First Midwest Bank personal loans review 2019 |

First Midwest Bank personal loans review

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First Midwest Bank Express Personal Loans

Borrow up to $25,000 at rates from 7.17% to 12.87% APR.

First Midwest Bank offers simple personal loans with competitive rates and no collateral required. Getting approved is relatively quick for a bank and requires minimal documentation. However, it only has branches in Illinois, Indiana and Iowa and only offers personal loans in 26 states.
Product NameFirst Midwest Bank Express Personal Loans
Min. Loan Amount$5,000
Max. Loan Amount$25,000
APR7.17% to 12.87%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term5 years
Requirements680+ credit score, live in eligible sate, clean credit history, minimal credit inquiries, debt-to-income (DTI) ratio under 50%
  • 680+ credit score
  • Live in eligible sate
  • Clean credit history
  • Minimal credit inquiries
  • Debt-to-income (DTI) ratio under 50%

What makes First Midwest Bank unique?

First Midwest Bank’s competitive rates and quick application are what set it apart. The starting rate on First Midwest Bank’s Express Personal Loan might not be as low as the competition, but its maximum rate of 12.44% APR is significantly lower than what many other lenders offer. And it takes just one to two days to underwrite your application — not as fast as an online lender, but quicker than many other banks.

What is a First Midwest Bank personal loan?

First Midwest Bank’s Express Personal Loan is an unsecured loan from $5,000 to $25,000. It’s designed for consolidating credit card debt, but you can use it for most other legitimate purposes. Loan terms range from 1 year to 5 years with APRs starting at 7.17% to 12.87% . The lowest rates are only available on the highest loan amounts.

There’s no application or origination fee, but First Midwest Bank charges a $100 documentation fee if you accept your loan offer. You have a choice between adding the documentation fee to your loan amount or deducting it from the funds before you receive them. If you’re more than 10 days late on a repayment or it gets returned, First Midwest Bank charges a fee that varies by borrower.

Eligible states

First Midwest Bank has branches in Illinois, Iowa and Indiana. But its personal loans are available in the following states:

  • Arkansas
  • Colorado
  • Connecticut
  • Deleware
  • 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
  • Wisconsin

What are the benefits of a First Midwest Bank personal loan?

  • Low maximum APR. Many personal loan providers have APRs that go up to 36%. First Midwest caps its rates at 12.44%.
  • Co-applicants allowed. First Midwest Bank allows you to apply for a loan with another person, which could improve your chances of getting approved for a lower rate.
  • No prepayment penalty. You can pay off your loan early to save on interest without having to pay any fees.
  • Shorter terms available. While many lenders start at three years, First Midwest Bank offers loan terms as short as 1 year.
  • Works with self-employed applicants. You don’t need to work for someone else to be eligible for a First Midwest Bank personal loan.

What to watch out for

  • Not available in all states. First Midwest Bank only offers personal loans in 26 states.
  • Limited range of loan amounts. The minimum loan amount of $5,000 is on the higher end for personal loan providers, and $25,000 is relatively low.
  • Good credit required. You must have a credit score of at least 680 and a clean credit report to qualify for a personal loan.
  • Documentation fee. First Midwest asks for a $100 fee for processing documentation if you decide to accept your loan offer.

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What does the Internet say about First Midwest Bank?

First Midwest Bank doesn’t have a very strong online reputation as of October 2018. While the Better Business Bureau (BBB) gives it an A+ rating based on transparency and advertising practices, it’s not accredited with the bureau and earns a low 1.5 stars based on 12 customer reviews. It doesn’t have a Trustpilot page.

Most reviews were complaints about customer service — several were hit with unexpected fees. However, the one review that mentioned personal loans gave the bank a glowing five stars. The reviewer said they’d had trouble qualifying with other lenders and the rates at First Midwest were much lower than the competition.

Am I eligible?

You must meet the following requirements to be eligible for a personal loan from First Midwest Bank.

  • Good credit. First Midwest Bank requires at least five years of credit history and a personal credit score of 680 or higher.
  • Age of majority. You must be at least 18 years old to apply for a loan.
  • Live in an eligible state. You must live in AR, CO, CT, DE, FL, GA, IA, IL, IN, KS, KY, MA, ME, MN, MO, NC, NE, NH, NY, OH, PA, RI, SC, VA, VT or WI.
  • Clean credit history. You can’t have any bankruptcies or unpaid collections on your credit report in the past five years or late payments in the past three months.
  • Minimal credit inquiries. You can’t have more than five credit inquiries in the past 30 days.
  • Debt-to-income (DTI) ratio under 50%. Your monthly unsecured debt payments can’t be worth more than 50% of your monthly income.

How do I apply?

Get started on your application on First Midwest Bank’s website.

  1. Go to the First Midwest Bank website and hover over Products & Services in the main navigation bar.
  2. Under Borrow, select Personal Loans.
  3. Scroll down and enter your name, email and phone number in the form under the heading Get Started Today. Then select your state and loan amount. If you have an offer code, write it in the bottom field before hitting Get Connected.
  4. Hit Apply Online Now to get started on your application right away. Or, wait for a First Midwest banker to get in touch to help you complete the application.
  5. Follow the directions to fill in the required fields.
  6. Review and submit your application.
  7. Wait to hear back from First Midwest Bank with an offer and request for documentation, usually within one or two days. Typically, customers are asked to submit their most recent W2 form and three most recent pay stubs.
  8. Review and sign your loan contract.

The whole process can take as little as two business days, depending on how quickly you submit your documents.

I got a loan from First Midwest Bank. Now what?

Now that you have your funds, it’s time to start making repayments. Ask your banker if you can sign up for autopay — that way you won’t have to remember to make a repayment each month. You also have the option of making a repayment over the phone by calling customer service at 800-322-3623. Or, mail a check to the following address:

First Midwest Bank
Payment Processing
P.O. Box 125
Bedford Park, IL

Reach out to customer service as soon as possible if you have any questions or concerns about your account.

Bottom line

First Midwest Bank’s personal loans could be a fast option if you have good credit and need less than $25,000. But you might want to look elsewhere if you need more than that amount or have multiple derogatory marks on your credit report.

To learn more about how they work and to compare lenders, read our comprehensive personal loans guide.

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