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People Driven Credit Union

Debt Consolidation Loans

Reduce Your Interest Rates, & Lower Your Monthly Payments

Apply Online

Simplify Your Life with a Debt Consolidation Loan

Simplify your finances and take control of your debt with a Debt Consolidation Loan from People Driven Credit Union (PDCU). Managing multiple high-interest debts can be overwhelming, but our Debt Consolidation Loan offers a streamlined solution to help you regain financial stability. By consolidating your debts into a single loan with a lower interest rate and one manageable monthly payment, you can reduce your overall interest costs, lower your monthly payments, and simplify your financial life. Whether you’re dealing with credit card balances, personal loans, or other unsecured debts, our Debt Consolidation Loan is designed to help you achieve financial freedom.

Membership and eligibility requirements apply, with approval subject to application and credit considerations.

Benefits of a Debt Consolidation Loan

Lower Interest Rates: Reduce your interest expenses by consolidating high-interest debts into one loan with a lower rate.

Single Monthly Payment: Simplify your finances with one easy-to-manage monthly payment instead of juggling multiple bills.

Debt Reduction: Pay off your debts faster and save money on interest over the life of the loan.

Improved Credit Score: Making consistent, on-time payments can boost your credit score and enhance your financial health.

Flexible Terms: Choose a repayment term that fits your budget and financial goals.

How It Works

Evaluate Your Debts: Identify the debts you want to consolidate, including their balances and interest rates.

Apply: Submit your application for a Debt Consolidation Loan online or at one of our branches.

Approval and Funding: Once approved, use the loan funds to pay off your existing debts.

Repayment: Make fixed monthly payments over the term of your loan, simplifying your debt repayment process.

Financial Freedom: Enjoy the peace of mind that comes with having a clear and manageable plan to pay off your debt.

Unsecured Loan Rates

Term

(Months)

≤36

37-60

61-72

73-84

APR*

as low as¹

 10.54% 12.65% 13.85% 14.85%

Rates Effective as of:

Secured Loan Rates

Secured Loan

Max Term

(Months)

APR*

as low as
Share Covered 84 5.25%
Credit Builder Loan (Max $2,000) 18 13.00%
CD Secured Loan (No Money Market, IRA, or Club Accounts) 84 APY + 3.50%

Rates Effective as of:

Frequently Asked Questions

AutoPay is a convenient service that automatically withdraws your loan payment each month from your People Driven Credit Union checking or savings account. It helps you stay on track, avoid late fees, and may even qualify you for our ¹Special Loan Rate Discount. To enroll in AutoPay, please call us at 248-263-4100 and a representative will assist you with setup.
Our ¹Special Loan Rate Discount offers a 0.25% APR reduction when you set up automatic payments (AutoPay) for your loan from a People Driven Credit Union checking or savings account. This discount is already included in the “as low as” rate advertised. To enroll in AutoPay and receive the discount, please call us at 248-263-4100. A representative will assist you in setting up monthly automatic withdrawals from your PDCU account. Note: The discount is available only for eligible loans with AutoPay set up from a PDCU account. Terms and conditions may apply.
Yes, enrolling in autopay may qualify you for a rate discount, reducing the overall cost of your loan. Check with our team for current promotional details.
A Debt Consolidation Loan is a personal loan that allows you to combine multiple debts, such as credit card balances, medical bills, or other loans, into a single loan with one monthly payment. The goal is to simplify debt management and potentially secure a lower interest rate, reducing the overall cost of your debt.
When you take out a Debt Consolidation Loan, the lender provides you with a lump sum that you use to pay off your existing debts. You then make monthly payments on the new loan over a fixed period, typically with a lower interest rate than what you were paying on your previous debts.
Getting a Debt Consolidation Loan with bad credit is possible, but the terms may be less favorable, with higher interest rates or shorter repayment periods. Improving your credit score before applying can help you secure better loan terms.
You can consolidate a variety of unsecured debts, such as:
  • Credit card balances
  • Personal loans
  • Medical bills
Payday loans and secured debts, like a mortgage or auto loan, typically cannot be included in a Debt Consolidation Loan.
A Debt Consolidation Loan can save you money if you qualify for a lower interest rate than what you currently pay on your debts. However, it’s important to factor in any fees associated with the loan and consider the length of the repayment term, as a longer-term may mean paying more interest over time.
Repayment terms vary but generally range from 12 to 60 months, depending on the loan amount and policies. The term you choose will affect your monthly payment and total interest paid over time.
Interest rates on Debt Consolidation Loans depend on factors like your credit score, income, and the lender’s terms. People Driven Credit Union offers competitive rates, and borrowers with higher credit scores are more likely to qualify for lower rates.
Yes, a Debt Consolidation Loan can help improve your credit score over time, especially if you make on-time payments and reduce your overall credit card balances. However, missing payments or taking on more debt after consolidating could negatively affect your score.
A balance transfer credit card typically offers a low or 0% introductory interest rate for a set period, making it an attractive option for consolidating credit card debt. However, the interest rate may increase significantly if you can't pay off the balance during the introductory period. A Debt Consolidation Loan offers fixed monthly payments and interest rates, providing more stability over the repayment term.
Missing a payment can result in late fees and damage to your credit score. If you’re having trouble making payments, contact People Driven Credit Union.
Yes, People Driven Credit Union allows you to pay off your Debt Consolidation Loan early without penalties. Paying off your loan early can save you money on interest.
  • Debt Consolidation: This involves taking out a loan to pay off your existing debts, leaving you with one manageable payment. You are responsible for repaying the full amount of the loan.
  • Debt Settlement: Involves negotiating with creditors to reduce the amount of debt you owe, often resulting in a negative impact on your credit score. Debt consolidation, on the other hand, typically helps preserve or improve your credit score.
You can apply online for a Debt Consolidation Loan at People Driven Credit Union. The application process involves submitting financial information, including your income, credit history, and outstanding debts. At People Driven Credit Union, we help you streamline your debt and get back on track financially. Contact us today to learn more about our Debt Consolidation Loan options or start your application!

A personal loan can impact your credit score in several ways:

  • Positive Impact: Making on-time payments can improve your credit score.
  • Negative Impact: Missing payments or defaulting on the loan can harm your credit score. Additionally, applying for a loan results in a hard inquiry, which may temporarily lower your score.

Personal loans can be used for a variety of purposes, including:

  • Debt consolidation
  • Home improvements
  • Medical expenses
  • Major purchases (e.g., appliances, electronics)
  • Special events (e.g., weddings, vacations)
  • Emergency expenses
Yes, it is possible to get a personal loan with bad credit, but it may come with higher interest rates and stricter terms. Consider lenders who specialize in bad credit loans, or use a co-signer to improve your chances of approval and secure better rates.
  • Secured Personal Loan: Requires collateral (e.g., a car or savings account). Offers lower interest rates due to reduced risk for the lender.
  • Unsecured Personal Loan: Does not require collateral. The interest rate is based on your creditworthiness and may be higher than secured loans.

How do I check my loan application status at People Driven Credit Union?

You can check your loan application status by contacting People Driven Credit Union or your assigned loan specialist. Many members ask how do I check my loan application status because they want fast updates on their progress.

How to check the status

  • Call PDCU member or loan support at 248-263-4100.
  • Have your identifying information ready for verification.
  • Ask whether any additional documents are needed to proceed.
Checking your loan application status at People Driven Credit Union is simple and secure. You receive clear answers quickly. Our team keeps you informed every step of the way.

Call for Your Status Update

Pick up the phone and dial 248-263-4100 during business hours. Our loan specialists answer right away. Give them your name, application number, or Social Security number. They pull up your file instantly.

Prepare for the Call

Have your driver’s license or member number ready. Note any recent emails or letters from us. This speeds up the process so you get answers faster.

Common Questions

How long does a review usually take? Timing varies by loan type and application volume, so contact PDCU for your current status timeline.

Get Help from Our Team

Call us at 248-263-4100 during business hours. Our team checks your status right away. You can also visit any branch in Livonia, Southfield, Warren, Ypsilanti, or Romeo.

5 Helpful Hints for Checking Your Loan Application Status

  1. Call early in the day for shorter wait times.
  2. Write down your application number before you call.
  3. Ask for an email summary of your current status.
  4. Check your spam folder for any updates from PDCU.
  5. Contact us at 248-263-4100 if you need to submit more documents.
People Driven Credit Union keeps you informed about your loan application status. You feel confident knowing exactly where things stand. Our team works hard to move your application forward quickly. Many members receive approval updates within days. Thank you for trusting us with your loan needs. Our team is always ready to help you reach your financial goals.
You can make a loan payment through People Driven Credit Union using online tools, automatic options, or approved payment channels. Many members ask how to make a loan payment because the options are fast and convenient. Ways to make a loan payment
  • Pay through online or mobile banking.
  • Set up recurring automatic payments.
  • Use approved in-branch or phone-supported options when needed.
Making a loan payment at People Driven Credit Union is simple and secure. You choose the method that fits your schedule. Most payments post the same business day when submitted before cutoff time. Pay Online or in the Mobile App Log into online banking at my.peopledrivencu.org or open the MyPDCU app. Go to Transfers. Select your checking or savings account as the source. Choose your loan as the destination. Enter the amount and submit. Set Up Automatic Loan Payments Enroll in AutoPay from your People Driven checking or savings account. This ensures your payment is made on time every month. AutoPay may also qualify you for a 0.25% rate discount on eligible loans. Call to set it up or do it yourself in online banking. Other Payment Options Call Member Services at 844-700-7328 during business hours. They process payments over the phone. You can also visit any branch in Livonia, Southfield, Warren, Ypsilanti, or Romeo to pay in person. 5 Helpful Hints for Making Your Loan Payment
  1. Make payments at least one business day before the due date.
  2. Enroll in AutoPay to never miss a payment and possibly save on interest.
  3. Use the mobile app for payments anytime and anywhere.
  4. Keep your loan number handy when calling or visiting a branch.
  5. Contact us at 248-263-4100 if you need payment arrangements.
People Driven Credit Union offers flexible ways to make your loan payment. You stay in control of your finances with options that work for you. Many members use AutoPay for peace of mind. Thank you for banking with us. Our team is always ready to help you manage your loans successfully.

Disclosures

12.65%

*APR = Annual Percentage Rate: The actual APR and loan term is subject to approval and may be determined upon the borrower’s creditworthiness, the amount borrowed, and the type, value, age, and condition of the collateral offered to secure the loan (when applicable). Rates are effective as of today and are subject to change.

¹Special Loan Rate Discount: Benefit from a .25% reduction when enrolling in our autopay service, which is included in the “as low as” rate advertised. The discount is available to those who setup autopay of their monthly loan payment from a People Driven Credit Union checking or savings account.

Membership Requirement

All accounts and loans require membership at People Driven Credit Union. Membership is available to individuals who live, work, worship, or attend school in the State of Michigan, as well as relatives of current members. To complete an application for any account or loan, you will need the following information:
  • A valid Driver's License, State ID, or Passport with your current address
  • Your Social Security Number
A Membership Share Savings Account is required to establish membership at People Driven Credit Union. A $5 deposit secures your ownership share in the credit union and unlocks access to our full suite of products and services. This account earns 0.01% APY with a $5 minimum deposit.

People Driven Credit Union is an Equal Housing Opportunity Lender NMLS #776727
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