Skip-a-Pay Terms And Conditions
Equity Bank’s Skip-A-Payment is a payment deferral program offered to Equity Bank customers who have had a loan for at least six (6) months and are current on all payments. You are allowed a maximum of two (2) Skip-A-Payments per calendar year. There is a $25 Extension Fee to skip each payment on each loan. Completed Skip-A-Payment Extension Forms and the $25 Extension Fee must be received by Equity Bank at least fifteen (15) days before your loan payment due date. Requests received after the above mentioned date will be processed for the following month.
You agree and understand that Skip-A-Payment is not completed until we have received the signed and returned Extension Forms. Finance charges will continue to accrue at the rate provided in your original loan agreement, during and after the Skip-A-Payment period. Deferring your payment will result in having to pay higher total finance charges than if you made your payment as originally scheduled. The payment deferral will extend the terms of your loan(s) and you will have to make an extra payment(s) after your loan(s) would otherwise be paid off. You will be required to resume your payments the following month.
If you have GAP coverage, skipping a payment during the loan contract may void the GAP policy. We encourage you to check your GAP policy restrictions. Any credit life and disability insurance product now in effect may not provide insurance protection beyond the original maturity date.
NOTICE TO BORROWER: THIS WRITTEN AGREEMENT IS THE FINAL EXPRESSION OF THE AGREEMENT BETWEEN BORROWER AND BANK, AND AS SUCH IT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR ORAL AGREEMENT OR OF A CONTEMPORANEOUS ORAL AGREEMENT BETWEEN BORROWER AND BANK.
This program excludes all business, mortgage, home improvement, home equity, mobile home, and lines of credit loan accounts.