First Midwest Bank Personal Loan Review

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What is First Midwest Bank?

First Midwest Bank is a community bank with a fairly large footprint surrounding its Chicago headquarters. With over 100 branch locations, First Midwest Bank’s service area stretches from the Windy City to Knox County, central Illinois, northwest Indiana and the Quad Cities area.

Consumers will find the typical range of financial services here, including checking and savings accounts, credit cards, certificates of deposit, money market accounts, personal loans, home equity loans, mortgages and auto loans. It also offers business and commercial financial services, as well as wealth management.

In this First Midwest Bank review, we’ll cover everything you need to know about its personal loans.

First Midwest Bank personal loan highlights

  • Low APR: Creditworthy borrowers will have access to extremely low rates by borrowing with First Midwest Bank. Even rates on the higher end of its APR range offer consumers an affordable borrowing option.
  • Quick funding: Even though First Midwest Bank is a traditional lender, its process for approving and funding personal loans is quick and easy. Many applicants receive same-day decisions, and funds are often received the next day.
  • Flexible loan amounts: First Midwest Bank offers a wide range of loan amounts so that you can choose a loan that’s right for you and avoid borrowing more than you need.
  • Minimum credit requirement: 680
  • Terms: 12 to 60 months
  • Fees: $100 documentation fee
First Midwest Bank Personal Loan Details
Terms
Fees and Penalties
  • Term lengths: 12 to 60 months
  • APR range: 7.17% – 12.87%
  • Loan amounts: $5,000–$25,000
  • Time to funding: Typically next business day
  • Credit check: Soft Pull
  • Origination fee: $100
  • Prepayment fee: Not specified
  • Late payment fee: Not specified
  • Other fees: Not specified

First Midwest Bank product details

First Midwest Bank offers express personal loans that are geared toward consolidating high-interest debt so that you can pay it off more quickly and at a lower rate. Despite being a traditional brick-and-mortar institution, this bank’s personal loans can be applied for and funded online, and the process may only take a couple of days. Personal loans at First Midwest Bank come in a variety of loan amounts and with low, fixed-rate APRs.

If you’re looking to borrow money to make changes to your home, First Midwest Bank also offers home improvement loans. These loans come with very low rates and terms of up to seven years.

Eligibility requirements

  • Minimum credit score: 680
  • Minimum credit history: At least five years of credit history with no bankruptcies, foreclosures, repossessions or other major derogatory marks
  • Maximum debt-to-income ratio: Varies

Personal loans at First Midwest Bank are open to applicants 18 or older who reside in 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 or Wisconsin. If you’re a resident of a different state, you can call the bank to discuss your options.

Applying for a personal loan will result in a hard inquiry on your credit report. To qualify, you should have at least five years of credit history without any significant credit issues, including bankruptcy, foreclosure and repossession. You’ll also need to have at least one year of income history to apply.

Applying for a personal loan from First Midwest Bank

Get connected with a loan officer. You can fill out a brief form online stating your interest in a personal loan and how much you’d like to borrow to talk with a loan officer who can answer any questions. This won’t result in a hard inquiry on your credit report.

Fill out an application. The online application is brief and asks for your personal information, including a form of identification and a Social Security number. This application will result in a hard pull on your credit report.

Receive a decision. In most cases, you should receive a decision from First Midwest Bank within 24 hours of submitting your loan application.

Get your money. If you’re approved for a personal loan, you should receive your funds the next business day.

Pros and Cons of a First Midwest Bank Personal Loan
Pros
Cons
  • Low rates: First Midwest Bank’s personal loans come with low APRs, making the bank an affordable borrowing option.
  • Online application: The application can be completed entirely online and only takes a few minutes.
  • Quick funding: This bank offers same-day approvals and gets your money to you the next business day.
  • Flexible loan amounts: Whether you’re looking to borrow a small amount or are in need of a more substantial loan, First Midwest Bank offers both options.
  • Credit requirements: Borrowers will need to keep their credit history fairly clean for five years to qualify for personal loans.
  • Residency requirements: First Midwest Bank doesn’t service loans in all 50 states. Depending on where you live, you might not be eligible to apply.
  • Origination fee: This bank does charge a $100 documentation fee on personal loans. That being said, this fee is lower than the origination fee charged by some online lenders.

Who’s the best fit for a First Midwest Bank personal loan?

Because it has stricter credit requirements than some lenders, First Midwest Bank is a good fit for borrowers with a good credit history or borrowers who have been rebuilding their credit for at least five years. This bank’s low APR range makes it a competitive option that anyone who is creditworthy and wants to save money on interest should consider.

First Midwest Bank’s personal loans are worthy of consideration if you’re looking to consolidate up to $25,000 in high-interest debt. The bank also offers great rates on home improvement loans, which might be a good option for anyone looking to borrow up to $25,000 to cover the cost of home projects.

Make sure to shop around and compare the best personal loans before deciding on a lender.

Alternative personal loan options

Earnest

  • APR range: 6.99%–18.24%
  • Credit requirements: 680 minimum credit score
  • Terms: 36 to 60 months
  • Origination fee: No origination fee

Earnest offers personal loans ranging from $5,000 to $75,000 for borrowers with good credit. Its mobile application makes it easy to select your own monthly payment amount and increase it at any point. Besides considering your credit history, Earnest will also look at your savings habits, education and income potential.

Peerform

  • APR range: 5.99%–29.99%
  • Credit requirements: 600 minimum credit score
  • Terms: 36 or 60 months
  • Origination fee: 1.00% - 5.00%

Peerform offers reasonable loan rates to a wide range of borrowers. You can borrow anywhere from $4,000 to $25,000, and you won’t be charged a prepayment penalty for paying off your loan early. Peerform is a peer-to-peer lender, and its personal loans can be used for a wide range of purposes.

LightStream

  • APR range: 3.99%–16.99%
  • Credit requirements: 660 minimum credit score
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

With LightStream, creditworthy borrowers can borrow anywhere from $5,000 to $100,000 at reasonable interest rates. This lender charges No origination fee and no prepayment penalties, and it offers a wide range of loan products, including auto loans, home improvement loans, debt consolidation loans, medical loans, wedding loans and more.

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