First Midwest Bank Personal Loan Review (2026)

If you have been looking at a First Midwest Bank personal loan, there is one big thing to know up front: First Midwest Bank merged with Old National Bank, and the personal loan products now largely live under the Old National umbrella. That affects where you apply and which terms you see, so this review covers both the classic First Midwest offering and what to expect today.

Below you will find the APR range, loan amounts, terms, fees, and the credit score you likely need. All figures are accurate as of July 2026 and can change, so confirm current terms directly with the bank before applying.

Key facts at a glance

The First Midwest Bank personal loan offers a competitive starting APR and no collateral requirement, but it targets borrowers with good credit and now runs through Old National Bank after the merger. APRs vary by creditworthiness, and terms and conditions apply.

The Old National merger: what changed

First Midwest Bank combined with Old National Bank, and the integration has been rolling out through 2026. In practice, this means the personal loan you research under the First Midwest name may now be originated and serviced under Old National, and the online application often routes there.

Rates and terms have been quoted as effective for applications received within specific windows during 2026, which is typical during a merger transition. The core loan features have stayed similar, but the branding and application path have shifted. If you started a relationship with First Midwest, your accounts are generally continuing under the new structure. Always confirm the current lender name on your loan documents.

APR and how rates are set

As of July 2026, the personal loan advertised a low fixed APR starting around 6.26%. That starting rate is reserved for the strongest applicants; your actual rate depends on your credit bureau score, the loan purpose, and the term you choose. Longer terms and lower credit scores generally push the rate higher.

A fixed APR is a real advantage. Your rate and monthly payment stay the same for the life of the loan, which makes budgeting predictable. That contrasts with variable-rate products where payments can rise over time. It also helps to understand the difference between the interest rate and APR, since the APR folds in fees and shows the true cost. Still, remember that the advertised starting rate is a floor, not what most borrowers receive. APRs vary by creditworthiness.

Before you commit to any single bank's advertised rate, it is worth seeing what you would actually qualify for. Upstart lets you check your rate on a personal loan with no hard pull to your credit, so you can compare a real personalized offer against this loan's starting APR without risking a hard inquiry.

Loan amounts and terms

You can borrow from $5,000 to $35,000, which covers common needs like debt consolidation, home improvements, or a large one-time expense. If you are weighing whether a personal loan to pay off debt makes sense, the math only works when the new rate is meaningfully lower than what you already carry. The minimum of $5,000 means this is not a fit for small, short-term borrowing; if you need $1,000, look elsewhere.

Terms run up to seven years. Longer terms lower your monthly payment but increase the total interest you pay over the life of the loan. Shorter terms cost less overall but demand higher monthly payments. Choose the shortest term you can comfortably afford to minimize interest.

Because the loan is unsecured, you do not have to put up collateral like a car or home. That reduces your risk if you fall behind, though it also means the lender leans harder on your credit score to decide your rate.

Fees

One of the friendlier features here is the fee structure. The loan generally does not charge a separate origination fee, which puts it in the same friendly camp as other personal loans with no origination fee. Instead, there is a documentation fee, commonly around $150, folded into the loan. Compared with lenders that tack on origination fees of several percent, a flat documentation fee is often cheaper, especially on larger loans.

Always review the full fee disclosure before signing. Ask specifically about late fees and whether there is any prepayment penalty, since paying off the loan early can save you interest.

Credit score and approval

Based on commonly reported requirements, you generally need a credit score around 680 to qualify. That places this loan in the good-credit tier. If your score is below that range, approval is less likely, or you may be offered a higher rate.

Approval also depends on income, existing debts, and your overall credit profile, not the score alone. As a bank loan, it reports to the major credit bureaus, so on-time payments can help your credit while missed payments can hurt it. If you are early in your credit journey, a guide on how to build credit for the first time can help you reach that 680 threshold before you apply.

If your credit is not quite at the 680 range, do not assume you are out of options. There are also personal loans with no credit check worth understanding, though they usually rely on a soft pull and alternative data rather than skipping your history entirely. Rather than risking a hard inquiry on a bank loan you might not qualify for, it helps to compare offers across lenders first. MoneyLion lets you compare personal loan offers from multiple providers in one place, so you can see which lenders are realistic for your profile before you formally apply anywhere.

Pros and cons

Pros: a competitive fixed starting APR, no collateral required, no separate origination fee, loan amounts up to $35,000, and terms up to seven years for flexible payments. The fixed rate keeps payments predictable.

Cons: a relatively high credit score requirement around 680, a $5,000 minimum that rules out small borrowing, a starting rate most borrowers will not qualify for, and a merger transition that can make the application path and branding confusing. It is also a bank loan, so funding may be slower than some online lenders.

Who it fits best

This loan fits borrowers with good credit, around 680 or higher, who need to borrow between $5,000 and $35,000 for something like consolidating higher-interest debt or funding a home project. The fixed rate and no-origination-fee structure make it a reasonable choice for predictable, mid-sized borrowing. If you are comparing bank options internationally, a review like the IDFC FIRST Bank personal loan rates and eligibility breakdown shows how terms differ from one lender to the next.

It is less ideal if you need a small loan, have credit below the mid-600s, or want same-day funding. In those cases, a different lender or checking your rate elsewhere first may serve you better.

Next steps

Start by checking your credit score so you know whether you are near the 680 threshold. Then confirm the current APR, fees, and application path directly with Old National Bank, since the First Midwest products now run through it after the merger. Compare the offer against at least one or two other personal loans on APR, fees, and term. Checking your rate with Upstart and comparing offers through MoneyLion are both easy ways to line up alternatives without a hard pull up front.

Lining up loans side by side makes the true cost easier to see, and a comparison platform like Firstcard can help you review your options in one place. Terms and conditions apply, and APRs vary by creditworthiness.

Frequently Asked Questions

Is First Midwest Bank still offering personal loans?

First Midwest Bank merged with Old National Bank, and the personal loan products now largely operate under Old National. You can generally still apply, but the branding and application path route through Old National. Confirm the current lender name on your loan documents before signing.

What credit score do I need for a First Midwest Bank personal loan?

Based on commonly reported requirements, you generally need a credit score around 680 to qualify. Approval also depends on income, existing debt, and your overall credit profile, so a strong score alone does not guarantee approval.

How much can I borrow?

The personal loan offers amounts from $5,000 to $35,000, with terms up to seven years. The $5,000 minimum means it is not suited to very small, short-term borrowing needs.

Does the loan charge an origination fee?

The loan generally does not charge a separate origination fee. Instead, there is a documentation fee, commonly around $150. Always review the full fee disclosure and ask about late fees or prepayment penalties before signing.