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Updated on Friday, July 12, 2019
on LendingTree’s secure website
With locations in Iowa, Illinois, and Indiana, First Midwest Bank is a great option for borrowers that are looking for personal loan and want the comfort of working with a traditional brick-and-mortar bank.... Read More
Fees and penalties
First Midwest Bank is a brick-and-mortar institution that has a personal loan available online with competitive rates and limited fees. This is unique in the online lending space. Often, it’s the online-only lenders with no physical locations that have some of the best deals on rates and fees — they’re able to pass on the savings from not having the overhead of physical branches.
First Midwest Bank gives you the best of both worlds — affordable loan products and in-person banking support if that’s something you value.
- Minimum credit score: Not specified.
- Minimum credit history: Must have good credit to qualify with at least five years of history
- Maximum debt-to-income ratio: Not specified.
In order to qualify for a First Midwest Bank loan, you need to:
- Be at least 18 years or older
- Be able to provide a current ID
- Be able to provide a tax identification number or a Social Security number
- Provide proof of employment or income
The First Midwest Bank lending area includes Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Massachusetts, Minnesota, Missouri, Nebraska, New Hampshire, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Wisconsin.
As mentioned above, First Midwest Bank isn’t in the business of lending money to the subprime market. You need to have good credit or better to qualify. You also need five years or more of credit history. Your credit history should have no bankruptcies, foreclosures, repossessions or other adverse history.
Applying for a personal loan from First Midwest Bank
The application process for First Midwest Bank can be done online or over the phone. Here’s how it works:
Go to the First Midwest Bank website. On the loan page it gives you the option to apply online or to call and speak with a loan specialist.
Provide your information. You’ll be asked identifying information about yourself like your name, age, address and Social Security number. You also need to tell the bank why you need the loan and how much you need.
Wait for a decision and get funding. The decision on your application may be made within 24 hours. The application process and funding of your loan may take three business days, depending on how long it takes you to submit supporting documents for the application.
Who’s the best fit for a First Midwest Bank personal loan
The First Midwest Bank is going to be best for someone who lives in the bank’s service area and can meet credit history conditions. If you’re eligible, this is one of the most affordable loans around. Interest rates are competitive, and you can get a quick decision. With that said, borrowers who need a very low or large sum of money may find the loan amounts offered by First Midwest bank restricting.
If your credit score or history doesn’t qualify you for this loan, there are other options to consider that accept borrowers with lower credit scores. You can also review our review on some of the best online personal loan options for people with different credit profiles currently on the market.
First Midwest Bank consumer reviews
Better Business Bureau A+ rating, 4.9 of five stars in 1,669 reviews on LendingTree, our parent company. Reviewers rate First Midwest Bank five stars for customer service, responsiveness, interest rates and fees and closing costs. Customers give the bank high marks for fast, easy loan processing and helpful, courteous staff.
“Just funded a loan I applied for four days ago!,” one reviewer wrote. “The application process, the review process, the underwriting process and the customer service was the best I’ve experienced with any bank! And I couldn’t find a better rate or cheaper closing costs anywhere in the country! First Midwest Bank is the real deal.”
First Midwest Bank FAQ
The bank offers a full array of loans, from personal loans, home equity loans, mortgages, auto loans and more.
Paying off high-interest credit cards, paying for a big medical bill, and paying for home improvements, vacations and weddings are among the many uses of personal loans.
First Midwest Bank offers a “Believer Loan” tailored for those who don’t have excellent credit, lots of equity in their home or collateral some banks require. A Believer Loan helps establish savings and good credit. Borrowers purchase a certificate of deposit equal to the amount of their loan. The CD will be yours once you’ve paid the loan off.
A personal loan for consolidating credit card debts might help you take control of your payments, lower your interest rate and monthly payments, and give you the added convenience of paying one bill each month.
Alternative personal loan options
Minimum Credit Score
36 or 60
2.90% - 8.00%
Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More
Personal loans made through Upgrade feature APRs of 6.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.
Upgrade lets you borrow from $1,000 to $35,000. Although there’s an origination fee, the low end of the Upgrade interest rate range is competitive, but lower rates are typically given to those with the excellent credit. It can take up to four business days to get funding.
Marcus by Goldman Sachs®
36 to 72
No origination fee
Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.
Marcus by Goldman Sachs® is a no origination fee loan also with competitive interest rates available. With Marcus by Goldman Sachs, you can borrow from $3,500 to $40,000. This is lender does a soft pull during the prequalification process.
Minimum Credit Score
24 to 60**
Up to 4.75%**
Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.
Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 - August 1, 2019, 95.11% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.
Avant has an interest rate range that starts slightly higher than the competitors on our list. Loan amounts range from $2,000 to $35,000. You can prequalify with a soft pull here as well. The Avant loan has an origination fee of up to 4.75% to consider when factoring in costs. You can get funding in as little as one business day.