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First Midwest Bank personal loans review

Last updated:  

Borrow up to $25,000 if you have good credit.

finder.com’s rating: 3.8 / 5.0

★★★★★

  • Best for borrowers looking to consolidate debt or fund home improvements.
  • Pick something else if you need to borrow more than $25,000.

$25,000

Max. Loan Amount

6.65% to 15.44%

APR

680

Min. Credit Score

Details

Product NameFirst Midwest Bank Express Personal Loans
Min. Loan Amount$5,000
Max. Loan Amount$25,000
APR6.65% to 15.44%
Interest Rate TypeFixed
Min. Credit Score680
Minimum Loan Term1 year
Maximum Loan Term5 years

Expert review

Anna Serio

Review by


Anna Serio is a trusted loans expert who's published more than 800 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Fundera, Business.com, and ValueWalk feature her professional advice, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

First Midwest Bank is ideal for borrowers looking to take out a personal loan for debt consolidation or home improvements — those are the only two things you can use its personal loan for.

Its rates max out relatively low compared to other lenders that have APRs upwards of 36%. And self-employed applicants are welcome — many providers shy away from working with individuals who don’t have a traditional income.

But First Midwest only works with residents of 26 states — even less if you’re looking to take out a loan for home improvements. You also can’t borrow more than $25,000 — relatively low compared to other personal loan providers.

Not sold? Compare your other options below.

First, am I eligible?

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

  • 680+ credit score
  • Live in eligible sate
  • Clean credit history
  • Minimal credit inquiries
  • Debt-to-income (DTI) ratio under 50%

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
  • 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
  • Wisconsin

Pros

  • Low maximum APR of 15.44%
  • Loan terms as short as 1 year
  • Coapplicants and self-employed applicants welcome

Cons

  • Only available in 26 states
  • Low maximum loan amount of $25,000
  • Personal loans only for debt consolidation or home improvement
  • $100 documentation fee

Compare other personal loan providers

Updated February 27th, 2020
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
3.99% to 35.99%
Fair to excellent credit
$100,000
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Fiona Personal Loans
3.84% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
LendingClub Personal Loan
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
Monevo Personal Loans
3.49% to 35.99%
450
$50,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
Even Financial Personal Loans
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.

Compare up to 4 providers

What do customers say about First Midwest Bank?

BBB accreditedNo
BBB ratingA+
BBB customer reviews1 out of 5 stars, based on 17 customer reviews
Customer reviews verified as of10 December 2019

Most reviews were complaints about customer service — several were hit with unexpected fees and had problems with important paperwork not being processed properly. Reviews on its loans were mixed, with some rating it well and some stating they were turned down despite having met First Midwest’s criteria.

How do I apply?

To get started online, follow these steps:

  1. Go to the personal loans page on the First Midwest Bank website.
  2. Click Apply Online Now to begin the online application.
  3. Select whether you’re applying individually or jointly and your state.
  4. Enter information about yourself, your employment and your income.

Only residents of Illinois, Indiana, Iowa and Wisconsin are eligible for home improvement loans.

What information do I need to apply?

First Midwest Bank requires you to submit the following information when you apply:

  • Social Security number or tax identification number (TIN)
  • Driver’s license or state ID number
  • Current landlord or mortgage lender
  • Gross monthly income

What happens after I apply?

First Midwest should contact you within one to two business days with an approval notice. If conditionally approved, you will need to submit extra documentation, typically your most recent W2 form and your last three pay stubs. You will then be able to review and sign your loan contract.

How do repayments work with First Midwest Bank?

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
60499-0125

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

See how First Midwest Bank stacks up to the competition with our guide to personal loans.

Frequently asked questions

Personal loan ratings

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★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

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