Minimum Credit Score
12 to 60
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 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: 680
- Minimum credit history: Must have good credit to qualify with at least five years of history
- Maximum debt-to-income ratio: 43%
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, 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. There are no origination fees or prepayment penalty fees. Interest rates are competitive, and you can get a quick decision. With that said, borrowers who need a large sum of money ($25,000+) may find the loan amounts offered by First Midwest bank restricting.
Keep in mind, this loan does require a soft pull. You cannot get a rate quote from the bank without a hard inquiry. Still, it shouldn’t deter you entirely from the loan. An inquiry could dock your credit score a few points, but taking the temporary hit may be worthwhile if it’s to qualify for a low-cost personal loan. You can learn more about what credit inquiries do to your credit score here.
If your credit score or history doesn’t qualify you for this loan, there are other options to consider that accepts borrowers with credit scores in the low- to mid-600s. You can also review the best online personal loan options for people with different credit profiles here. This list also includes a few lenders that do let you prequalify for a loan with just a soft inquiry.
Alternative personal loan options
Minimum Credit Score
36 or 60
1.50% - 6.00%
Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More .
Upgrade lets you borrow from $1,000 to $50,000. Unlike First Midwest Bank, there’s an origination fee. However, you can borrow with a lower credit score and there’s a soft pull prequalification process available. The low end of the Upgrade interest rate range is competitive, but the best rates are typically given to those with the best credit. It can take up to four business days to get funding.
Marcus by Goldman Sachs®
Minimum Credit Score
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. 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. For New York residents, rates range from 5.99% to 24.99% APR.
Marcus by Goldman Sachs® is a no origination fee loan also with competitive interest rates available. There’s no set minimum credit score requirement, but more than 80% of borrowers last year had a credit score of at least 660, according to Goldman Sachs’ most recent annual report. You can borrow from $3,500 to $40,000. This is another product with a soft pull prequalification available. It can take one to four business days to get funding from this loan.
Minimum Credit Score
24 to 60
Up to 4.75%
on LendingTree’s secure website
Avant branded credit products are issued by WebBank, member FDIC.
Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More
Avant has an interest rate range that starts slightly higher than the competitors on our list, but the qualifying credit score range welcomes those with less than stellar credit. 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.