FAQ Category: Self-Improvement Loans
How are personal loan rates determined?
Personal loan rates are based on several factors, including creditworthiness, the amount borrowed, income, and other application details. Your actual APR and loan term are subject to approval, and rates may change over time. If you want to better understand what affects your loan and what to review before applying, check out What to Know Before Applying for a Personal ...
Continue ReadingCan I pay off my personal loan early?
Yes. People Driven Credit Union personal loans have no prepayment penalties, so you can pay extra or pay off your balance early if you choose.
Continue ReadingWhat is AutoPay?
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.
Continue ReadingWhat’s the ¹Special Loan Rate Discount?
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 ...
Continue ReadingDo I get any benefits with autopay?
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.
Continue ReadingHow does a personal loan affect my credit score?
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.
Continue ReadingWhat can I use a personal loan for?
Personal loans can be used for many expenses, including home updates, travel, weddings, major purchases, and other personal projects. Loan use must meet any applicable credit union requirements and approval conditions. Contact us if you would like to confirm whether your personal loan can be used for your specific expense.
Continue ReadingCan I get a personal loan with bad credit?
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.
Continue ReadingWhat is the difference between a secured and an unsecured personal loan?
Secured Personal Loan: Requires collateral (e.g., a Certificate of Deposit (CD) 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.
Continue ReadingHow do I check the status of my loan application?
To check the status of your loan application, contact People Driven Credit Union at 248-263-4100 during business hours or reach out to your assigned loan specialist if you have their contact information. Be ready to verify your identity and share details such as your name, member number, or application number so we can review your application with you. When you ...
Continue ReadingHow do I make a loan Payment?
PDCU offers options for making your loan payment: Online Banking (MyPDCU Portal & Mobile App) Step 1: Log into the MyPDCU Online Portal or the MyPDCU mobile app. Step 2: Select ‘Transfers.’ Step 3: Choose the account from which you want to transfer funds and the loan you wish to pay. Debit/Credit Card Payments Call (248) 263-4100 to make a ...
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