FAQ Category: Personal Loan Approval Factors
How does a personal loan or line of credit affect my credit score?
A personal loan can impact your credit score both positively and negatively. Making on-time payments can improve your credit score. However, missing payments or defaulting on a loan can harm your credit score. Applying for a loan also results in a hard...
Continue ReadingWhat can I use a personal loan for?
Personal loans can be used for a variety of purposes, including: debt consolidation, home improvements, medical expenses, major purchases (appliances, electronics), special events (weddings, vacations), or unplanned emergency...
Continue ReadingDoes applying for multiple personal loans hurt my credit score?
Yes, applying for multiple loans of any kind can negatively impact your credit score. However, consistent, on-time payment of loans will improve your credit in both the short and long...
Continue ReadingHow can People Driven Credit Union help me improve my credit before applying?
PDCU has a variety of avenues for improving credit. These avenues include debt consolidation loans, which can help manage current debt, and credit builder loans, which can improve your credit while also establishing a savings account as a stepping stone...
Continue ReadingHow do I make a loan payment?
To make a payment via online banking with funds already in your account, log in to the MyPDCU Online Portal or use the MyPDCU app, and select Transfers. Select where you want to transfer from and which loan you would like to transfer to. To...
Continue ReadingDo I need to be a PDCU member to take out a loan?
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 to relatives of current members. To complete an application for...
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