First Midwest Bank Personal Loans Review

Based in Chicago, this bank offers personal loans in 27 states

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First Midwest Bank

 First Midwest Bank

overall rating

Founded in 1940 with the slogan “The Friendly Bank,” First Midwest Bank offers products and personal loan services to consumers in 27 states, but in four of those states applicants are only allowed to use the loan for home improvement purposes. Still, the bank offers competitive rates and flexible repayment terms. 

Even if you reside in one of the states that First Midwest Bank services, you should shop around to see whether its offer is the best fit. To aid you in your search, we’ve reviewed important details such as rates, repayment terms, and fees to help you with your final decision.

  • Product Specifications
  • Pros & Cons
  • Fees
Product Specifications
  • APR Range 8.12% to 17.51%
  • Loan Amounts $5,000 to $35,000
  • Loan Terms 12 to 84 months
  • Recommended Minimum Credit Score Unspecified (the lender requires a "good" credit score)
Pros & Cons
  • No application or origination fees

  • Fast approval times

  • Joint applications allowed

  • Not available nationwide

  • High minimum loan amount

  • No prequalification available

  • Origination fee: none
  • Prepayment penalty: none
  • Late fee: $10 or 5% of the unpaid balance, whichever is greater
  • Documentation fee: $150
First Midwest Bank

 First Midwest Bank

overall rating

Pros Explained

  • Minimal fees – First Midwest bank only charges a $150 documentation fee and has no application or origination fees.
  • Fast approval times – Applications may be approved in as little as 24 hours, and loan proceeds are sent within a few business days.
  • Joint applications allowed – Applicants who need a co-signer to increase their chances of getting approved can have one.

Cons Explained

  • Not available nationwide – Personal loans through First Midwest Bank are currently available in only 27 states, with four of them only allowing the funds to be used for home improvement.
  • High minimum loan amount – At $5,000, this amount is high compared with other competitors
  • No prequalification available – Applicants need to submit a fill application, meaning they’ll be subject to a hard credit inquiry, which can temporarily lower your credit score.

Types of Personal Loans Offered by First Midwest Bank 

First Midwest offers personal loans for most purposes depending on where you reside. Applicants from Illinois, Indiana, Iowa, and Wisconsin may only use personal loans for home improvement projects via Midwest’s Express Personal Loan for Home Improvement product.

In the remaining 23 states that First Midwest Bank services—Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Kansas, Kentucky, Maine, Massachusetts, Minnesota, Missouri, Nebraska, New Hampshire, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Vermont, and Virginia—borrowers may use personal loans for most reasons. This includes debt consolidation, wedding planning, and vacation expenses. 

Time to Receive Funds

Borrowers may be approved for a personal loan in as little as 24 hours, and the bank will send the loan proceeds within a few business days. 

First Midwest Bank Personal Loan Features

Same Day Approvals Available

First Midwest Bank claims most loan decisions are completed within 24 hours. Factors for approval depends on whether you apply for a personal loan during business hours and if you can provide all required documentation.

Joint Applications Available

You can submit an application with a cosigner—ideally with a higher credit profile than yours—to increase your chances of receiving a lower rate. 

Documentation Fee Charged

First Midwest Bank’s $150 documentation fee is rolled into your final APR. 

Apply for a First Midwest Bank Personal Loan

Borrowers can apply for a First Midwest Bank personal loan online or at any of the bank’s brick-and-mortar branches. In addition to credit requirements, applicants need to be at least 18 years old and a U.S citizen or permanent resident.

Here’s what you can expect during the process: 

  1. Head to First Midwest Bank’s website and go to its application form.
  2. Enter information about your loan, such as the application type, loan purpose, and state of residence. 
  3. Enter personal details, such as your full name, address, photo ID, Social Security number, and employment details.  
  4. Submit form and agree to a hard credit inquiry to receive a loan offer. 
  5. Follow instructions to submit additional documentation as necessary, such as proof of income and/or employment. 

Your loan may be approved within 24 hours, and you should receive loan funds within a few business days. 

Can You Refinance a Personal Loan With First Midwest Bank?

Borrowers cannot refinance a loan with First Midwest Bank. 


First Midwest Personal loans are a great fit for those who have ample employment history and a good credit score. The rates offered are competitive, and the bank has flexible loan terms. It’s also a good fit for those who want to submit a joint application.

Unfortunately, this personal loan is fairly restrictive. It’s only available in 27 states, and in four of them you can only use the loan for home improvement purposes. Plus, with a $35,000 loan limit, you will have to seek out alternatives if you need more than that. Either way, it’s always a good idea to compare different personal lenders to see who offers the best deal. 


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.

Article Sources

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  1. First Midwest Bank. "First Midwest At-a-Glance." Accessed Sept. 13, 2020.

  2. First Midwest Bank. "Personal Loan Rates." Accessed Sept. 13, 2020.