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People Driven Credit Union

Credit Builder Loans

Start Your Journey Towards Better Credit and Financial Health

Establish or improve your credit with a Credit Builder Loan

Whether you’re new to credit or looking to rebuild your credit score, our Credit Builder Loans are designed to help you achieve your financial goals. By making regular, on-time payments, you can establish a positive credit history and improve your credit score, ultimately paving the way for better financial opportunities in the future. Our Credit Builder Loans offer a safe and structured way to enhance your credit profile while fostering good saving habits.

Membership and eligibility requirements apply; approval is subject to a successful application.

Benefits of a Credit Builder Loan

  • Build Credit: Establish or improve your credit score by making consistent, timely payments that are reported to major credit bureaus.
  • Savings Growth: At the end of the loan term, you’ll have built savings, as the loan amount is held in a secure account until repaid.
  • Accessible to All: Ideal for those with no credit history or poor credit, offering a path to financial stability.

How It Works

  • Apply: Contact us to submit your application for a Credit Builder Loan or visit one of our branches.
  • Loan Amount: The loan amount is typically small (as little as $100) and held in a secured account.
  • Monthly Payments: Make fixed monthly payments over the 18-month loan term.
  • Credit Reporting: Your payment history is reported to the major credit bureaus.
  • Access to Funds: Once the loan is fully repaid, you will have access to the funds in the secured account.

Credit Builder Loan (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

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.
People Driven Credit Union allows early repayment of Credit Builder Loans with no prepayment penalty.
Once the loan is fully repaid, you’ll have access to the funds in the secured account, and your positive payment history will be reflected in your credit report.
A Credit Builder Loan can still be helpful if you have existing credit but are looking to improve your score. It adds positive payment history to your credit report, which can strengthen your credit profile.
Yes, Credit Builder Loans typically come with an interest rate. The rate can vary depending on your credit history.
The loan amounts for Credit Builder Loans from People Driven Credit Union range from a few hundred up to $2,000.
Missing a payment on a Credit Builder Loan can negatively impact your credit score, as People Driven Credit Union will report late or missed payments to the credit bureaus. It’s important to make all payments on time to build a positive credit history.
Building or improving your credit score with a Credit Builder Loan typically takes several months. Consistent, on-time payments over the loan term will have a positive impact on your credit score. The exact time depends on your starting credit history and the loan’s length.
Yes, a Credit Builder Loan can help improve your credit score as long as you make regular, on-time payments. People Driven Credit Union reports your payment history to the credit bureaus, and positive payment behavior can lead to an increase in your credit score over time.
No, the loan funds are typically held in a secured account and are only accessible once the loan is fully repaid. This structure is designed to help you build credit while also fostering a habit of saving.
When you take out a Credit Builder Loan, the loan amount is held in a secured account (such as a savings account). You make regular payments over the loan term, including interest. Once the loan is fully paid off, you gain access to the funds in the secured account, while your payment history has been reported to the major credit bureaus, helping improve your credit score.
A Credit Builder Loan is ideal for individuals with little to no credit history, those with poor credit who want to improve their score, or anyone looking to establish positive credit habits. It is a great option for first-time borrowers or those looking to rebuild their credit.
A Credit Builder Loan is a small, secured loan designed to help individuals establish or improve their credit score. The loan amount is typically placed in a secure account, and the borrower makes fixed monthly payments over a set term. The lender reports these payments to the credit bureaus, helping build a positive credit history.

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 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.
  • 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.

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 check your status, it is also a good idea to ask whether any additional documents or information are needed to keep your application moving. Review times can vary based on the loan type and the information required, so contacting us directly is the best way to get the most current update on your application.

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 payment using a debit or credit card.

Auto-Transfer Setup

Set up an automatic transfer from your People Driven account to make regular loan payments. You can also attach this auto-payment to your direct deposit. Call us at (248) 263-4100 or visit any of our five branches for assistance.

Payments from Other Financial Institutions

Set up an auto-payment from another financial institution. We’ll provide you with the necessary form to get started. Call us at (248) 263-4100 or stop by any branch.

Mail a Check

You can mail a check payable to People Driven Credit Union to:

24333 Lahser Rd
Southfield, MI 48033

Pay in Person

Make your loan payment in-person at any People Driven Credit Union branch location.

Need Help? We're Here.

Missing a payment or making a late payment can result in fees and damage to your credit score. If you're having trouble making a loan payment, don't hesitate to contact us. People Driven Credit Union is committed to assisting our members, and there are several ways we can help. 

Skip-a-Payment

Eligible members can skip one loan payment on eligible loans per calendar year for a fee. Eligible loans include all except Fresh Start Auto Loans, PD Quick Cash Loans, Lines of Credit, Mortgages, Commercial Loans, and Credit Cards, which are excluded from the Skip-a-Payment program. Learn more about the Skip-a-Payment program.

GreenPath Financial Wellness

We have partnered with GreenPath Financial Wellness to help our members get back on track with their finances and credit. Call GreenPath at 877-337-3399 and let them know you're a PDCU member who would like to make an appointment with a representative.

Disclosures

13.00%

*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
All other trademarks are the property of their respective owners.

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