Skip a Pay
Balance your budget by planning.
What is Skip a Pay program?
We know life occasionally throws unexpected troubles your way, and there are times when you may need a little financial relief. As a courtesy to our Members, we offer a skip payment program in times of special need.Our skip a payment program does not impact your M-Score rating.
Am I eligible to skip my payment (s)?
To be eligible, your loan must have been open for at least six months and be in good standing. You may not be eligible for other reasons, such as poor payment performance or any circumstance the Sacco deems derogatory related to your account.
How does participating in the Skip-A-Pay program affect my loan?
The skipped months will be added to the end of your loan, extending the loan term. Interest will not accrue during skipped months.
How often can I skip a payment?
As long as you continue to be eligible, you may skip any eligible loan up to two times in a 12 month period. Payments cannot be skipped in consecutive months.
Can I skip a payment at any time?
You can only skip a payment at least 10 days before a payment due date. Remember, that you can only skip on the same loan a maximum of two times per calendar year, and you must wait at least sixty days between skips. Submit your application from MOMBO App.
Is there a fee?
There is a Ksh 3,000 fee per skip, per loan.
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