First Midwest Bank Personal Loans Review

With personal loans, you can borrow money for a wide range of expenses and, because sometimes there is no credit check, so you don’t have to worry about your credit score. 

First Midwest Bank Personal Loan is for people who have a good credit rating. You need a general minimum credit score of 680 to qualify and you must have a checking account in good standing with First Midwest Bank. The loan is for up to $35,000 and is repaid in monthly installments. There is no late or prepayment penalty, and the rate can be a variable or fixed. The loan is designed to help you with a small emergency or unexpected expense. If you are thinking of refinancing or taking out a loan, First Midwest Bank offers some great rates on their loans.

LOAN

First Midwest Bank Personal

Lock in a fixed rate Easy, transparent process

Hassle-Free Personal Loans

Watch an ad to apply for your loan You will be redirected

What are the benefits of First Midwest Bank Personal Loan? 

There are no origination fees. First Midwest Bank’s Personal Loan is the perfect way for you to start any home improvement project. With an easy online application and flexible repayment options, you can get back to living life without any origination fee.

Accessible customer service 24/7. The great thing about having a personal loan with First Midwest Bank is you can call them anytime and they’ll be there to help you through the process of getting a loan or any inquiries. 

Co-borrowers are allowed. First Midwest Bank is proud to offer co-borrowers the option to finance your loan. This is a great option for anyone who may not have the funds to qualify for a loan on their own. You can co-borrow with your spouse or a trusted family member.

Extension of reimbursement period is allowed. With this loan, you can extend the reimbursement period on a part of the loan. This means that you can use the loan for a longer period of time and pay it back over a longer period of time.

Offers lower interest rates than others. When you apply for a personal loan, you will want to compare your interest rates to make sure that you’re getting the best deal possible. Lucky for you, First Midwest Bank’s personal loan offers lower interest rates than most competitors.

Loan Application Requirements

1. Creditworthiness: First Midwest Bank will assess your credit score and history to determine your ability to repay the loan. A good credit score is typically preferred for favorable loan terms.
2. Income Verification: You’ll need to provide proof of a stable source of income to demonstrate your ability to make loan payments. This may include recent pay stubs or tax returns.
3. Identification: First Midwest Bank will require personal identification, such as a driver’s license or passport, to verify your identity.
4. Residential Information: You’ll need to provide your current address and, in some cases, previous addresses.
5. Employment History: Be prepared to share information about your employment history, including your current employer’s name and contact information.
6. Loan Purpose: Clearly state the purpose of the loan, whether it’s for debt consolidation, home improvement, education, or any other valid reason.
7. Social Security Number: You’ll be asked to provide your Social Security Number for credit checks and identity verification.

How to Apply for a First Midwest Bank Personal Loan

1. Check Your Credit: Before applying, review your credit report to ensure its accuracy and address any discrepancies. A better credit score can lead to more favorable loan terms.
2. Gather Required Documents: Collect all necessary documents, including proof of income, identification, and your Social Security Number.
3. Visit the Bank: Schedule an appointment or visit your nearest First Midwest Bank branch. A bank representative can guide you through the application process and answer any questions you may have.
4. Complete the Application: Fill out the Personal Loan application form provided by the bank. Ensure all information is accurate and up-to-date.
5. Provide Documentation: Submit the required documents along with your application. This may include recent pay stubs, tax returns, and proof of identification.
6. Wait for Review: First Midwest Bank will review your application, credit history, and documents. This process may take some time.
7. Receive Loan Offer: If your application is approved, you’ll receive a loan offer outlining the terms and conditions, including the interest rate and repayment schedule.
8. Accept the Loan: Carefully review the loan offer, ensuring you understand all terms. If you’re satisfied, sign the loan agreement to accept the offer.
9. Receive Funds: Once you’ve accepted the loan, the funds will be disbursed to your bank account. You can start using them for your intended purpose.

FAQs about First Midwest Bank Personal Loans

What types of Personal Loans does First Midwest Bank offer?

First Midwest Bank offers a range of Personal Loans, including unsecured loans, secured loans, and lines of credit. The specific loan types and terms may vary.

How long does it take to receive a loan decision?

The time to receive a loan decision can vary, but you can generally expect a response within a few business days after submitting your application.

What is the typical loan term for First Midwest Bank Personal Loans?

Loan terms can vary based on the type of loan and your creditworthiness. Terms typically range from one to seven years.

Can I apply for a Personal Loan online, or do I have to visit a branch?

First Midwest Bank offers both online and in-branch application options, providing flexibility to applicants.

Here’s a revised and enhanced version of the text in English:

Editorial Note: First Midwest Bank Personal Loans are now offered by Old National Bank. With this change comes a new method of application, enabling customers to enjoy an expanded range of options and greater convenience in loan services.

LOAN

First Midwest Bank Personal

Lock in a fixed rate Easy, transparent process

Hassle-Free Personal Loans

Watch an ad to apply for your loan You will be redirected