Now credit unions can offer automated Skip-A-Pay programs for consumer loans that can generate income with little or no manual tasks. CU*Answers, a cooperative CUSO, is adding to their lending products a feature that will provide credit unions with eligibility rules, skip pay maximums by loan and by year, interest paid at member opt-in and documents for details on each member loan. Credit Union marketing teams can now launch these promotions at peak times. Multiple skip pays plans can also be offered at the same time.

“We have supported Skip-pays for credit cards for years. Now consumer loans can enjoy this automated payment feature the members will enjoy and credit unions can leverage, states Barb Cooper, Project Services Manager.