First Midwest Bank personal loans review 2018 | finder.com

First Midwest Bank personal loans review

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Borrow up to $25,000 at rates from 7.42% to 12.44% 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
APR7.42% to 12.44%
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 7.42% to 12.44%. 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.

Compare more personal loan providers

Rates last updated December 16th, 2018

Reveal your potential loan offers and rates

Answer two quick questions to filter the loan offers and get the best one for you.

Select your credit score range

I don't know my credit score

Finally, select where you live.

To get your credit score:

Experian logo

Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
550
$100,000
3.84% to 35.99% (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
4.99% to 36% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.95% to 35.89% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit.
550
$100,000
3.34% to 35.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34% to 155% (Varies by state) (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
7.24% to 15.24% (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
$40,000
6.99% to 24.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95% to 35.99% (fixed)

Compare up to 4 providers

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
60499-0125

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.

Frequently asked questions

Anna Serio

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

Was this content helpful to you? No  Yes

US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Even Financial Personal Loans

Get connected to competitive loan offers instantly from top online consumer lenders.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site