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finder.com’s rating: 3.8 / 5.0
★★★★★
$25,000
Max. Loan Amount
6.65% to 15.44%
APR
680
Min. Credit Score
| Product Name | First Midwest Bank Express Personal Loans |
|---|---|
| Min. Loan Amount | $5,000 |
| Max. Loan Amount | $25,000 |
| APR | 6.65% to 15.44% |
| Interest Rate Type | Fixed |
| Min. Credit Score | 680 |
| Minimum Loan Term | 1 year |
| Maximum Loan Term | 5 years |
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.
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.
You must meet the following requirements to be eligible for a personal loan from First Midwest Bank.
First Midwest Bank has branches in Illinois, Iowa and Indiana. But its personal loans are available in the following states:
| BBB accredited | No |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1 out of 5 stars, based on 17 customer reviews |
| Customer reviews verified as of | 10 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.
Only residents of Illinois, Indiana, Iowa and Wisconsin are eligible for home improvement loans.
First Midwest Bank requires you to submit the following information when you 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.
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.
★★★★★ — Excellent
★★★★★ — 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.