Cash tight? Take a payment break. If your loan is current, and you’ve made at least 4 monthly payments, then you can request to skip a payment once in any 12-month period. Stop by any branch to make your request, or download the authorization form now and fax to (240)420-2007 or email to Loandept@bdfcu.com. We’ll review your account, and if your request is approved, we’ll assess a $20 processing fee. And you’ll have some extra cash to do with what you want.
Skip-a-payment option available only on loans in good standing. You must apply at least 3 business days prior to the end of the month you wish to skip. Interest will continue to accrue at the existing annual percentage rate, and regularly scheduled payments will resume the following month. The number of payments will not increase, but the maturity of the loan will be extended one month for each skipped month. Total interest charges will be greater than as stated when the loan was granted. Approval will not generally be granted more than once in any 12-month period and requires signatures of all borrowers, co-borrowers, co-signers, and owners of collateral.