How to apply for First Midwest Bank Personal Loan

Get Consolidated Terms with First Midwest Bank Personal Loans

For those who need financing for significant or unforeseen expenses, personal loans can be a great solution. Whether it’s consolidating high-interest credit card debt, paying for auto repairs, medical expenses, or even a family trip, a personal loan allows you to make purchases that you can’t afford upfront.

First Midwest Bank, now a division of Old National Bank as of February 2022, provides personal loans that offer a predetermined amount of money with competitive interest rates and flexible repayment terms. With over 100 branches and $21 billion in assets, First Midwest Bank is the third-largest independent bank in Illinois, with headquarters in Chicago.

First Midwest Bank offers personal loans for various purposes, including home renovation projects, weddings, vacations, and unforeseen costs. It can also be used to pay off high-interest credit card debt. Borrowers from several states, including Arkansas, Illinois, Indiana, Iowa, and Wisconsin, among others, can apply for personal loans from First Midwest Bank.

If you’re interested in applying for a personal loan from First Midwest Bank, here are some important details:

First Midwest Bank Loan Details

• APR Range: 5.23% – 12.99%
• Minimum/maximum loan amount: $5,000 – $35,000
• Minimum credit requirements: 670
• Repayment terms: 12 – 84 months
• Time to receive funds: 1 day

Eligibility for First Midwest Bank Personal Loans

First Midwest Bank personal loans are available to U.S. citizens or permanent residents who are at least 18 years old. The loan application process is straightforward, and residents of eligible states can apply online in just a few minutes. Your location, desired loan amount, income, and other personal information will be required on the application.

In addition to filling out the application, First Midwest Bank may require a phone call with a loan specialist to verify the information provided. During this call, your income and residence details will be confirmed. It’s also important to note that First Midwest Bank conducts a hard credit pull as part of the application process, with a minimum credit score requirement of 680.

How to Apply for First Midwest Bank Personal Loans

Before applying for a personal loan from First Midwest Bank, gather the necessary documents to speed up the process. These may include a government-issued photo ID, Social Security number or tax ID number, proof of income and employment, and other identification materials. Once you have all the required information, you can apply for a loan online through the First Midwest Bank website.

After submitting your application, First Midwest Bank will review your creditworthiness, which may result in a slight decrease in your credit score. Loan decisions typically take up to 24 hours, and if approved, funds can be deposited into your bank account within one day.

First Midwest Bank Personal Loan vs Chase Business Loans

If you’re in need of a larger loan for business purposes and have a solid credit history, consider looking into Chase Business Loans. However, if you only require a personal loan and meet the qualifications, First Midwest Bank Personal Loan is a reliable option.

Benefits of First Midwest Bank Personal Loans

• A+ BBB rating
• No prepayment or late fees
• Soft credit checks
• One-day funding process
• Joint loans available

Benefits of Chase Business Loans

• Bank SBA Preferred
• Available widely throughout the lower 48 states
• Provides a variety of products for company finance

If you want to learn more about Chase Business Loans, read our article here.

Written by

Claire Harrison