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Personal Loans for People With Bad Credit

Consolidate debt, finance home improvements, or cover back to school expenses, we can help!

The money you need, when you need it.

Apply Online

Unsecured Personal Loans for Any Situation

Life’s financial needs are diverse and ever-changing. Whether you’re planning a home renovation, consolidating debt, or building your credit, we offer a variety of personal loan options tailored to meet your unique needs. Our commitment to providing competitive rates, flexible terms, and personalized service ensures that you have the support and resources needed to achieve your financial goals.

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

Two excited children looking into box they just unwrapped.Unwrap the possibilities of a Holiday Loan designed to ease your financial burden and help manage seasonal expenses.

All About Holiday Loans

Can you get a Personal Loan with bad credit?

Depending on your income and credit history, PDCU has the best option to fit your unique needs. Receive your funds deposited directly into a checking or savings account. Rates are based on credit rating.

Easy Application

Features

  • Fixed monthly payments
  • Low, fixed interest rates
  • Make payments automatically from any account
  • No prepayment penalties

Calculate Your Monthly Personal Loan Payment

Monthly Payment

Loan Amount
$
Annual Percentage Rate (APR)
%
Months
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This calculation represents an estimate

Take Control of Your Finances.

  • Apply online in minutes and get your money in as little as a few days
  • Make fixed monthly payments
  • $30,000 maximum loan amount.

Apply from anywhere. Get your money fast.

A personal loan through People Driven Credit Union can help you take control of your finances.

People Driven Credit Union is a full-service credit union with branches and ATMs that are easily accessible around Metro Detroit and Southeast Michigan.

Unsecured Loan Rates

Rates Effective as of: 11-20-2024
Max Term Term Rate (APR*)
Up to 36 months As low as 10.84%¹
37 - 60 Months As low as 12.80%¹
61 - 72 Months As low as 13.90%¹
73 - 84 MonthsAs low as 14.90%¹

Secured Loan Rates

Rates Effective as of: 11-20-2024
Secured LoansMax TermRate (APR*)
Share Covered84 Month5.25%
Credit Builder Loan18 Month13.00%
CD Secured Loan 84 monthAPY + 3.50%

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

Disclosures

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

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

¹Special Loan Rate Discount: Benefit from a .25% reduction when enrolling in our autopay service, which is included in the “as low as” rate advertised. The discount is available to those who setup autopay of their monthly loan payment from a People Driven Credit Union checking or savings account.

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.

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

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