It’s your life, so you choose when it’s an appropriate time to take a break from your monthly loan payment(s). We’re here to help you achieve what matters to you.
Whether you want to skip your loan payment(s) so you can have extra cash for the holidays, vacation or to cover unexpected expenses, you can have the flexibility to do so with Viriva’s Loan Skip-a-pay feature, available on Auto and Signature Loans. It is another way Viriva helps its members bank based on their life’s needs.
Eligible members can choose to skip:
► Once per year (up to one month of payments)
► Up to six times during the life of the loan
Restrictions apply. Connect with a Viriva lending expert for details.
The Loan Skip-a-pay option is available to members with loans that meet the guidelines below. Other eligibility restrictions apply. Please contact us for complete details.
- Your loan must be either an Auto or Signature Loan.
- Your loan was not in a 30-day delinquent status within the past six (6) months.
- You do not have any delinquent loans.
- You have made six (6) consecutive on-time monthly payments that are not made by disability/unemployment insurance.
- Your existing loan balance is at least $500 and your payment on the loan is at least $75.
- It is the first time you are requesting to skip a loan payment in the current calendar year, and you have not skipped more than six times on the loan to date. Your loan is not eligible to skip in January if you already skipped in December (the previous month).
Viriva charges a small processing fee of $35 each time you exercise the Loan Skip-a-pay feature. If you hold multiple eligible loans and wish to skip payments on more than one of them, the processing fee applies to each loan. Your finance charges will also continue to accrue during the month skipped.
Complete our Loan Skip-a-pay form and return it to Viriva at least seven (7) calendar days prior to your loan payment due date. Be sure to have all borrowers on the loan sign the application.
- Any skipped payment will cause the loan to extend beyond the original maturity, which may change the total amount and schedule of repayments. All other terms and conditions of the loan will remain unchanged.
- If the loan is insured with payment protection purchased at Viriva, the monthly premium for said coverage will still be added to the loan on the skipped month(s).
- GAP Insurance coverage (on auto loans – if applicable) will not extend beyond the original maturity date of the loan.
- The fee is due and payable at the time of the request. With your authorization, the fee may be transferred from your savings or checking account here at Viriva.
- Requests must be made at least seven (7) calendar days before the due date of the loan.
- If a payment is due weekly, four consecutive payments will be skipped. If a payment is due bi-weekly or semi-monthly, two consecutive payments will be skipped. If payments are due monthly, one monthly payment will be skipped.
- A maximum of six (6) skips over the duration of the loan is allowed.
- Viriva reserves the right to determine if prior or subsequent actions may disqualify the loan.