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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.
Quick answer: You can check your loan application status by contacting People Driven Credit Union or your assigned loan specialist.

How to check the status

  • Call PDCU member or loan support (248) 263-4100.
  • Have your identifying information ready for verification.
  • Ask whether any additional documents are needed to proceed.

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.
Quick answer: Yes, People Driven Credit Union offers access to financial counseling resources through trusted partner services.

What support is available

  • Debt and credit counseling guidance
  • Budgeting and financial wellness resources
  • Education-focused support for better financial decisions

Common questions

How do I get started?

Contact PDCU to connect with the right counseling resource based on your current needs.
Quick answer: People Driven Credit Union may offer skip-a-payment opportunities during eligible periods and for qualifying loans.

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.

Common questions

How do I know if I qualify?

Contact PDCU to confirm current program details, eligibility, and timing.
Quick answer: You can make a loan payment through People Driven Credit Union using online tools, automatic options, or approved payment channels.

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.

Common questions

Can I set automatic loan payments?

Yes. Many members choose auto-pay for consistency and fewer missed payment risks.

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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