The Seneca Nation of Indians Economic Development Company (SNIEDC) offers a Deferred Payment Program. The Deferred Payment Program provides the ability to defer one monthly payment per year and have that payment added to the end of the loan. If you anticipate having cash flow issues in an upcoming month, you can choose to defer paying for that month while protecting your credit report from being hit with a missed payment.
To take advantage of this opportunity, SNIEDC borrowers will need to have made 12 consecutive monthly payments paid in full and on time. The Deferred Payment form must be filled out completely and returned to SNIEDC no less than 10 days and no more than 30 days before the due date of the payment to be deferred. A fee of $25 is required with the submission of the Deferred Payment form in order for the request to be processed. Please see the Deferred Payment Program description for more details.
Important: The maturity date of your loan will be extended one month and interest will continue to accrue on your loan during the month you deferred your payment.
This program is intended to help our borrowers through economic hardship by remaining in good standing with SNIEDC and protecting your credit report from a delinquent payment.