First Midwest Bank Personal Loans Review

First Midwest Bank is a regional lender offering several personal loan options

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First Midwest Bank

 First Midwest Bank

As of February 2022 First Midwest Bank is officially a division of Old National Bank.

First Midwest Bank’s personal loans are an excellent option for eligible borrowers with good credit. This lender offers low APRs and extended repayment terms. However, its personal loans are only available in 24 U.S. states, so consumers outside of those states may want to look elsewhere.

  • Pros & Cons
  • specifications
Pros & Cons
  • No origination fees

  • APRs are lower than average

  • Co-borrowers are allowed

  • Only available in 24 states

  • Specific minimum credit scores not disclosed

  • Support is unavailable on Sundays

APR Range
6.26% - 25.00%
Loan Amount
$2,500 - $35,000
Loan Terms
12 Months - 84 Months
Recommended Minimum Credit Score
Average Origination Fee
0.00% - 0.00%
Late Fee
$0.00 - $0.00
Why Trust Us
Lenders reviewed
Loan features considered
Data points analyzed
Primary data sources used
Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs.

Pros Explained

  • No origination fees: You won’t be required to pay an origination fee for a personal loan from First Midwest Bank, which compares favorably to the competition. You may, however, be required to pay a $150 documentation fee, which is factored into your APR.
  • APRs are lower than average: First Midwest Bank’s APRs are lower than average, even when factoring in its $150 documentation fee.
  • Co-borrowers are allowed: Unlike much of the competition, you can apply for a loan with First Midwest Bank individually or jointly with a co-borrower. 

Cons Explained

  • Only available in 24 states: You can only get a personal loan from First Midwest Bank if you live in one of the 24 states included in its lending footprint. 
  • Specific minimum credit scores not disclosed: Although the company says you’ll need to have good credit to qualify for its loan, its specific credit score requirements aren’t disclosed. Most lenders classify scores of at least 670 as good. 
  • Support is unavailable on Sundays: If you need to speak with someone from First Midwest Bank’s customer service team, you won’t be able to reach them on Sundays. Many of its competitors offer support seven days a week.


First Midwest Bank is a well-regarded regional bank offering personal loans to eligible borrowers in 24 states, mainly within the Midwestern United States. While personal loans from First Midwest Bank aren’t as large as those provided by many other lenders, its APRs of 6.26% to 25.00% and repayment terms as long as 84 months are exceptional. 

Personal loans from First Midwest bank are an excellent option for people with good credit who need funding for various personal and family needs. These funding needs include debt consolidation, covering unexpected expenses, taking a vacation, making home improvements, and more. 

However, keep in mind that the minimum amount you can borrow from First Midwest Bank is $5,000. If you need less than this amount, you’d be better off choosing a different lender. 

Company Overview

Founded in 1940 and headquartered in Chicago, Illinois, First Midwest Bank is a mid-sized regional financial institution with $46 billion in total assets. In addition to personal loans, it offers a full suite of banking products, including bank accounts, wealth management products, commercial loans, small business loans, and other consumer loans.  

Unsecured personal loans from First Midwest Bank are only available in 24 states: Arkansas, Colorado, Connecticut, Illinois, Indiana, Iowa, Delaware, Georgia, Kansas, Kentucky, Massachusetts, Maine, Minnesota, Missouri, North Carolina, Nebraska, New Hampshire, Ohio, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont, and Wisconsin.

Types of Personal Loans Offered by First Midwest Bank 

First Midwest Bank offers an unsecured personal loan that can be used to:

  • Consolidate existing debt: Use the loan to refinance some of your existing high-interest debt in a single fixed-rate loan. 
  • Cover unexpected expenses: You can use the loan funds to cover unexpected expenses, such as those arising from an emergency or other unexpected events. 
  • Improve your home: The funds from this personal loan can also be used to make improvements or repairs to your home without pledging your home as collateral.
  • Pay for large purchases: If you need to make a large purchase, the funds from your loan can be used to cover these costs.

U.S. citizens or permanent residents at least 18 years old are eligible to apply for a personal loan with First Midwest Bank. To qualify, you’ll need to meet its creditworthiness requirements. While specific credit score details are not disclosed, you’ll likely need a good credit score to get approved for a loan. 

Most lenders classify credit scores of at least 670 as good. If your credit score isn’t above 670, work on improving it. Having good credit makes it easier to get approved and get better loan rates and terms.

In addition to having a good credit score, you’ll need to have at least five years of good credit history. This means you can’t have any bankruptcies, repossessions, foreclosures, or other significant issues reported on your credit during this period. Additionally, you may be required to provide proof of your income and current employment. 

Time to Receive Funds

Although the time to receive your funds will vary based on your situation, your loan funds might be deposited in your bank account as quickly as 24 hours after your loan is approved, but it could take up to several days for this to happen. This funding speed is reasonable when compared to the competition.

Review your application for accuracy and completeness before you submit it. Also, the quicker you respond to any requests for information from the lender, the quicker you’ll get a loan decision.

First Midwest Bank Personal Loan Features

Co-Borrowers Are Allowed

As noted, you can apply for a loan with First Midwest Bank individually or jointly with another borrower. Many personal loan providers do not allow the ability to apply for a loan with a co-borrower. This feature sets First Midwest Bank apart from the competition.

Apply for a First Midwest Bank Personal Loan

To apply for a personal loan with First Midwest Bank, you’ll need to:

  1. Gather your identification verification documentation: You will be required to provide information the company can use to verify your identity when you apply. To expedite the process, make sure you have a current government-issued photo ID, your Social Security number or tax ID number, and other identifying documentation readily available.
  2. Collect income and employment verification documentation: In addition to verifying your identity, you may also be required to demonstrate proof of income and employment (e.g., tax returns, pay stubs, etc.). Gather this information ahead of time so you can quickly provide it upon request.
  3. Submit an application online: Once you’ve gathered the necessary information, you can apply for a loan online using First Midwest Bank’s online application. The lender will check your credit when you apply, which could cause your credit score to drop slightly.
  4. Get your loan decision: After you’ve submitted your application, First Midwest Bank will review your information and contact you to let you know if you’re approved. The lender doesn’t share a specific timeframe for loan decisions, but it’s common for lenders to take up to 24 hours or more to complete this process. 
  5. Receive your loan funds: Once your loan is approved, your funds may be deposited into your bank account in as little as 24 hours.

Can You Refinance a Personal Loan With First Midwest Bank?

At the time of publication, you cannot refinance a personal loan with First Midwest Bank, nor can you change your due date. If you need to refinance your loan, you’ll need to work with another lender. If you decide to pay the loan off early—either because you have the cash on hand or you’ve decided to refinance it with another bank—you won’t be charged a prepayment penalty, similar to the competition.

Customer Service

You can reach the First Midwest Bank customer service team by calling 1-800-322-3623, Monday through Friday from 7 a.m. to 6 p.m. CT and on Saturdays from 8 a.m. to 1 p.m. CT. These hours of operation are more limited than many of its competitors, and you can’t get support on Sundays.

If you don’t want to speak to someone on the phone, you can also email First Midwest Bank at While live chat isn’t available on this lender’s website, it has an online help center with answers to frequently asked questions. 

Customer Satisfaction

Based on a review of several sources, First Midwest Bank has a relatively good reputation with its customers. There was very little feedback on the company’s personal loan product, with many of the comments (positive and negative) dealing with standard account management issues related to other banking products. The feedback we reviewed did not suggest trouble with the bank’s customer service or product offering.

Account Management

As with most personal loan providers, you can manage your account online by logging into First Midwest Bank’s website. This includes doing such things as making one-time payments or setting up recurring payments. You can also use the company’s instant answer center to find answers to questions and make payments online. These account management resources are standard compared to the competition.

How First Midwest Bank Compares to Other Personal Loan Companies

First Midwest Bank personal loans feature low APRs, no origination fees, and flexible repayment terms of up to 84 months. However, you can only get up to $35,000 in funding from First Midwest Bank, and its personal loans are only available in 24 states. Even so, the bank offers a competitive loan option worth considering.

First Midwest Bank vs. Discover

We compared First Midwest Bank to Discover, another top lender. Both of these providers offer relatively low starting APRs and no origination fee. Plus, you can get loan amounts up to $35,000 and repayment terms up to 84 months with both lenders. 

Some of the key differences between personal loans with First Midwest Bank vs. Discover are:

  • While neither lender charges an origination fee, you’ll likely need to pay a $150 documentation fee to First Midwest Bank. Even so, its APRs (which include this fee) are lower than Discover’s APRs.
  • Neither First Midwest Bank nor Discover discloses their specific minimum credit score requirements, although First Midwest Bank says you need to have “good” credit to qualify. You’ll likely need to have a good credit score of at least 670 with both lenders.
  • You can only get a personal loan from First Midwest Bank in 24 U.S. states included in its lending footprint. In contrast, Discover offers personal loans in all 50 states. 

Unless you live in a state included in First Midwest Bank’s lending footprint, Discover is likely the better option between these two providers. Not only does Discover offer competitive rates, terms, and fees, but it’s also available in all 50 states. Even so, if you live in First Midwest Bank’s region, it offers a great personal loan option that’s worth considering. 

Read our Discover personal loans review.

  First Midwest Bank Discover 
APR Range 6.26% to 25.00% 5.99% to 24.99%
Origination Fee  0% ($150 documentation fee)  0% 
Loan Amounts  $5,000 to $35,000  $2,500 to $35,000 
Loan Terms  Up to 84 months  36 to 84 months 
Minimum Credit Score  Good credit required (usually defined as 670 or better)  Not disclosed 
Lending Footprint  24 states  50 states 
Final Verdict

The biggest drawback to First Midwest Bank is that its personal loans are only available to people who live in 24 states, mainly in the Midwestern U.S. Even so, First Midwest Bank is an excellent option for people located in this region who have good credit, and who want to benefit from low APRs and long repayment terms.


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected over 25 data points across more than 50 lenders, including interest rates, fees, loan amounts, and repayment terms to ensure that our reviews help users make informed decisions for their borrowing needs.  

Our full personal loans methodology, including our data collection process and weighted data points, is available for review.

Article Sources
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  1. Experian. “What Is a Good Credit Score?

  2. First Midwest Bank. "Personal Loan Rates."