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Personal line of credit

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Bridge Gaps with a Personal Line of Credit

Looking for a flexible, convenient way to manage life’s financial ups and downs? Your solution could be a Personal Line of Credit from People Driven Credit Union (PDCU). Unlike a traditional loan, a Personal Line of Credit gives you ongoing access to funds up to an approved limit, and you only pay interest on the amount you use. Whether you need to cover unexpected expenses, handle a home project, or have a safety net for life’s surprises, our Personal Lines of Credit are designed to help you stay in control. With specialized rates for members, personalized service, and the ability to access funds at your convenience, PDCU’s Personal Lines of Credit may offer the financial flexibility you deserve.

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

Personal Lines of Credit

A personal line of credit is a revolving credit option that works like a credit card but typically offers higher limits and lower interest rates. You can borrow up to a pre-approved amount for any purpose—home renovations, medical bills, or travel—and you only pay interest on what you actually use. As you repay the principal, your available credit replenishes, giving you ongoing access to funds.

Unlike a traditional personal loan, there’s no fixed repayment schedule, so you can pay at your own pace. People Driven Credit Union, a full-service institution with conveniently located branches and ATMs across Metro Detroit and Southeast Michigan, makes it easy to get started with a personal line of credit that fits your needs.

Apply for a Personal Line of Credit

PLOC Advantages

  • Only pay interest on money when you need it
  • If your income fluctuates, a credit line can cover bills during slow times
  • Interest rates can be lower than most credit cards rates (depending on credit rating)
  • Easily transfer money when needed using our mobile  app
  • A personal line of credit can be a great source for an emergency fund
  • Having a separate loan account (instead of credit cards) may help you stick to a budget or control your spending.

Overdraft Line of Credit (ODLOC)

Tired of worrying about overdraft fees or declined transactions? An Overdraft Line of Credit (ODLOC) from People Driven Credit Union gives you a safety net by automatically covering any shortfall in your checking account.

Think of it as a revolving line of credit specifically designed to protect you from unexpected expenses or timing mishaps. You pay interest only on the amount you use, and once you pay it back, your available credit replenishes—so you’re always prepared.

Apply for an Overdraft Line of Credit

Overdraft Line of Credit (ODLOC) Advantages

  • Protection Against Overdrafts
    Prevent bounced checks, declined transactions, and overdraft fees by having a cushion to cover shortfalls in your checking account.
  • Flexible Access to Funds
    Unlike a traditional loan, an ODLOC is a revolving line of credit—meaning you can use it whenever you need it, up to your approved limit.
  • Interest Only on What You Use
    You don’t pay interest on the entire credit line, just the amount you actually draw to cover an overdraft.
  • Convenience
    Funds are automatically transferred to your checking account when your balance isn’t sufficient, saving you from the embarrassment and hassle of denied transactions.
  • Credit Replenishes as You Repay
    Once you repay the borrowed amount, your available credit bounces back, giving you ongoing overdraft protection.

Personal Line of Credit / Overdraft Line of Credit (ODLOC) Rate

Type

Minimum Payment

APR*
Line of Credit/Overdraft Protection (ODLOC) 3% of Balance, $30 Mininum 14.20%

 

 

 

Frequently Asked Questions

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.
A credit line allows you to borrow in increments, repay it and borrow again as long as the line remains open. Typically, you will be required to pay interest on borrowed balance while the line is open for borrowing, which makes it different from a conventional loan, which is repaid in fixed installments.  A line of credit will have a set limit in which you will be approved for and you can borrow based off the limit.
You may give us a call at 248-263-4100 to speak with the loan department.
PDCU has partnered with GreenPath Financial Wellness to help our members get back on track with their finances and credit. Please call GreenPath at 877-337-3399 and let them know you’re a PDCU member and would like to make an appointment with a rep!
Yes!  All eligible loans can be skipped once per calendar year for a fee of $35. Fresh Start Auto Loans, Lines of Credit, Mortgages, Commercial Loans, and Credit Cards are excluded.
  1. To make a payment via online banking with funds already in your account, log in and select 'transfers'. Select where you want to transfer from and which loan you would transfer to.
  2. Log into iTalk (telephone teller) and make your payment. Option 3 for payments.
  3. To make a payment with a debit/credit card, call (248) 263-4100.
  4. Set up an auto-transfer from your People Driven account or attach an auto payment to your direct deposit that comes into your account. Give us a call at (248) 263-4100 or stop by any of our five branches.
  5. Have us set up an auto-payment from your other financial institution. Please call us at (248) 263-4100, and we can send you the proper form, or you may stop by any of our five branches.
  6. You may also mail in a check payable to People Driven Credit Union, 24333 Lahser Rd, Southfield, MI 48033

We recently had a death in the family, The Team at PDCU was kind, caring and emphatic.

Ernie Member since 2018

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 $23.37 for each $1,000 borrowed at 14.20% APR for 60 months.

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.

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.

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