(s) stated to you. You can apply, using the skip-a-payment form, after you have completed the first six payments on a qualified loan.

Will I Incur Additional Interest Charges by Choosing this Option?

Yes. Reliant charges interest at a daily periodic rate on the unpaid principal balance as stated on your loan contract. The longer the loan is outstanding, the more interest you will have to pay. The total finance charge that you pay on your loan will be greater than what was stated on your loan contract since you have elected to defer your loan payment.

How Do I Apply for the Skip-A-Payment Plan Option?

Complete the authorization form and return it to any Reliant location. Make certain that you read the plan details on the form carefully. You must apply each time that you want to defer a loan payment. Separate forms are required for each loan payment you wish to defer.

Does my loan qualify for skip-a-pay?

qualifying loans:

  • Balance of $3,000 or more
  • Annual Percentage Rate of 11.00% or lower
  • Term of 120 months or less
  • 6 or more loan payments have been made
  • Skipped no more than two consecutive payments

Loans not eligible for Skip-a-Pay:

  • Any loan that does not meet the qualification criteria in the “qualifying loans” section of this page.
  • Members who have any loan with Reliant that is more than 45 days past due
  • The following loan types are ineligible, regardless of whether they meet the qualification criteria at left:
    • First mortgage loans, home equity loans/lines, loans secured by collateral mortgages on real estate
    • Visa credit cards and overdraft lines of credit
    • Certificate secured loans
    • Business loans
    • Student loans

Is There Anything Else I Should Know About the Skip-A-Payment Plan?

If you elected to have credit disability or life insurance coverage on your loan and then elect to defer payments using the Skip-A-Payment Plan, your coverage will not cover the entire term of the loan. For example, a 36-month loan with two Skip-A-Payment periods becomes a 38-month loan. Your credit insurance coverage is only for the original 36-month loan term.

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