How to Avoid Missing Loan Payments

Keeping up with loan payments is easier when you have a simple plan. The goal is to know what is due, when it is due, and what to do if a payment might be hard to make.

Know Your Due Dates

Start by writing down your loan payments:

• Which loan it is
• How much is due
• When it is due
• How the payment is made
• Which account the money comes from

If your due date does not work well with your paycheck or income, ask your lender if changing the due date may be an option. Often, this is a simple change that can make managing payments much easier and help you avoid missing a due date.

Use Reminders and Account Alerts

A reminder on the due date may be too late. Set a reminder a few days before your payment is due so you have time to check your balance or move money if needed.

You can use phone calendar reminders, text or email alerts, or account alerts through Tongass FCU’s online and mobile financial services. Low balance alerts, deposit alerts, and payment reminders can help you catch a problem before the payment is missed.

Use Automatic Payments Carefully

Automatic payments can help prevent missed due dates, but they need to fit your cash flow. Before using autopay, make sure the money is usually in the account when the payment comes out.

If your income changes from week to week or season to season, set a reminder before the payment drafts so you can check your balance first.

Consider Skip-a-Pay

If you think you may not be able to make a loan payment, for eligible loans, Skip-a-Pay may provide short-term relief by allowing you to skip a qualifying loan payment. Learn more about Skip a Pay.

Reach Out Early

If a loan payment may be hard to make, do not wait until it is already past due. Contact your lender as soon as possible and explain what is going on.

You do not need to have everything figured out before you ask for help. Reaching out early can make it easier to understand your options and take the next step.