Skip A Loan Payment

Skip A Loan Payment

Let us help with that with our Skip-A-Pay program you can skip a payment on your consumer loan.* This will let you skip one month of loan payments for those months you need a vacation from loan payments.

Here’s how it works.  By paying a deferral fee that ranges from $25 up to $50 depending on the amount of your loan, you may skip your regular payment on your consumer loan.*  This will extend the maturity date by one month.  Simply contact your personal banker or our Customer Care Team at 573-642-3322 Monday – Friday 7:00 a.m. – 1:00 a.m.; Saturday 8:00 a.m. – 2:00 p.m. (or [email protected]), and we can set it up.

Here are important details of the program we want you to know:

*Skip-a-Pay  does not apply to  mortgage loans, HELOC’s, Mastercard® credit cards, or Signature Lines of Credit.  Must be current on all loan payments and have made your first loan payment.  Interest will continue to accrue  on loan(s) and the maturity date will be extended one month.  For loans with Credit Life and/or Accidental Health/Disability coverage will not be extended to meet the new maturity date and the coverage may terminate prior to the new maturity date of the loan.   The Skip-A-Pay fee is 10 percent of your usual monthly payment with a minimum fee of $25 and a maximum fee of $50.  This fee is considered a finance charge and will increase the annual percentage rate. Loans may only be deferred three times per twelve month period.  Contact The Callaway Bank for complete details.