FAQ Category: Personal
How much can I borrow with a Share Covered Loan?
The amount you can borrow is typically based on the balance in your savings account. In most cases, you can borrow up to the full amount of your share balance, although the exact amount may vary.
Continue ReadingWhat happens if I can’t repay my Share Covered Loan?
If you’re unable to repay your Share Covered Loan, the funds in your savings account that are being used as collateral may be used to pay off the remaining balance of the loan. However, this could negatively impact your savings and credit score, so staying on top of payments is important.
Continue ReadingDoes a Share Covered Loan affect my credit score?
Your payment history on a Share Covered Loan will be reported to the credit bureaus. Making on-time payments can positively affect your credit score, while late payments or defaults can harm it.
Continue ReadingCan I pay off a Share Covered Loan early?
Yes, People Driven Credit Union allows early repayment of Share Covered Loans without penalties. Paying off the loan early can save you money on interest and free up your savings more quickly.
Continue ReadingWhat’s the difference between a Share Covered Loan and an Unsecured Loan?
The main difference is that a Share Covered Loan is secured by your savings, which allows for lower interest rates and easier approval. An unsecured loan does not require collateral, so it typically comes with higher interest rates based on your creditworthiness.
Continue ReadingCan I use a Share Covered Loan to build credit?
A Share Covered Loan can be an excellent way to build or improve your credit. Because it’s secured, it’s often easier to get approved, and as long as you make on-time payments, it will positively impact your credit score.
Continue ReadingWhat can I use a Share Covered Loan for?
A Share Covered Loan can be used for various purposes, including home improvements, debt consolidation, large purchases, or covering unexpected expenses. Its flexibility makes it a versatile borrowing option.
Continue ReadingWhat credit score do I need to qualify for a credit card?
Most credit card issuers look for a fair to excellent credit score, typically ranging from 580 to 850, depending on the card. Higher scores generally increase your chances of approval and offer better interest rates.
Continue ReadingHow long does it take to get approved?
Credit card approval can take anywhere from a few minutes (for online applications) to a couple of business days, depending on the complexity of your financial situation.
Continue ReadingAre there any fees for applying for or using the card?
There are no application fees or balance transfer fees, but there are a few fees to be aware of:
Continue ReadingWhat happens if I miss a payment?
Missing a payment can lead to late fees, higher interest rates, and potential harm to your credit score. To avoid this, it’s essential to make at least the minimum payment by the due date each month. Keep in mind that any missed or delayed payments will increase your overall interest costs. Even if you make a partial payment or prepay, ...
Continue ReadingCan I apply for a PD Quick Cash Loan over the phone?
PD Quick Cash applications can only be submitted online. To protect your personal information and meet our security standards, phone applications are not permitted. This ensures your privacy and guarantees that all required information is accurately captured.
Continue ReadingWhat should I do if I’m not receiving the validation code during my application?
If you’re having trouble receiving the validation code, it may be due to your device’s operating system. Ensure your phone or computer is running the latest version, as outdated systems can interfere with code delivery. If you’re still not receiving the code, try restarting your device and submitting the request again.
Continue ReadingWhat is the credit limit, and can it be increased?
Your initial credit limit will depend on your credit score, income, and other financial factors. After regular use and responsible payment behavior, many issuers offer credit limit increases over time.
Continue ReadingCan I transfer balances from other credit cards?
Yes, you can! With People Driven Credit Union’s Rewards Driven Credit Card, there are no balance transfer fees. You can reduce the interest you pay by transferring your high-interest credit card balances to a PDCU Rewards Driven Credit Card, all without any additional cost.
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