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People Driven Credit Union

Share Secured Loans

Unlock the Potential of Your Savings Account

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Leverage Your Savings with a Share Secured Loan

Whether you need funds for a major purchase, debt consolidation, or unexpected expenses, our Share (savings) Secured Loan offers a smart and secure borrowing option that leverages your existing savings. By using your share account as collateral, you can benefit from lower interest rates and flexible terms while still earning dividends on your savings. This loan is an excellent choice for those looking to build or improve their credit without tapping into their hard-earned savings.

Benefits of a Share Secured Loan

Lower Interest Rates: Enjoy rates that are lower than those of unsecured loans.

Continued Earnings: Your savings continue to earn dividends even while they are used as collateral.

Flexible Loan Amounts: Borrow up to the amount in your share account.

Credit Building: On-time payments can help improve your credit score.

Easy Approval: With your savings as collateral, approval is often quicker and easier, even if you have a limited credit history.

How It Works

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

Loan Amount: The loan amount is secured by the funds in your share account, up to the balance of your savings.

Interest Rate: Benefit from a lower interest rate due to the secured nature of the loan.

Repayment: Make fixed monthly payments over the loan term. Your savings remain intact and continue to earn interest.

Access to Funds: Once the loan is fully repaid, your collateral is released, and you gain full access to your savings.

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:

5.25%

Frequently Asked Questions

A Share Covered Loan, also known as a Share Secured Loan, is a type of loan in which the borrower uses funds from their savings or share account as collateral. This loan allows you to borrow against your savings without withdrawing the funds, and it often comes with lower interest rates due to the secured nature of the loan.
Yes, even though the funds in your savings account are being used as collateral, they will continue to earn dividends during the life of the 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.
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.
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.
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.
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.
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.
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.

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.

How do I access financial counseling at People Driven Credit Union?

Yes, People Driven Credit Union offers access to financial counseling resources through trusted partner services. Many members ask how they can get financial counseling help when facing money challenges.

What support is available

Financial counseling at People Driven Credit Union helps you take control of your money. Our trusted partners provide expert guidance at no cost or low cost to members. You gain practical tools to reduce debt, create budgets, and build long-term financial stability.

Available Financial Counseling Services

We connect you with certified counselors. They offer one-on-one sessions about debt management, credit improvement, and budgeting strategies. You learn skills to make smarter financial decisions every day.

How to Get Started with Financial Counseling

Contact our Member Center at 248-263-4100. Tell the representative you need financial counseling. They match you with the best partner service for your situation. The process is confidential and supportive.

Common Questions

How do I get started? Contact PDCU to connect with the right counseling resource based on your current needs.

Get Help from Our Team

Call us at 248-263-4100 during business hours. Our team connects you with financial counseling quickly. You can also visit any branch in Livonia, Southfield, Warren, Ypsilanti, or Romeo.

5 Helpful Hints for Accessing Financial Counseling

  1. Call during quieter morning hours for faster service.
  2. Write down your main financial concerns before you call.
  3. Ask about free or low-cost counseling options first.
  4. Keep your member number handy for quick verification.
  5. Contact us at 248-263-4100 anytime you need financial counseling support.
People Driven Credit Union cares about your overall financial wellness. We make financial counseling easy to access through trusted partners. You receive professional guidance tailored to your needs. Many members report feeling more confident after just one session. Thank you for trusting us with your financial future. Our team stands ready to help you succeed.

How do I skip a payment at People Driven Credit Union?

People Driven Credit Union may offer skip-a-payment opportunities during eligible periods and for qualifying loans. Many members ask how skipping a payment helps when they need temporary relief.

How skip-a-payment works

  • Eligibility can depend on loan type and payment history.
  • Program windows and terms may vary during the year.
  • A fee or additional interest impact may apply.
Skipping a payment at People Driven Credit Union gives you breathing room when money is tight. Eligible members can skip one loan payment per calendar year on most loans. You pay a $35 processing fee per loan. Interest continues to accrue during the skipped month, which may extend your loan term slightly.

Skip-a-Payment Requirements

You must be in good standing with all loans current. The $35 fee must be available in your checking or savings account. Most consumer loans qualify. Exclusions include Fresh Start Auto loans, lines of credit, mortgages, commercial loans, credit cards, and several other special loan types.

To get started, you can either complete the process through the MyPDCU app, via PDCU’s Online Banking portal or by filling out a Authorization Form and submitting it to any of our branches or mailing it to:

Skip-A-Payment People Driven Credit Union 24333 Lahser Road Southfield, MI 48033

Common Questions

How do I know if I qualify? Contact PDCU to confirm current program details, eligibility, and timing.

Get Help from Our Team

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

5 Helpful Hints for Skipping a Payment

  1. Call at least one business day before your payment is due.
  2. Have your loan number and member number ready.
  3. Ensure $35 is available in your account for the fee.
  4. Remember interest still accrues during the skipped month.
  5. Contact us at 248-263-4100 to confirm your loan qualifies.
People Driven Credit Union offers the skip-a-payment option to help members during tough times. You stay in control of your finances with this flexible program. Many members use it successfully once per year. Thank you for banking with us. Our team is always ready to help you manage your loans.

How do I make a loan payment at People Driven Credit Union?

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.

Common Questions

Can I set automatic loan payments? Yes. Many members choose auto-pay for consistency and fewer missed payment risks.

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

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.

*APR = Annual Percentage Rate: The actual APR and loan term are 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.

5.25%

E H L. People Driven Credit Union is an Equal Housing Opportunity Lender NMLS #776727
All other trademarks are the property of their respective owners.