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First Midwest Bank personal loans review

Borrow up to $35,000 if you have good credit.’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.


Min. Loan Amount$5,000
Max. Loan Amount$35,000
APR5.16% to 16.31%
Interest Rate TypeFixed
Min. Credit Score680
Loan Term1 to 5 years

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 IllinoisIowa 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


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


  • Only available in 26 states
  • Low maximum loan amount of $35,000
  • Personal loans only for debt consolidation or home improvement
  • $100 documentation fee

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First Midwest Bank reviews and complaints

BBB accreditedNo
BBB ratingA+
BBB customer reviews1.6 out of 5 stars, based on 18 customer reviews
BBB customer complaints20
Customer reviews verified as of16 October 2020

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

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.

Review by

Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 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 Business Insider, CNBC and the Simple Dollar feature her professional commentary, 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.

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