What is a Payment Holiday and what loans are eligible?
A Payment Holiday is an option to skip your consumer loan payment on loans that have been opened for 6 months. Interest will continue to accrue and the original term of the loan will be extended, if applicable.
To request a Payment Holiday, log into your Online Banking account and choose Payment Holiday under the Loans tab.
- The request can be made up to the loan due date. However, if your loan payments are electronically drafted from another financial institution (ACH), a Payment Holiday may be submitted up to two (2) business days prior to the due date of your loan.
Eligibility
- Loan types that are not eligible for Payment Holidays:
- Real Estate Loans
- Business Loans
- Overdraft Protection Loans
- Holiday Loans
- Single Pay Loans
- Visa Young Adult Credit Card Loans
- Secured Credit Card Loans
- Propel Loans
- For all Consumer Loans except Line of Credit, Visa Signature and Visa Platinum Rewards, two Payment Holidays may be taken per loan per calendar year with a maximum of five for the life of the loan. Line of Credit and Visa Platinum Rewards may only take two Payment Holidays per calendar year.
- Payment Holidays may not be requested for consecutive months.
- For Line of Credit Loans, including Visa, 5% of the credit limit must be available to be eligible for a payment holiday.
- Finance charges will continue to accrue as explained in the LoanLiner Credit Agreement and the loan maturity date, if applicable, will be extended.
- For Visa Signature and Visa Platinum Rewards Credit Cards, a Payment Holiday cannot be submitted during the statement processing period. See Visa Payment Holiday for more details about eligibility.
