DEBT CONSOLIDATION
Take control of your debt, one step at a time.
Public Service Credit Union offers several ways for Michigan members to consolidate high-interest debt into one monthly payment, including personal loans, personal lines of credit, pledge loans secured by savings, title-secured auto loans, home equity loans and home equity lines of credit. Members choose the option that fits their balance, timeline and available collateral. All loans are subject to credit approval, membership eligibility and program requirements.
Combine multiple high-interest debts like credit cards, medical bills, or personal loans into one easy, affordable monthly payment. With PSCU’s debt consolidation options, you can reduce your interest rate, save money, and breathe easier.
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One manageable monthly payment
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Lower interest rates than most credit cards
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Pay off debt faster
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Reduce financial stress
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Improve your credit score with on-time payments
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Fixed terms and predictable payments
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No application fees
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Multiple options available
Which Debt-Consolidation Loan Is Right for You?
Frequently Asked Questions
What is a debt consolidation loan?
A debt consolidation loan combines multiple debts, such as credit card balances, medical bills or personal loans, into a single loan with one monthly payment. The goal is usually a lower interest rate, a simpler payment schedule, or both.
What debt consolidation options does PSCU offer?
PSCU offers six ways to consolidate debt: a fixed-rate personal loan, a personal line of credit, a pledge loan secured by PSCU savings, a title-secured auto loan, a home equity loan and a home equity line of credit.
Which debt consolidation option is right for me?
The right option depends on how much is being consolidated and what collateral is available. Personal loans suit fixed amounts with predictable payments. Lines of credit suit balances that change over time. Pledge loans and title-secured auto loans use savings or a vehicle as collateral. Home equity loans and HELOCs are typically used for larger amounts by homeowners with available equity.
Can I consolidate debt with a home equity loan?
Yes. Homeowners with available equity can use a PSCU home equity loan or home equity line of credit to consolidate larger balances, subject to credit approval, property requirements and program requirements. Home equity financing is available for Michigan properties only.
Does debt consolidation hurt my credit score?
Consolidating debt involves a credit inquiry and opens a new account, which can affect a credit score in the short term. Over time, making consolidated payments on schedule and reducing revolving balances can support a stronger credit profile.
Do I need good credit to consolidate debt with PSCU?
Credit history is one factor in loan decisions, but it is not the only one. PSCU offers a pledge loan secured by member savings that can be used by members building or rebuilding credit. All loans are subject to credit approval, membership eligibility and program requirements.
How much can I borrow to consolidate debt?
Loan amounts vary by product. Personal loans and personal lines of credit are available from $500 up to $40,000. Home equity financing is available from $10,000 up to $250,000 for eligible Michigan properties, based on creditworthiness, property value and available equity.
How long does it take to get a debt consolidation loan from PSCU?
PSCU offers a fast online application with no application fees. Timing depends on the loan type, the documentation required and the credit review. Home equity financing generally takes longer than an unsecured personal loan because it involves property review.
Can I consolidate debt if I am not yet a PSCU member?
Membership is required to borrow from PSCU, and membership is open to anyone who lives, works, worships, or attends school in Michigan. A membership can be opened with $25 at the same time as the loan application.
Does PSCU offer help beyond a loan?
Yes. PSCU offers free financial coaching to members, which can include budgeting help, a review of credit health and a discussion of interest rates and repayment options. Members who are having difficulty meeting financial obligations can also contact PSCU's Credit Solutions team.
The calculators on this website are being provided for educational purposes only. The results are estimates based on information you provide and may not reflect actual results. The results of the calculations are not a promise or guarantee of a member's eligibility or terms for a specific product or service. Public Service Credit Union is not responsible for the content, results, or accuracy of the information on the calculators. The calculations are hypothetical examples designed to illustrate the impact compounding can have. The examples are not representative of any investment class or specific security.
About Public Service Credit Union
PSCU is a member-owned Michigan credit union that has helped members borrow, save and manage debt since 1951. We are headquartered in Romulus, Michigan, and serves members statewide from 11 Metro Detroit branches, with financial coaching available at no cost to members.
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Deposits are federally insured to at least $250,000 by the National Credit Union Administration, a U.S. Government agency. Equal Housing Opportunity.