First Midwest Bank Personal Loan Review
First Midwest Bank loans are approved and funded quickly — sometimes as soon as the next business day. APRs run from 6.65% to 15.44%, which can be considered a reasonable range compared to some other lenders. However, you should be aware that these personal loans come with a $100 documentation fee. Read on to learn more about First Midwest Bank personal loans.
- First Midwest Bank personal loan highlights
- First Midwest Bank at a glance
- Eligibility requirements
- What borrowers are saying about First Midwest Bank
- Applying for a personal loan from First Midwest Bank
- Who’s the best fit for a First Midwest Bank personal loan?
- Alternative personal loan options
First Midwest Bank personal loan highlights
- Quick approval process: You could receive a decision on your personal loan on the same day you apply, with funds transferred to you as soon as the next business day.
- Low fixed APRs: Rates range from 6.65% to 15.44%. When compared to other lenders, these are fairly reasonable interest rates.
- High minimum borrowing limit. Loan amounts range from $5,000 to $25,000. This lender is primarily worth considering if you’re planning on borrowing a significant amount of money.
- Documentation fee: All personal loans come with a $100 documentation fee.
First Midwest Bank at a glance
- APR: 6.65% to 15.44%
- Minimum credit score: Not specified
- Terms: Not specified
- Origination fee: Not specified
|Terms||Fees and penalties|
- Minimum credit score: Not specified
- Minimum credit history: 5 years
- Maximum debt-to-income ratio: Not specified.
In addition to at least five years’ worth of credit history, all applicants should have a good credit score and a credit history that does not have any bankruptcies, foreclosures, repossessions or other major credit issues. The application requires at least 12 months’ worth of employment history. You may be asked to provide proof of income or employment when applying.
To apply for a personal loan online, you must be 18 years old or older, be a U.S. citizen or permanent resident and provide current identification and your Social Security or tax ID number.
First Midwest Bank doesn’t offer personal loans in the following states: Alabama, Alaska, Arizona, Hawaii, Idaho, Louisiana, Maryland, Michigan, Mississippi, Montana, Nevada, New Jersey, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Tennessee, Texas, Utah, Washington, West Virginia and Wyoming.
What borrowers are saying about First Midwest Bank
Overall, consumers have great things to say about First Midwest Bank. In fact, First Midwest Bank was the No. 1 reviewed personal loan lender on LendingTree’s website in the first quarter of 2019. The average rating for First Midwest Bank across over 1,900 reviews on LendingTree is a 4.9 out of 5, with 99% of reviewers recommending the bank. The majority of reviews cite excellent customer service and responsiveness, as well as reasonable interest rates and fees.
Matthew from Urbandale, Ia., who secured a personal loan with First Midwest Bank in Aug. 2019, gave the company five out of five stars and had this to say: “The entire process was very straightforward and professional. Jasmine made the process very easy to understand and guided me through everything. Received a great rate and would do business with First Midwest in the future.”
Jake from Johnston, Iowa, who gave First Midwest Bank three out of five stars, said that although the process of securing a loan was simple, he’s hit some roadblocks since: “The process was easy. I would say that they just found the underwriter and processed the loan. Communication was easy through the process. Since the loan, however, the emails back and forth have been delayed.”
Applying for a personal loan from First Midwest Bank
Applying for a personal loan with First Midwest Bank is a fairly straightforward process. First, you’ll want to submit an online application with the bank. This application will include your personal data (i.e. name, address, Social Security number and driver’s license number), as well as your current outstanding loans, your housing situation and your employment history.
Next, you will wait for the bank to approve your loan. Someone might follow up with you to ask for additional information, such as proof of employment or a copy of your driver’s license. You could see approval as fast as the same business day, and you could have access to your funds as quickly as the next business day.
Although filling out an application online is likely the quickest and easiest route to a personal loan with First Midwest Bank, you can also visit one of the bank’s brick-and-mortar locations or call 1-800-322-3623 during regular business hours.
Who’s the best fit for a First Midwest Bank personal loan?
First and foremost, borrowers must live in one of the states the bank serves to be a candidate for a First Midwest Bank personal loan. They’d need good credit or better and have a need for a large loan amount. With a minimum $5,000 borrowing limit, First Midwest Bank doesn’t make sense for those who need to borrow a small amount of money.
On the other hand, First Midwest Bank moves fast. Borrowers who need funds quickly will like this lender, as it can release loan funds as quick as one business day. And with low rates, First Midwest Bank could be a viable option for those looking to consolidate debt, assuming they qualify for the lowest rates.
Alternative personal loan options
- APR: 4.99% to 16.79%
- Minimum credit score: Not specified
- Terms: 24 to 144 months
- Origination fee: No origination fee
A division of SunTrust Bank, LightStream offers personal loans with a wide variety of repayment terms. If you’re borrowing a significant amount of money or envision you’ll need a significant amount of time to pay it back, you can rest assured knowing loan terms are from 24 to 144 months.
Loan amounts range from $5,000 to $100,000, meaning LightStream personal loans are also worth considering if you’re looking to borrowing more than First Midwest Bank’s $25,000 maximum. Loan funds can also be accessed quickly, with funding as fast as the same day you are approved. One additional benefit of securing a loan through LightStream is that it serves the entire U.S.
*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.
- APR: 6.18% to 35.99%
- Minimum credit score: 620
- Terms: 36 & 60 months
- Origination fee: Is Up to 8.00%
Lending company Upstart offers personal loans that range from $1,000 to $50,000, with repayment terms of either 36 & 60 months. Because First Midwest Bank only offers loans at a minimum of $5,000, Upstart could be worth considering if you’re looking to borrow a smaller amount. Upstart also offers quick access to personal loan funds, with funds transferred as quick as the next business day, if approved.
There is a minimum credit score requirement of 620 in order to take out a loan with Upstart, so this lender isn’t worth considering if your score is below that threshold. Even if you have a credit score above 620, proceed with caution, as personal loan interest rates can be as high as 35.99%. You cannot take out a personal loan with Upstart in West Virginia or Iowa.
- APR: 5.99% to 24.99%
- Minimum credit score: 640
- Terms: 24 and 60 months
- Origination fee: Is up to 5.00%
Payoff is worth considering for those with good credit, as a high credit score could allow you to secure a low interest rate. Loans range from $5,000 to $35,000, meaning this lender has a higher upper limit than First Midwest Bank. Payoff does a Soft Pull when you check your rate.
The age of your credit history only needs to be three years with Payoff, compared to First Midwest Bank’s five years. Keep in mind that your debt-to-income ratio (your monthly debt payments compared to your monthly income) must be below 50%. Payoff does not offer loans to those who live in Massachusetts, Mississippi, Nebraska, Nevada or West Virginia.
All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.