Old National Bank Personal Loan Lender Review

Updated: February 14, 2024

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Old National Bank provides personal loans between about $2,500 and $25,000, with terms from 36 to 72 months and a maximum APR of 25%. It offers flexibility in fund usage, like debt consolidation and home improvements and a convenient mobile app for easy management.

However, eligibility requirements and all the potential fees it may charge are unclear. Plus, its maximum APR is relatively high. While Old National is beneficial for its loan flexibility and digital tools, borrowers should weigh these against potential high costs and lack of transparency.

  • Old National 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

    Old National Bank's personal loans offer significant advantages for borrowers. With loan amounts ranging from $2,500 to $25,000, you have the flexibility to cover various financial needs, from minor expenses to substantial purchases. The terms of these loans vary between 36 and 72 months.

    The maximum Annual Percentage Rate (APR) of 25% at Old National is structured to be competitive, ensuring you're not burdened with excessively high interest rates. This aspect is crucial in keeping your overall loan cost manageable.

    Moreover, the versatility of Old National Bank's personal loans is a key feature. Whether you're consolidating debt, tackling unexpected expenses, funding home improvements or planning a large purchase, these loans adapt to your specific financial goals. This makes Old National Bank a practical option for a wide range of borrowing needs, aligning with different financial situations and objectives.


    • Minimum loan amount of $2,500
    • Loan terms between 36 and 72 months
    • Allows online application for convenience
    • Autopay discount for those with Old National Bank checking accounts


    • Low borrowing limits
    • Maximum APR may be higher than some competitors
    • Charges documentation fee
    • Limited to certain states
    Old National Bank

Features of Old National Bank Personal Loans

When considering a personal loan from Old National Bank, exploring all it's features is smart. You can use the loan for different needs, like paying off debt or home improvements. It's also important to understand the fees, loan terms and if they offer help with repayments.

Additionally, check out its customer service and online tools. Knowing these details let you decide if Old National Bank fits your financial situation. Remember that good research means finding a loan that's easy to manage and suits your needs, ensuring you're making a wise financial decision for your future.

What Can You Use Your Funds For?

Understanding how to use your loan from Old National Bank is vital because some lenders limit how their loans can be used. Knowing these details ensures the loan you choose fits your specific needs. Here's how you can use a personal loan from Old National Bank:

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    Home Improvements

    Whether necessary repairs, a complete renovation or an upgrade, an Old National Bank personal loan can be your tool. Not only do you get to enjoy living in a space you love, but you're also investing in increasing your home's value.

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    Debt Consolidation

    You can combine all your existing debts into one with an Old National Bank personal loan. This move often results in a lower interest rate and just one monthly payment, making your path to being debt-free clearer and more manageable.

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    Emergency Expenses

    Whether it's an unexpected medical bill or urgent car repairs, an Old National Bank personal loan ensures you don't have to rely on high-interest credit cards. The quick access to funds also provides much-needed relief in emergencies.

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    Major Purchases

    An Old National Bank personal loan can be an ideal solution for major purchases like a new laptop or furniture. It enables you to make significant purchases without exhausting your savings, spreading the cost over time and making big-ticket items more financially manageable.

Choosing the right loan for your needs is crucial. With Old National Bank, you can use your loan for various important aspects of your life, whether it’s improving your home, consolidating debt, covering emergencies or making significant purchases. Understanding these options helps you make an informed and beneficial financial decision.

Loan Terms for an Old National Bank Personal Loan

When considering a personal loan from Old National Bank, it's essential to be familiar with specific terms like loan amounts, repayment terms and APR ranges. This knowledge enables you to select a loan that aligns with your financial capacity and goals.

  • Loan amounts: The loan amounts offered by Old National Bank range from about $2,500 to $25,000. This broad range allows you to choose an amount that precisely meets your needs, whether it's for a minor expense or a significant investment. It's important to borrow a sum that aligns with your ability to repay, ensuring you avoid financial strain.

  • Repayment terms: Personal loans from Old National Bank have terms between 36 and 72 months. It’s worth noting, however, that the maximum loan term you can have depends on the loan’s purpose. For instance, the maximum loan term for home improvements is 72 months, 60 months for debt consolidation and 48 months for all other purposes.

  • APR range: The APR includes both interest and any fees associated with the loan, making it a comprehensive measure of the loan's cost. A lower APR is preferable as it reduces the overall expense of the loan. Your specific APR depends on factors such as your credit score, loan purpose and term.

Selecting the right terms for your personal loan is a key step in ensuring that it is a helpful financial tool. By understanding and carefully considering these terms, you can choose a loan from Old National Bank that supports your financial objectives and fits comfortably within your budget.

Fees and Discounts for an Old National Bank Personal Loan

Knowing the fees associated with a personal loan from Old National Bank is important because it affects the total cost of your loan. Different lenders have varying fee structures, so understanding these specifics can help you avoid unexpected expenses. Here's what Old National Bank charges:

  • Documentation fee: Old National Bank charges a documentation fee of $150 to process your loan application.

  • Late fee: Old National Bank may charge a late fee if you miss a payment deadline.

Note that Old National Bank isn't clear about other potential fees, like prepayment penalty. This is a fee for paying off your loan early. Knowing all associated fees is vital, as they can significantly impact the total cost of your loan. As such, it’s always a good idea to ask about them to fully understand your loan's terms.

Old National Bank Personal Loan Repayment Assistance

When selecting a personal loan lender, it's essential to consider the kind of support it offers during challenging financial times. Old National Bank's flexibility with payment due dates is a key feature. This means if your financial situation changes, such as a shift in your pay schedule or finding certain times of the month more conducive to making payments, you can adjust your due date accordingly. It gives you greater control over your repayment plan, aligning with your financial rhythms.

Old National Bank is also approachable and supportive if you encounter difficulties in making your loan payments. It encourages open communication and is willing to discuss various options to help you manage your payments during tough times.

This level of understanding and flexibility is vital in a lender. Life is full of surprises, and having a financial partner that offers help and adapts to your changing circumstances can make a significant difference.

Old National Bank Customer Service

When you're choosing a personal loan lender, it's essential to think about how you can get in touch if you need help. Good customer service means more than just assistance with loan concerns — it's about easy and reliable communication methods.

With Old National Bank, you have three convenient options to reach out. You can visit a local branch. It's a great choice if you prefer talking face-to-face. If you're more comfortable planning ahead, you can schedule an appointment online. This way, you know you'll have their full attention at a time that works for you.

If you need quick answers or can't make it to a branch, call Old National Bank. Its customer service hotline is there for you. You can call 800-731-2265.

Having these options means getting support is easy, making your loan experience smoother and more reassuring.

Old National Bank Personal Loan Online Resources

Choosing a personal loan lender involves more than finding someone to assist with loan-related issues. It's also about the additional resources the lender provides to help you manage your loan effectively. Old National Bank is a great example of a lender that offers more than just financial support.

It has a range of educational resources for various financial life stages, which can help you reach your financial potential. Old National Bank also provides online calculators, making it easy to determine if you should consolidate your debts or how long you'll pay off your current debt. With its mobile banking app, you can keep an eye on your loan from your phone giving you convenience and control over your finances.

These tools are helpful because they give you the knowledge and power to manage your loan confidently, ensuring you're on top of your financial game.

Qualifying for an Old National Bank Personal Loan

Understanding what Old National Bank looks at for personal loan eligibility is important before you apply. This knowledge can save you time and increase your chances of approval. However, it's important to note that Old National Bank isn't very transparent about its eligibility criteria. Still, here are some factors it may consider:

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    Credit Score

    Your credit score is like a financial report card, showing how well you've managed loans or credit in the past. A higher score can improve your chances of approval and can get you a better interest rate. Old National Bank will likely check this to gauge your creditworthiness.

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    Income Level

    Your income level indicates how much money you make. Lenders typically want to know you have enough income and ensure you can handle the loan payments. Remember that your income level may affect how much you're allowed to borrow.

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    Debt-to-Income Ratio

    Your debt-to-income ratio compares your total monthly debt to your monthly income. A lower ratio often means a better balance between your debt and income. Old National Bank may use this to see if you can manage additional debt.

Old National Bank doesn't clearly state if it allows a co-signer or co-applicant for a personal loan. Having someone else on your loan application can help if your credit score or income needs to be stronger. The benefit is that it might increase your chance of approval or secure a lower interest rate.

However, the downside is that your co-signer or co-applicant is equally responsible for the loan. If you fail to make payments, it affects their credit, too. It's a shared financial responsibility, so choose wisely.

Is an Old National Bank Personal Loan Right for You?

Choosing the right lender for your personal loan is an important decision. Assessing whether Old National Bank aligns with your financial needs and goals is essential. This process is vital because it can impact your financial health in the long run.

By thoroughly evaluating aspects such as Old National Bank’s loan terms, fees and customer service you can determine if it’s a good match for you. Consider what you need from a loan and see how Old National measures up. Making a well-informed choice now can help you avoid future stress and financial strain, ensuring you're comfortable with your loan throughout its term.

Who Can Benefit From a Personal Loan From Old National Bank?

Old National Bank, like any lender, might not be the perfect fit for every borrower, but it certainly has features that could make it ideal for some. Understanding your own borrowing needs is key to deciding if Old National Bank is right for you.

Old National Bank is a solid choice for borrowers needing smaller loan amounts. It offers loans starting from $2,500, which is great for those not looking to borrow a huge sum. If you need quick access to funds, Old National Bank can be a go-to lender. Its efficient application and approval process mean you can get the money you need without lengthy delays.

Individuals with good credit might also find Old National Bank especially favorable. Since it assesses creditworthiness, a strong credit history could lead to better loan terms and interest rates. Additionally, tech-savvy individuals will appreciate Old National Bank's mobile banking platforms, which make managing your loan convenient and straightforward.

Understanding the features and benefits that Old National Bank offers is crucial in determining if it's the right lender for you. Whether it's the loan amount, the speed of access to funds, credit requirements or digital banking facilities, aligning these aspects with your personal borrowing profile helps in making an informed and beneficial decision for your financial needs.

Who Shouldn’t Secure a Personal Loan from Old National Bank?

While Old National Bank offers great options for many, it's important to recognize that it might not be the best fit for everyone, especially for certain types of borrowers. For instance, those with poor credit might find it challenging to secure a loan from Old National Bank. Since it assesses your credit history, a lower credit score could limit your chances of approval.

Additionally, if you're located in a state not serviced by Old National Bank, you'll need to look elsewhere. Its services are only available in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota and Wisconsin, so it's crucial to check if it operates in your state. Those who need very high loan amounts might also have to consider other lenders. Old National caps its personal loans at $25,000, which might not be sufficient for those seeking larger sums.

Make sure to closely examine Old National Bank's offerings to see if it aligns with your financial requirements. Factors like credit history, where you live and the amount of money you need to borrow play a significant role in this decision. If your situation doesn't match with what Old National offers, it might be wise to consider other lenders.

How to Apply for an Old National Bank Personal Loan

Navigating the process of securing a personal loan from Old National Bank is made easier when you know the steps involved. Being aware of what each stage entails helps in preparing accordingly, leading to a more efficient and stress-free experience.

Fill out the application form

The first step involves completing the application form provided by Old National Bank. You'll need to enter your ZIP code, your preferred loan amount, the intended purpose and preferred loan term. You’ll also need to submit your personal and financial details. Accuracy in filling out this form is crucial to avoid any delays in processing. Make sure to have all your relevant documents ready to streamline this step.

Review your loan offer

Once your application is processed, Old National Bank will conduct a hard credit pull and send you a loan offer. This offer includes critical details like the amount of the loan, the interest rate and the terms for repayment. It's important to review these terms carefully to ensure they align with your financial needs and situation. If there are any unclear aspects, don't hesitate to seek clarification.

Sign your loan document

If you're satisfied with the loan offer, the next step is to sign the loan document. This document is a legal agreement that outlines your obligations as a borrower, so read it thoroughly. By signing, you are committing to the terms and conditions of the loan. Understanding them is vital before making this commitment.

Wait for funds

After signing the loan agreement, Old National Bank will process the disbursement of the loan amount. This step may take a few days, so patience is key. The funds will be deposited directly into your bank account. Once received, you can use the loan for your intended purpose.

By understanding these steps, you can confidently navigate the process of securing a personal loan from Old National Bank, ensuring that each stage is handled efficiently and effectively.

What to Do if You’re Denied

Having your personal loan application denied by Old National Bank can be disappointing, but it's not the end of your journey to securing a loan. There are several steps you can take to move forward:

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    Understand the Reasons for Denial

    Knowing why your application was denied is the first step. Old National Bank will provide reasons, such as a low credit score or insufficient income. Understanding these reasons helps you know what areas to improve.

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    Boost Your Financial Profile

    Work on improving the factors that led to your application's denial. This could mean building a better credit history, paying down existing debts or increasing your income. Improving these aspects enhances your chances of approval in the future.

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    Look for Alternative Financing Options

    Explore other lenders or loan types. Credit unions, online lenders and peer-to-peer lending platforms might have different eligibility criteria. Additionally, consider secured loans, which require collateral but often have more lenient approval criteria.

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    Seek Professional Financial Advice

    A financial advisor can provide personalized guidance on improving your creditworthiness. They can help devise a plan to better position you for future loan applications.

Remember, a denial isn't a permanent setback. It's an opportunity to reassess and improve your financial standing. By understanding the reasons, working on your financial health, exploring other options and seeking expert advice, you're taking proactive steps towards achieving your financial goals. Keep focused and soon you'll find a loan option that works for you.

Frequently Asked Questions About Old National Bank as a Personal Loan Lender

MoneyGeek compiled a list of frequently asked questions to help you better understand Old National Bank's personal loan options. Whether you're just starting to consider a personal loan or are ready to apply, our answers can provide valuable information to inform your decision.

Does Old National Bank have restrictions on how you can use your funds from a personal loan?
What is the minimum credit score requirement for an Old National Bank personal loan?
How long does Old National Bank take to approve a personal loan?
Does Old National Bank have a mobile app?
Is an Old National Bank personal loan secured or unsecured?
How much can I borrow using an Old National Bank personal loan?
What fees will I encounter with an Old National Bank personal loan?
How does applying for an Old National Bank personal loan affect my credit score?
Does Old National Bank offer an autopay discount for personal loans?
Can you have co-signers on an Old National Bank personal loan?

About Christopher Boston

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Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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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. Learn more about our editorial policies and expert editorial team.