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Old National Bank (formerly First Midwest Bank) Personal Loans: 2024 Review

Updated on Jan. 1, 2023

At a glance

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Check rate with Bankrate
Rating: 4.3 stars out of 5
Bankrate Score
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Rating: 4.8 stars out of 5
Rating: 3.3 stars out of 5
Customer Experience
Rating: 4.7 stars out of 5
Rating: 3.3 stars out of 5

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 $48 billion in total assets. You can find Old National branches in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota and Wisconsin.

Lender Details


Loan amount

$2500 - $25,000


APR from

From 9.208%

Clock Wait

Term lengths

36 to 72 months

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 10.73 percent average APR for borrowers with excellent credit as of May 2023. It also has a documentation fee of $150 for loans of $5,000 and above, 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. 


  • Checkmark

    Few fees

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    Allows joint applications

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    Quick decisions about funding


  • Close X

    Limited service area

  • Close X

    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 cosigner. Cosigners 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 and borrowers must have an income of at least $25,000. Additionally, Discover can provide loan funds within one business day, whereas Old National Bank funds loans in about three business days. Discover also 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 11.52% APR and up to 24.81% 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 six 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.

Old National Bank: in the details

What we like and what we don't like

Old National Bank has some of the most competitive interest rates in the market, making it a more cost-effective borrowing option when compared to other lenders. But before you fill out the application, it’s important to be aware of the drawbacks.

What we like:

  • Few fees. Old National doesn’t advertise many fees for its personal loans. The only fee specified on its website is a $150 documentation fee. Additionally, a fee may be assessed if you miss you payment due date by over 15 days.
  • 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 three 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 by contacting customer support.
  • 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. 

Features and additional perks

When doing research on Old National Bank, a company rep told our team that the company offers a 0.25 percent rate discount for borrowers who sign up for automatic payments — something that’s not offered by all lenders in this space. The lender also offers borrowers the option to change their payment due date and a 15-day grace period before assessing a late payment fee.

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 loans of at least $5,000 or more.

Besides that, the company may assess a late payment fee if you miss your due date by more than 15 days, according to a company rep. This late fee may vary depending on where you live and the specific terms of your loan, so if you have questions, the best thing to do is contact a branch for details.

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.

Old National Bank frequently asked questions

How Bankrate rates Old National Bank

Overall Score 4.3
Availability 4.8 Low minimum APR and associated fees.
Affordability 4.9 Old National offers a 15 day grace period and affordable APRs.
Customer Experience 4.1 Old National has several online access options but customer service hours are slightly limited.
Transparency 3.3 Not all requirements are easily accessible to see if you qualify.


To select the best personal loans, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main 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. We also give bonus points to lenders offering rate discounts, grace periods and that allow borrowers to change their due date. 
  • Availability: Minimum loan amounts, number of repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer and loan turnaround time are considered in this category.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: For this factor, we consider how well information is presented to the borrower on the lender’s website. This includes listing credit requirements, rates and fees, in addition to offering prequalification.

Editorial disclosure: All reviews are prepared by 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.