First Midwest Bank features

Here's a breakdown of some of the benefits and drawbacks of First Midwest Bank personal loans.

Pros

  • Few fees
  • Allows joint applications
  • Quick decisions about funding

Cons

  • Limited service area
  • Little transparency

First Midwest Bank, headquartered in Chicago, is the third largest independent bank in Illinois. First Midwest was founded right after the Great Depression and now has over 100 branches and $21 billion in total assets. You can find First Midwest branches in Illinois, Indiana, Iowa and Wisconsin.

Auto loans, mortgages, home equity loans and personal loans are all available through First Midwest. Its unsecured Express personal loan offers competitive interest rates and a flexible borrowing range. It can be used to consolidate high-interest credit card debt or fund home improvement projects, weddings, vacations and unforeseen expenses.

Its personal loans are available to borrowers in the following states: Arkansas, Colorado, Connecticut, Delaware, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Massachusetts, Minnesota, Missouri, Nebraska, New Hampshire, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Wisconsin.

Get pre-qualified

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

First Midwest Bank is best for debt consolidation

When trying to consolidate your debt, you want to find a personal loan that adds as little extra expense as possible. First Midwest Bank could be a great choice for borrowers looking to consolidate their debt, with APRs as low as 5.23 percent — quite low compared to the 10.3 percent average APR for borrowers with excellent credit as of December 2021. It also has a documentation fee of $150, but this is lower than some origination fees you might find with other lenders. 

However, First Midwest Bank might not be for you if you are looking for in-person service and do not live in Illinois, Indiana, Iowa or Wisconsin. While these are not the only states where personal loans are available, borrowers outside of these states do not have the option to visit a branch without traveling. First Midwest also does not disclose on its website how long the loan funding process will take. If you are looking for fast funding, it may be a good idea to look elsewhere.  

First Midwest Bank snapshot

Loan amount $5,000 – $35,000
APR 5.23% – 12.99%
Minimum credit score Not specified
Time to receive funds Not specified

Lending terms

First Midwest Bank’s Express personal loan comes in amounts starting at $5,000, with a $35,000 maximum for home improvements, $25,000 for debt consolidation and $20,000 for all other uses. APRs range from 5.23 percent to 12.99 percent. These APRs are uncommonly low, which means that First Midwest Bank caters to people with good or excellent credit. The application form lists repayment terms from 12 to 84 months for home improvement loans, up to 60 months for debt consolidation and up to 48 months for all other uses.

Fees and penalties

Unlike some online lending platforms, First Midwest Bank is a direct lender, meaning your personal loan comes from the bank, not a partner institution. Many personal loan companies make money by tacking on an origination fee, typically based on a percentage of your loan amount, but First Midwest doesn’t. Instead, it only charges a $150 documentation fee for processing your loan. 

However, it does not advertise any origination fees or late fees. To see if your loan is subject to any additional fees, make sure to read your loan terms before accepting an offer. 

How to apply for a loan with First Midwest Bank

First Midwest Bank’s application process is straightforward and fast. Enter some basic information in the online application, including your name, Social Security number, employment information and income. The application also asks if you rent or own your residence. Homeowners have to provide some information about their monthly payment obligations, including mortgage payments, taxes and insurance. 

While it doesn’t specify a hard minimum, First Midwest states that it looks for a good credit score, but it will also consider other factors, including employment and income. You’re also required to have at least five years of credit history that is free of bankruptcies, foreclosures, repossessions and other major credit issues. 

The bank will not tell you online whether your loan has been approved. It will call you either with a decision or to request identification and additional supporting documentation. 

Applicants can either upload the requested information or visit a physical branch. When it’s time to sign and finalize your loan, you have the option to e-sign or do it at a branch. 

Before finalizing your loan, First Midwest will do a hard credit check with TransUnion, which can temporarily lower your credit score.

Get pre-qualified

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

How Bankrate rates First Midwest Bank

Overall Score 4.4 Scoring factors
Availability 3.6 Low minimum loan amount, time to approval, minimum income and minimum credit score.
Affordability 4.8 Low minimum APR and associated fees.
Customer Experience 4.7 Online application and account availability, customer support and mobile app availability and ratings.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.