First Midwest Bank is a Chicago-based community bank that underwrites many different types of loans, including personal loans. It offers personal loans to residents of 27 states, with online or phone applications available. Borrowers can use their First Midwest personal loan for debt consolidation, paying off large expenses, or any other use—up to a maximum of $25,000.
|Loan types||Unsecured personal loans|
|Loan amount||$5,000 - $25,000|
|Repayment terms||12-60 months|
|APR||7.17% - 12.87%|
|Minimum credit score||Not stated|
|Best for||Small personal loans with short repayment terms|
First Midwest Bank is a solid choice for small personal loans, with competitive APRs for loans of less than $25,000. This lender offers a smaller maximum loan amount and shorter repayment terms than many of its competitors. By doing so, it’s able to keep its interest rates and APRs low. Specifically, First Midwest’s maximum personal loan APR makes it an affordable option for borrowers in the good-credit range of around 680-720.
Eligible borrowers can apply for a personal loan online, over the phone, or in person at any of the 125+ First Midwest branches in Illinois, Indiana, and Iowa. First Midwest will typically make a decision within 24 hours and transfer funds within 24 hours of approval. Therefore, it takes no more than 48 hours to go from application to funding.
Online applications involve these steps:
First Midwest advertises loan amounts between $5,000 and $25,000. While it strictly offers loans in the $5,000 to $25,000 range, it may be able to offer flexibility in terms of the exact loan amount (i.e. if you don’t need an exact round number).
The requirements are more or less the same as with other personal loan lenders. You must be a US citizen or resident, must be aged 18 or more, and must meet minimum credit requirements. While First Midwest doesn’t state its minimum credit score, it’s safe to assume borrowers with credit of 680 or higher have a good chance of getting approved.
First Midwest services borrowers in 27 states concentrated mainly around the Midwest but with a handful in the northeast and south.
Borrowers can find competitive rates at First Midwest, with APRs ranging from 7.17% - 12.87%. Although the minimum APR isn’t as good as some competitors, the maximum APR is very low. This suggests that First Midwest provides good deals for borrowers with credit ranging from good to very good. First Midwest offers repayment terms up to 60 months, although it doesn’t specify what other terms are available.
The bank’s website has all the right security protocols in place to protect your information. This includes SSL encryption, which encrypts all information you send from your browser to First Midwest’s server.
First Midwest offers customer support online, by phone, and in person at more than 125 branches in Illinois, northwest Indiana, and eastern Iowa. It doesn’t have Better Business Bureau accreditation. However, it is one of the personal loan options at LendingTree, where it has a 4.9/5 rating from more than 1,000 reviewers.
Phone: 800-241-1749 to speak to a loan expert; hours are 8am to 6pm Central Time from Monday through Friday and 8am to midday Saturdays
Branch: First Midwest’s website has a search tool that lets you find branches in Illinois, Indiana, and Iowa
|APR||7.17% - 12.87%||3.99% - 35.99%||4.99% - 35.99%|
|Minimum credit score||Not stated||None||680|
|Loan amounts||$5,000 - $25,000||$1,000 - $50,000||$1,000 - $50,000|
|Loan term||12-60 months||3-180 months||24-84 months|
|Best for||Small personal loans||Comparing a variety of loan options||Debt consolidation|
Being a community bank, First Midwest is significantly smaller than well-known online lenders like LendingTree and Credible. This has its advantages, with the main one being the maximum APR amount. You won’t find the lowest rates on the internet at First Midwest, but borrowers with good credit can apply feeling safe in the knowledge that they also won’t end up paying too much. The short loan terms on offer at Midwest Bank further emphasize its status as a good lender for small loan amounts.
First Midwest Bank straddles 2 worlds: it is a locally owned community bank that offers borrowers the chance to apply online. Its service is tailored to borrowers with good to very good credit, with competitive maximum APRs. Being a community bank has its advantages, including a commitment to customer service and complete transparency on rates and fees.
Who Owns First Midwest Bank? First Midwest Bank is a subsidiary of First Midwest Bancorp, Inc., a NASDAQ-listed bank holding company with headquarters in Chicago.
Who underwrites First Midwest’s personal loans? First Midwest is an FDIC-insured direct lender and it underwrites all its own loans.
What other lending products does First Midwest offer? In addition to personal loans, First Midwest offers mortgages, home equity loans, home equity lines of credit, home improvement loans, and auto loans.
Will applying for a personal loan affect my credit score? Like all lenders, First Midwest runs a hard credit query before approving borrowers for personal loans and other credit products. This process can temporarily lower your credit score.
First Midwest Bank
8750 West Bryn Mawr Avenue Suite 1300
Chicago, IL 6063