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Loan Payment Deferral Options

Stress a little less this spring.

At OnPoint, we understand that the Coronavirus (COVID-19) outbreak has created financial uncertainties among members of our community. We want to help provide relief as soon as possible for members who may be facing hardships by offering loan deferment options on a variety of loan types including auto loans, first mortgages, credit cards, home equity lines of credit and small business loans.

Each of these options allows you to defer or forbear loan payments on eligible loans with no fee.

Auto Loans and Personal Loans - Skip your April and May Payments

With Skip Pay, you can skip your April and May 2020 loan payments on any eligible loan. Considering potential hardships that many members may be facing, there is no fee assessed for this service.

Important Information About Skip Pay
  • Many OnPoint consumer loans are eligible for this Skip Pay offer, including auto loans, boat loans, RV loans, personal loans and personal lines of credit. Although certain loans are NOT eligible for this Skip Pay offer1, please see below for additional payment deferral options.
  • Finance charges will continue to accrue and the length of your repayment period may be extended.
  • This replaces our standard Summer Skip Pay promotion and will not be offered in June or July 2020.
  • OnPoint GAP insurance policyholders are limited to three skipped payments per loan.2
  • If your loan is paid by payroll deduction or electronic transfer from another financial institution, the electronic transfer will still take place if the scheduled transfer amount is different than your loan payment amount.
3 Easy Steps to Submit Your Skip Pay Request
  1. Log into Digital Banking.
  2. Look for the Skip Payment Promotion tile in the right navigation bar. If you’re using the OnPoint mobile app, log in and select the More button on the right side of the main screen.
  3. If the Skip Payment Promotion appears, you have eligible loans! Simply select the loan(s) of which you’d like to skip your payment. Please note: the Skip Payment promotion will not appear if you do not have any eligible loans.

If you have questions, or if your April payment posted, but you intended to skip the payment, please contact Member Services (M-F 7am-7pm, Sat. 9am-1pm) at 503.228.7077 or 800.527.3932 or visit your local OnPoint branch.

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OnPoint Mortgage – Loan Forbearance Options

If you have an OnPoint Mortgage and are experiencing a financial hardship resulting from the COVID-19 pandemic, you have the option to request a payment deferral on your mortgage for up to 120 days. This option is available on mortgages for primary residences, second homes, and investment properties.

Important Information Regarding an OnPoint Mortgage Forbearance
  • A forbearance agreement does not extend the length of your mortgage repayment period. Upon completion of the forbearance agreement, you will be required to either bring the loan current, commit to a repayment plan, or qualify for a loan modification. An OnPoint representative will contact you 30 days prior to the end of the forbearance agreement to discuss your options.
  • Finance charges (interest) will continue to accrue.
  • Late fees will not be assessed as a result of a payment deferral.
  • In order to qualify for a payment deferral, you must be experiencing a hardship resulting from COVID-19—such as loss of employment, reduction of income, reduction of regular work hours, or illness—however, documentation is not required.
  • Credit reporting will be suppressed during the active forbearance period.
  • Mortgage payments must be current or less than 31 days delinquent as of March 13, 2020 in order to qualify.
  • This does not apply to EquityFlex Lines of Credit or EquityFlex Fixed Portion Options (please see the HELOC section below for options on these loan types).
How to Request Your OnPoint Mortgage Loan Payment Forbearance

Contact Member Services (M-F 7am-7pm, Sat. 9am-1pm) at 503.228.7077 or 800.527.3932 and select option 7. An OnPoint Member Services Representative will help you process your request.

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Credit Cards – No Minimum Payment Due in April and May

Coming soon, members with an OnPoint credit card—including Platinum Visa, Platinum Visa with Rewards, Signature Visa—will have $0.00 minimum payment due on April 28 and May 28, 2020. Business members with a Business Platinum Visa with Rewards card will have $0.00 minimum payment due on April 25 and May 25, 2020.

Important Information Regarding $0.00 Minimum Payment in April and May
  • Your March minimum payment is still required (due March 28 for Platinum Visa, Platinum Visa with Rewards and Signature Visa; due March 25 for Business).
  • Finance charges (interest) will continue to accrue and may extend the length of your repayment period.
  • Although the minimum payment due will be $0.00, you may choose to make a payment of any amount.
  • You may be ineligible to skip your payments if:
    • You have a scheduled autopay to pay the balance in full
    • Your credit card is delinquent for one or more days
    • Your credit card is closed (and you have a remaining balance)
    • Your credit card balance is over the credit limit
How to Request Your $0.00 Minimum Payment

You do not need to take any action. As long as you are eligible, your April and May OnPoint credit card statements with the above due dates will reflect no minimum payment due.

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Home Equity Lines of Credit

With all the uncertainty many of our members are facing, we want to help in as many ways as we can. That’s why we’re now offering the ability to skip your April and May 2020 payments on your OnPoint Home Equity Line of Credit.

Important Information About Skipping your Home Equity Line of Credit Payments
  • Eligible loan types include EquityFlex Line of Credit, EquityFlex Fixed Portion Options, Non-Owner Occupied EquityFlex Line of Credit and Non-Owner Occupied EquityFlex Fixed Portion Options.
  • Interest-Only Lines of Credit are not eligible.
  • Finance charges will continue to accrue and the length of your repayment period may be extended.
  • If your loan is paid by payroll deduction or electronic transfer from another financial institution, the electronic transfer will still take place if the scheduled transfer amount is different than your loan payment amount.
3 Easy Steps to Submit Your Skip Pay Request
  1. Log into Digital Banking.
  2. Look for the Skip Payment Promotion tile in the right navigation bar. If you’re using the OnPoint mobile app, log in and select the More button on the right side of the main screen.
  3. If the Skip Payment Promotion appears, you have eligible loans! Simply select the loan(s) of which you’d like to skip your payment. Please note: the Skip Payment promotion will not appear if you do not have any eligible loans.

If you have questions, or if your April payment posted, but you intended to skip the payment, please contact Member Services (M-F 7am-7pm, Sat. 9am-1pm) at 503.228.7077 or 800.527.3932 or visit your local OnPoint branch.

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Small Business Loans

We understand the last thing small businesses need in the current environment is the stress of increased expenses and lost revenue. That’s why we’re offering the ability to skip your April and May 2020 payments on your eligible OnPoint Small Business Loan.

Important Information About Skipping Your Small Business Loan April and May Payments
  • Eligible loan types include Small Business Term Loans, Small Business Lines of Credit, Business Auto Loans (new and used) and Business Cargo Vehicles (new and used).
  • Finance charges will continue to accrue and the length of your repayment period may be extended.
  • If your loan is paid by payroll deduction or electronic transfer from another financial institution, the electronic transfer will still take place if the scheduled transfer amount is different than your loan payment amount.
3 Easy Steps to Submit Your Skip Pay Request
  1. Log into Digital Banking.
  2. Look for the Skip Payment Promotion tile in the right navigation bar. If you’re using the OnPoint mobile app, log in and select the More button on the right side of the main screen.
  3. If the Skip Payment Promotion appears, you have eligible loans! Simply select the loan(s) of which you’d like to skip your payment. Please note: the Skip Payment promotion will not appear if you do not have any eligible loans.

If you have questions, or if your April payment posted, but you intended to skip the payment, please contact Member Services (M-F 7am-7pm, Sat. 9am-1pm) at 503.228.7077 or 800.527.3932 or visit your local OnPoint branch.

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Disclosures

By requesting to skip your loan payment(s), you agree to all terms set forth in this offer. Regular minimum monthly payments will resume the month following the skip pay promotion. If applicable, credit life and/or disability insurance premiums will continue to be added to your loan balance. All the terms of your loan account agreement will remain in effect.

  1. Loans that are NOT eligible for Skip Pay offer include: Interest only home equity lines of credit, government assistant loans, certificate of deposit-secured loans or lines, mobile home loans, Payday Advantage loans, commercial business loan products, and special assistance loans. Please select the following links for more details about loan payment deferral options for credit cards, mortgages, home equity lines of credit, and small business loans.
  2. Please note that exceeding this amount may reduce GAP insurance claim. GAP insurance provided by other carriers are eligible for Skip Pay, but should refer to their GAP policy agreement for details.

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