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Flexibility in Your Finances: Skip a Pay and Recharge
Life can be unpredictable, and sometimes unexpected expenses arise when you least expect them. That's why WyHy Federal Credit Union offers Skip a Pay, a flexible solution designed to provide temporary relief from your loan payments during times of financial need.

Could use a break from a monthly payment? 

Skip-a-Pay offers: 

  • Temporary Payment Relief: With Skip a Pay, you have the option to skip a monthly loan payment for a designated period, giving you the flexibility to manage your finances more effectively when unexpected expenses arise.
  • Convenient Process: Applying for Skip a Pay is quick and easy. Simply submit a request through our online banking. Once approved, you'll receive temporary relief from your loan payment for the designated period.
  • Financial Flexibility: Skip a Pay provides you with the flexibility to reallocate funds to cover unexpected expenses, emergencies, or other financial priorities without the stress of making your regular loan payment.
  • Impact on Loan Term: Skipping a payment does not eliminate your obligation to repay the loan. Instead, the skipped payment is added to the end of the loan term, extending the repayment period accordingly.

Important Considerations:

  • Accrual of Interest: While Skip a Pay provides temporary payment relief, interest continues to accrue on the outstanding loan balance during the skipped payment period. As a result, the total interest paid over the life of the loan may increase.
  • Extension of Loan Term: Skipping a payment typically extends the term of your loan by one month, as the skipped payment is added to the end of the loan term. This may result in additional interest costs over the extended repayment period.
  • Fee Disclosure: A nominal fee may apply for each Skip a Pay request. Be sure to review the terms and conditions of the Skip a Pay program, including any applicable fees, before submitting your request.

Eligibility Criteria:

To qualify for Skip a Pay, borrowers must meet certain eligibility criteria, including:

  • Loan must be in good standing with no delinquencies
  • Loan type must be eligible for Skip a Pay program participation
  • Members can process two skip payments in a 12 month period
  • Other terms and conditions may apply*

How to Skip-A-Payment

Take advantage of WyHy's Skip-A-Pay feature! Easily skip your eligible loan payment this month.

Log in to Online Banking

Access your WyHy Online Banking account and navigate to the "MORE" button on the left side of your screen.

Select Skip-A-Pay

Click the Skip-A-Pay icon to review the loans you are eligible to skip.
Agree to the Terms and Conditions.

Choose Payment Account

Select the account you want to pay the $25 fee from.

($25 fee if done online, $50 fee if done over the phone or at a branch)

Enjoy Your Break

Enjoy a break from your loan payment and use the extra cash for what matters most to you.

Skip Your Payment

Ready to experience the flexibility and peace of mind that Skip a Pay can provide? Take control of your finances with Skip a Pay from WyHy.

Frequently Asked Skip-a-Pay Questions

As a way to help our members during times of a financial bind, WyHy offers members the ability to skip up to two (2) monthly loan payments per year, without worry about late payment fees or loan default consequences. We also understand that during the holidays, having a little extra cash can help make the season brighter.

WyHy’s Skip-A-Pay qualifies for the following loan products:

  •  Auto Loans with original terms up to 84-months
  •  Recreational Vehicle Loans with original terms up to 180-months
  •  Personal/Signature Loans
  •  Certificate Secured Loans

WyHy’s Skip-A-Pay does not qualify for the following loan products:

  •  Real Estate Loans – 1st and 2nd mortgages
  •  Home Equity and Home Equity Lines of Credit (HELOC)
  •  Streamline Home Loan
  •  VISA Credit Cards
  •  Auto Loans with terms 85-months or greater
  •  Recreational Vehicle Loans with terms 181-months or greater
  •  PaymentSaver (Balloon) Auto Loan
  •  Abundance of Caution Loans
  •  Business Loans
  •  Delinquent Loans
  •  Collection Workout Loans
  •  Additional disqualifications may apply
You are not penalized in any way when you choose to skip one of two (2) monthly loan payments on qualifying Skip-A-Pay loans. However, the interest that would normally apply to that skipped loan payment still accrues and you will be responsible for paying the interest amount back before your loan is considered fully paid off. For example: over a 6 year (72 month) loan term, if you choose to skip one (1) monthly loan payment each year for the total 6 year term, you will still owe six (6) months’ worth of interest before the loan can be officially paid off and closed.

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Eligibility for Skip-a-Pay:
  • You must be a member in good standing with WyHy. 
  • Loan must be an eligible loan type.
  • Loan balance must be equal or greater than $100.00.
  • Loan must be opened for a minimum of 3 months.
  • There must be at least one month between skips.
  • There is a fee for each skip-a-payment request. Funds to cover each fee must be available in your account before a Skip-A-Payment can be processed. (remember 20% of your fee goes to a Wyoming Charity)
  • Skip-A-Payment is only offered for certain Auto and Recreational Vehicle loans, Personal/Signature loans, and Certificate Secured loans. All other loans do not apply. Other restrictions may apply. Interest still accrues. If you have questions related to your loans, qualifications or the Skip-A-Pay program, please contact WyHy.