MoneyGeek’s Take

First Midwest Bank Personal Loan Review

First Midwest Bank provides various financial services and products, including quick personal loans that are available to borrowers who have excellent credit scores. To qualify for a personal loan from this lender, you need a minimum credit score of 670.

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Last Updated: 10/25/2022
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First Midwest Bank provides unsecured personal loans with a fixed interest rate, no origination fees and no prepayment penalties. Borrowers can use their First Midwest Bank personal loan to finance any expense, including home renovations, consolidating debt, covering emergency costs and other large purchases. Approval only takes one day.

At a Glance: First Midwest Bank Personal Loans


  • First Midwest Bank

    • 5.23% to 12.99%APR Range
    • 670Minimum Credit Score
    • $5,000 to $35,000Loan Amount Range
    • 12 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

First Midwest Bank Personal Loan Details and Requirements

  • APR

    First Midwest Bank’s annual percentage rate for personal loans ranges from 5.23% and 12.99%.

  • Credit Score Requirements

    To qualify for a personal loan from First Midwest Bank, borrowers need a credit score of at least 670.

  • Income Requirements

    You do not need verifiable income to qualify for a personal loan from First Midwest Bank.

  • Loan Amounts

    First Midwest Bank personal loans range from $5,000 to $35,000.

  • Loan Terms

    Borrowers can repay First Midwest Bank loans within 12 to 84 months.

  • Permitted Uses

    You can use your First Midwest Bank loan to cover any expense, including debt consolidation, large purchases and home renovations.

  • Prohibited Uses

    There are no restrictions on how borrowers use their First Midwest Bank personal loan.

  • Time to Receive Funds

    After applying for a personal loan from First Midwest Bank, you will receive the funds in one day.

  • Origination Fees

    First Midwest Bank does not publicize any origination fees on their website. Contact the lender for more details.

  • Late Fees

    First Midwest Bank won’t charge you any fees for late payments.

  • Prepayment Penalty Fees

    Personal loans from First Midwest Bank come with no prepayment penalty.

  • Co-signers and Co-applicants

    First Midwest Bank does not allow co-signers on personal loans.

  • Perks

    The bank conducts a soft credit inquiry that does not affect your credit score.

  • Mobile Application

    First Midwest Bank has a mobile app that borrowers can use to manage their personal loan.

Is First Midwest Bank Right for You?
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Lenders consider various factors when reviewing personal loan applications. When selecting a lender, you also need to consider factors such as the loan terms. MoneyGeek's First Midwest Bank personal loan review can help you determine whether it's the right option for you.

Who First Midwest Bank Is Perfect For

Borrowers with a credit score of at least 670 who need a maximum of $35,000 can apply for a personal loan from First Midwest Bank. It’s also great for people who need funds quickly.

This lender is a good option for individuals who need a loan with no prepayment or late fees. The bank offers a relatively low APR with extended repayment periods. It’s also a good option for people who prefer managing their loans via a mobile app.

Who Should Not Choose First Midwest Bank

Midwest Bank is not ideal for individuals with a poor to fair credit rating since you need at least a 670 credit score to qualify. The lender may also not be the best for you if you need to borrow more than $35,000 or less than $5,000. If you have no credit, you won’t qualify for a loan from First Midwest Bank.

Those who need a lender that allows co-signers and offers an autopay discount to borrowers might need to consider other options.

How to Apply for a First Midwest Bank Personal Loan

After deciding to get your personal loan from First Midwest Bank, you can start the application process. MoneyGeek’s First Midwest Bank personal loan review outlines the steps you will take to complete your application. These include:

1

Prequalify

To qualify for a personal loan from First Midwest Bank, you need to have a credit score of at least 670. You also need at least five years of credit history with no bankruptcies and no other credit issues.

2

Fill Out Application Form

Borrowers can submit a personal loan application online by providing their personal details plus Social Security or Tax Identification Numbers.

3

Wait for Approval

All applications are subject to a soft credit inquiry. Once you complete the application process, the First Midwest Bank will review your submission before approving your application.

4

Review Loan Agreement

If your loan gets approved, you will need to review the offer to determine whether the terms are acceptable. Make sure you have a solid understanding of any fees, charges and payment deadlines.

5

Sign Loan Agreement

Once you have gone through the fine print and are happy with the terms in the loan package, you can sign the agreement.

6

Receive or Direct Funds

First Midwest Bank will deposit the funds into your bank account within one day.

7

Make Payments

With a personal loan from First Midwest Bank, you will need to make your payments based on the guidelines in the loan agreement. Fortunately, the lender does not charge any fees on late payments.

What to Do if You Are Rejected From First Midwest Bank

Your loan application may get rejected for various reasons, including insufficient income, poor credit or incomplete application details. When this happens, the first thing to do is figure out what caused the lender’s decision.

Take the time to contact the bank to understand the reason behind your unsuccessful application since this will help prevent another rejection.

While you can still submit new applications in the future, you may need to take the time to build your credit score and improve other factors beforehand.

You can start a new application with a different lender, but you risk impacting your credit score if it gets denied. MoneyGeek recommends that you focus on improving your weak scores before submitting any new applications.

Frequently Asked Questions About Personal Loans

The best personal loan lender depends on your needs and the requirements associated with the loan. MoneyGeek provided answers to common questions asked about First Midwest Bank’s personal loans to ensure you have the information you need to properly evaluate this lender.

Read More on Personal Loans

sources
  • First Midwest Bank. "Personal Loans." Accessed April 19, 2022.
  • First Midwest Bank. "Who We Are." Accessed April 19, 2022.

The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity.