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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

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 Loan for a helpful overview of APR, monthly payments, repayment terms, and total borrowing costs.
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 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.

Yes, we are proud to offer financial counseling resources through trusted partner services.

What support is available

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 PDCU to connect with the right counseling resource based on your current needs. 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.

People Driven Credit Union may offer skip-a-payment opportunities during eligible periods and for qualifying loans.

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 an 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

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.
 

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

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
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