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Home Improvement Loans

Unlock Your Home's Potential and Increase its Value

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Increase Your Home’s Value with a Home Improvement Loan

Whether planning a major renovation, making essential repairs, or adding energy-efficient upgrades, our Home Improvement Loans provide the funds you need to bring your vision to life. With competitive rates, flexible terms, and personalized service, PDCU supports your home improvement projects from start to finish. Unlock your home’s potential and increase its value while enjoying the comfort and functionality you’ve always desired.

Membership and eligibility requirements apply, with approval subject to application, credit, and property considerations.

Benefits of a Home Improvement Loan

Competitive Rates: Enjoy lower interest rates than credit cards or unsecured personal loans.

Flexible Loan Amounts: Borrow the exact amount you need to cover your project costs, whether big or small.

Fixed Monthly Payments: Benefit from predictable payments with fixed interest rates throughout the loan term.

Increase Home Value: Invest in improvements that enhance your home’s value, comfort, and functionality.

How It Works

Assess Your Project: Determine the scope and cost of your home improvement project.

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

Approval and Funding: Once approved, receive the loan funds and start your project.

Repayment: Make fixed monthly payments over the term of your loan, making budgeting easier.

Enjoy Your Upgrades: Enhance your living space and enjoy the benefits of your improved home.

Fixed Term Home Equity Loan Rates

For 2nd homes add 2%, for investment properties add 2.5%

LTV <80%

Term


(Months)

≤60

61-120

121-180

181-240

APR*


as low as¹

 7.14% 7.55% 8.05% 8.30%
LTV >80-90%

Term


(Months)

≤60

61-120

121-180

181-240

APR*


as low as¹

 7.64% 8.05% 8.55% 8.80%
LTV >90-100%

Term


(Months)

≤60

61-120

121-180

181-240

APR*


as low as¹

 8.14% 8.55% 9.05% 9.30%

Frequently Asked Questions

A Home Improvement Loan is a personal loan designed to help homeowners finance renovations, repairs, or upgrades to their homes. These loans can be used for various home improvement projects, including remodeling, energy efficiency upgrades, and essential repairs.
You can use a Home Improvement Loan for a wide range of projects, such as:
  • Renovating a kitchen or bathroom
  • Installing new windows or doors
  • Adding a new room or extension
  • Upgrading heating, ventilation, or air conditioning systems
  • Repairing roofs or plumbing
  • Improving energy efficiency with solar panels or insulation
Home Improvement Loans are often unsecured, meaning you don't need to provide collateral like your home or other assets. However, People Driven Credit Union may offer secured loans for larger projects using your home as collateral.
Interest rates on Home Improvement Loans vary based on factors such as your credit score, the loan amount, and the term length. Generally, these loans offer lower interest rates compared to credit cards, but rates can vary between secured and unsecured loans.
Repayment terms typically range from 12 to 84 months, depending on the loan amount and policies. The term you choose will affect your monthly payment amount and the total interest you pay over time.
To qualify, People Driven Credit Union will typically evaluate factors such as:
  • Your credit score and credit history.
  • Your income and employment status.
  • Your debt-to-income ratio: Good credit and stable income improve your chances of approval and provide better loan terms.
Getting a Home Improvement Loan with bad credit may be possible, but the interest rates are likely to be higher, and the loan terms may be less favorable. If your credit is poor, consider secured loan options or improve your credit before applying.
Approval times vary, but People Driven Credit Union can approve and disburse funds within a few days. We strive to provide a quick and efficient loan process so you can get started on your project immediately.
Home Improvement Loans generally offer lower interest rates and fixed monthly payments than credit cards. With a credit card, interest rates can fluctuate, and you may pay more in interest over time if you carry a balance.
Many home improvement projects can increase the value of your home, especially if they enhance its functionality, energy efficiency, or curb appeal. Common value-boosting projects include kitchen and bathroom remodels, new windows, and energy-efficient upgrades.
  • Home Improvement Loan: Typically, an unsecured personal loan, where you borrow a set amount to fund a home project, with fixed monthly payments and no collateral required.
  • Home Equity Loan: A secured loan that uses the equity in your home as collateral, often offering larger loan amounts and lower interest rates than an unsecured loan.
Yes, People Driven Credit Union allows you to pay off your Home Improvement Loan early without penalties. This can save you money on interest over the life of the loan.

Disclosures

*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.

Payment Example: Monthly payments of $20.00 for each $1,000 borrowed at 6.55% APR for 60 months.

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

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. Your $5 deposit into this account secures your share in the credit union, giving you access to our full range of services and benefits. The Annual Percentage Yield (APY) for this account is 0.01%, and the minimum deposit is $5.00.

Membership in People Driven Credit Union is open to:

Michigan Residents. Persons who reside, work, attend school or worship anywhere in the state of Michigan.

Employees or pensioners of agencies of the federal government of the United States of America who live or work in the State of Michigan, or who report to a federal agency headquarters located in the state of Michigan.

Employees or pensioners or agencies of any state, county, or local government, or any political subdivision thereof located within Wayne, Oakland or Macomb Counties, Michigan.

Employees or retired employees of the following: Ford Motor Company or Visteon Corporation, who work in Rawsonville or Wixom, MI; members of the Red Carpet Club, a retirees’ association in Washtenaw, Oakland, Macomb, Monroe or Wayne Counties, MI; Tower Automotive who work in Plymouth, MI; and Ford Utica Trim Plant.

Employees or retired employees of the following: Ford Motor Company, Visteon Corporation, Automotive Components Holdings, L.L.C. or Faurecia, who worked in Ypsilanti, Rawsonville, Saline, Milan, Highland Park, Mount Clements, Wixom, or in Shelby or Chesterfield Townships, MI or at the Ford Proving Grounds in Macomb County, Michigan; Ford New Holland; Ford Romeo Engine Plant who worked in Romeo, MI Oakman Industrial Engine Plant in Detroit, MI Johnson Controls Inc.; Hoover Automotive Systems Group who work in Utica, MI; AutoAlliance International, Inc. Mazda (North America), Inc; Mazda Research & Development of North America, Inc.; Mazda System Services and Mount Clemens Coating, Inc. who worked in Mount Clemens; and Tower Automotive who worked in Plymouth, MI.

Employees of this credit union.

Results of the merger of Sinai Health Services Credit Union, Detroit, MI, effective July 1, 1992

Results of the merger of M.E.S. Credit Union, Detroit, Michigan, effective January 1, 2004

Results of the merger of Peoples Trust Credit Union and Community Driven Credit Union, effective July 1, 2014

Results of the merger of Community Alliance Credit Union effective January 1, 2023

Members and immediate families of the foregoing.

Any legal entity that is comprised for the most part of the same general group as the membership of the credit union as outlined above.

A spouse of a deceased member if accepted into membership prior to remarriage.

Family Membership. Anyone related to a PDCU member by blood or marriage, regardless of where they live or work in the U.S.

Retirees. Anyone over age 55 (or younger, if on disability retirement) who receives a retirement annuity, pension, social security, or other retirement payment from private or government sources and lives in, or belongs to, a retirement organization located in Wayne, Oakland, Macomb, St. Clair, Lapeer, Genesee, Livingston or Washtenaw counties.