SKIP PAYS

    To free up cash for any unexpected expenses, you have the option to skip payments for up to 90 days on iQ loans including: 

    • Auto and RV 

    • Personal Loans 

    • Home Equity Lines of Credit 

    You also have the ability to skip a payment on your iQ credit card for 30 days.

    We’re waiving the fee for these skipped payments, but interest will continue to accrue during the month(s) in which the payment was skipped.

    To request a skip payment, please call 800.247.4364 or fill out the form at the bottom of the page.

    Disclosure: Skip/deferred payments will continue to accrue interest during the month(s) in which the payment was skipped. Normal payments will resume after the skip payment period is over unless otherwise stated. If you have GAP or other insurance coverage related to your loan, consult your policy documents prior to skipping a payment as doing so might impact your coverage. Terms and conditions subject to change at anytime without notice.

    MORTGAGE INFORMATION

    If you’re experiencing financial hardship due to COVID-19 you may request a special forbearance lasting up to 180 days (with the option of an additional 180-day period).2 

    Please call 877.725.8877 for assistance with your mortgage payment forbearance request.

    EMERGENCY RELIEF LOANS

    If you just need some extra help right now, we’re offering Emergency Relief Loans with a low rate and no payments for 90 days. 

    Terms vary but are up to one month’s net income, to a max of $5,000.  To initiate your application, please fill out the form below.  

    SBA PAYCHECK PROTECTION PROGRAM

    If you need access to capital for payroll and other overhead costs, you may want to apply for a Paycheck Protection Program loan under the Small Business Administration.  

    We currently are not accepting applications for PPP loans. Check back on this page frequently for any updates.

    CARES ACT & STIMULUS CHECKS

    A key element of the new CARES Act plan is the distribution of stimulus checks. 

    It’s expected that Americans will see the funds in April or May as they roll out on a staggered basis. Stimulus payments will be directly deposited to the account the IRS has on file based on the account to which the last refund check was deposited. If there is no account on file, the IRS will send a check to the home address on record.  

    If you receive a check in the mail, if can be safely deposited to your iQ account using your phone and the remote deposit feature on our mobile banking app. 

    IRA CHANGES

    The CARES Act also included several changes to IRA distributions. 

    One big change is that required minimum distributions (RMDs) from employer-sponsored retirement plans and IRAs will not apply for the 2020 calendar year; this includes any 2019 RMDs that would otherwise have to be taken in 2020. Please note that if your iQ IRA is already set up to disburse automatically, you’ll need to contact us to have this stopped. Otherwise, the distribution will take place as normal. If the RMD was already taken, it can be redeposited back into the IRA long as it’s done within 60 days from the withdrawal date. 

    Another change is that the 10% early-distribution penalty tax that would normally apply to distributions made prior to age 59.5 is waived for retirement plan distributions of up to $100,000 for circumstances related to the coronavirus. Special re-contribution rules and income inclusion rules for tax purposes apply as well. This applies to participant, spouse or dependent who is diagnosed with the virus or experiences adverse virus-related financial consequences including quarantine, furlough, layoff or reduced work hours, lack of childcare, closing or reduced hours of a business owner/operator. Income tax on the taxable portion of the distribution may be spread over a three-year period.  

    Contact Us

    We know everyone’s circumstances are a little different right now, so please get in touch with us right away to talk about your options.

    Contact form:

    DISCLOSURE

    Skip/deferred payments will continue to accrue interest during the month(s) in which the payment was skipped. Normal payments will resume after the skip payment period is over unless otherwise stated. If you have GAP or other insurance coverage related to your loan, consult your policy documents prior to skipping a payment as doing so might impact your coverage. Terms and conditions subject to change at anytime without notice. 

    Loans in bankruptcy on in default on any loan agreement are not eligible. 

    2A borrower experiencing financial hardship has a right to request a special forbearance lasting up to 180 days (with the option of an additional 180-day period) during the pendency of the "covered period." The covered period is defined as the period beginning on the date of enactment of the Act and ending on the sooner of the termination date of the national emergency or December 31, 2020.

    IRA DISCLOSURE

    For specific information about how the IRA changes may impact your tax situation, please consult your tax advisor. 

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