Understanding that our members may be adversely impacted by an interruption of income or other circumstances, we are offering special options to help members who are experiencing challenges due to this crisis.
Relief Options for members
Relief Options for Commercial Business Members
Q: What does Skip-A-Pay do to my loan?
A: This option will allow you to “skip” up to three months’ worth of payments during your time of need and have them added to the end of your loan term.
Q: Will I be penalized for using this relief option?
A: No, there will be no impact to your credit score or repayment history by choosing to use Skip-A-Pay.
Q: How do I know if my loan is eligible for Skip-A-Pay?
A: There are three categories of eligibility to qualify for this option.
(1) Loan type: All loan types except SEFCU Credit Cards, Mortgages, and interest-only loans are included in this option. Other loan types may be available in the future, so please bookmark this page for future reference.
(2) Loan status: A loan must not be more than 29 days past due in order to process this request. If you are 30 days or more past due, please contact our Loss Mitigation team by calling 800-727-3328, then press option 4 for further assistance.
(3) Length of membership: You must be a SEFCU member for three months or more to take advantage of this option.
Q: How long is this Skip-A-Pay option being offered?
A: This option will be available for our members until further notice and may continue to evolve as we receive additional direction from state and federal authorities.
Q: What if my loan type is not eligible, or I do not qualify, but I still need relief?
A: SEFCU has several relief options available that may help you. Please visit this page to see more. If those options do not offer the type of relief you need, please continue to monitor this page and your email for SEFCU communications about new relief options.
Q: How do I apply for Skip-A-Pay?
A: You may apply by logging into your account online (by mobile device or desktop) and starting a live chat with a SEFCU representative or contact us at 518-464-5350. Please be aware that we are experiencing high call volume at this time and are working hard to assist each member as quickly as possible.
Q: How do I request assistance on my mortgage?
A: Please visit this page to submit a request to our Mortgage Servicing team and someone will be in contact with you as soon as possible.
Q: How do I cancel the automatic payment to my loan if I choose to skip a payment?
A: For automatic payments that were set up with SEFCU, we will assist you in cancelling those. If you have a payment set up by another financial institution, you must contact them to cancel your payment.
Q: Can I skip payments on more than one loan?
A: Yes, eligible members may request to skip payments on any eligible loan types.
Q: How long does it take for my Skip-A-Pay request to be processed?
A: All requests will be reviewed within 72 hours of receipt.
Q: Is there a fee associated with the Skip-A-Pay option?
A: No, this option is being offered to our members at no cost.
Apply for a SEFCU Personal Loan today
Current SEFCU member?
Not a member?
**Annual Percentage Rate. Rate listed assumes credit worthiness. Other rates and terms may apply. Monthly loan payment example: a $5,000 loan at 4.49% for 60 months, with no additional payment protection, would be $93.37. Rates accurate as of today April 9, 2020 and subject to change without notice. Published rate is for new SEFCU loans.