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Old National Bank (formerly First Midwest Bank) Personal Loans: 2023 Review

Updated on Jan. 1, 2023
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At a glance

4.3
Rating: 4.3 stars out of 5
Bankrate Score
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Availability
Rating: 4.8 stars out of 5
4.8
Affordability
Rating: 3.3 stars out of 5
3.3
Customer Experience
Rating: 4.7 stars out of 5
4.7

About Bankrate Score

Old National Bank, dually headquartered in Chicago and Evansville, IN, is the sixth largest bank by assets in the Midwest. Old National was founded in 1834 and now has over 250 branches and $46 billion in total assets. You can find Old National branches in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota and Wisconsin.

Moneybag
Loan amount $500 - $35,000
Rates
APR from 6.99% - 25.00%
Clock Wait
Term lengths Up to 84 months
This lender is best for debt consolidation.

Old National Bank pros and cons

When trying to consolidate your debt, you want to find a personal loan that adds as little extra expense as possible. Old National Bank could be a great choice for borrowers looking to consolidate their debt, with APRs as low as 6.99 percent — quite low compared to the 11.08 percent average APR for borrowers with excellent credit as of October 2022. It also has a documentation fee of $150, but this is lower than some origination fees you might find with other lenders. 

However, Old National Bank might not be for you if you are looking for in-person service and do not live in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota 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. Old National 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.
 
Here's a breakdown of some of the benefits and drawbacks of Old National Bank personal loans. 

PROS

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    Few fees

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    Allows joint applications

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    Quick decisions about funding

CONS

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    Limited service area

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    Little transparency

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    Fees for payments made by phone

Do you qualify?

While it doesn’t specify a hard minimum, Old National 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.

If you don’t meet these qualifying factors, you may still qualify for a loan with a co-signers. Co-signers must meet the required credit score qualifications, though. 

Personal loans are available to borrowers in the following states: Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota or Wisconsin. If you live in a different state and are interested in applying for a personal loan with First Midwest, contact their customer service team to find out if you’re eligible. 

What Old National Bank doesn't allow funds to be used for

Old National advertises that their personal loans have a wide range for how they can be used. They specify that loans may fund a vacation, home renovations or paying for unexpected expenses. However, the bank doesn’t get specific about the types of expenses they won’t fund. For more details on what you can and can’t use an Old National personal loan for contact your local branch or the Old National customer service team. 

Old National Bank vs. Discover

Discover and Old National Bank have the same range of interest rates for personal loans. However, Discover differs as a lender in a few ways. The lender specifies the credit score minimum required to qualify for one of their loans is 660. Additionally, Discover can provide loan funds within one business day. And, Discover services a wider range of areas than Old National does, so consumers outside the range of Old National Bank may find Discover easier to work with. 

Old National Bank vs. Happy Money

Happy Money is a virtual lender, but has similar terms and rates to Old National Bank. Happy Money has interest rates starting at 8.99% APR and up to 29.99% APR, so the range is similar to Old National but they are slightly higher. Additionally, Happy Money doesn’t have the option for payment terms quite as long as Old National; Happy Money’s maximum term length is five years, while the maximum term length for Old National is seven years.  

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 Prequalified for a Personal Loan

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.

Old National Bank: in the details

What we like and what we don't like

What we like:

  • Few fees. Old National doesn’t advertise many fees for its personal loans. The only fee they specify is a $150 documentation fee. 
  • Allows joint applications. It can be frustrating if you don’t qualify for many loans, but having a co-signer can help. Not all lenders allow co-signers or co-borrowers, but Old National does. 
  • Quick decisions about funding. When you apply for a loan it’s nice to know the decision quickly. With quick decision loans, Old National will make a speedy decision on your application and get you the cash in as little as two business days. 

What we don’t like:

  • Limited service area. Old National has over 250 branches located throughout the Midwest, but they don’t service most other areas. If you live outside of a state where they have a branch, it may not be possible to get a loan with this lender. 
  • Little transparency. The bank provides few details outright about their loan. If you want specific qualification requirements or have questions about what you can use the funds for, you will have to do more digging. 
  • Fee for payments made by phone. Old National allows you to make payments in a variety of ways, but not every option is free. Making a payment by phone costs extra, making your payment options a little less convenient. 

How to contact Old National Bank

To get in touch with the team at Old National, you can either give them a call or visit a local branch in-person. The phone number for the customer service team is 1-800-731-2265. Hours to reach them are 7am to 6pm CT Monday through Friday and 7am to 12pm CT on Saturdays. 

Fees and penalties

Unlike some online lending platforms, Old National 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 Old National 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 Old National Bank

Old National Bank’s application process is straightforward and fast.

  1. 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. 
  2. Wait for a decision. 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. 
  3. Provide any additional details needed. Applicants can either upload the requested information or visit a physical branch. 
  4. Sign documents and close your loan. 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, Old National will do a hard credit check with TransUnion, which can temporarily lower your credit score.

Get Prequalified for a Personal Loan

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.

Old National Bank frequently asked questions

How Bankrate rates Old National Bank

Overall Score 4.3
Affordability 3.3 Old National does not disclose enough information for Bankrate to determine an exact affordability rating.
Availability 4.8 Low minimum APR and associated fees.
Customer Experience 4.7 Old National has several online access options but customer service hours are slightly limited.

Methodology

To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three categories:

  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.

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.