First Midwest Bank Review

ByBestmoney StaffAug. 06, 2019

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In a Nutshell

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.


  • Easy application process
  • Personal loans for any use
  • Transparent rates and fees


  • Loans up to $25,000
  • Only available in 27 states

First Midwest Bank at a Glance

Loan typesUnsecured personal loans
Loan amount$5,000 - $25,000
Repayment terms

12-60 months

APR7.17% - 12.87%
Minimum credit scoreNot stated
Best forSmall personal loans with short repayment terms

First Midwest Bank First Midwest Bank Visit First Midwest Bank

Best For?

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.

Loan Features

  • Personal loans for any use
  • Competitive interest rates
  • Low fees
  • Loan amounts between $5,000 and $25,000
  • No need for collateral
  • Good phone-based customer service
  • Branches in Illinois, Indiana, and Iowa
  • Underwritten by community bank with strong reputation
  • Free resources, including financial calculator and budgeting tips

The Application Process

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:

  • Borrower fills out an online form with their name, email, phone number, state, and loan amount needed.
  • An agent calls the borrower back to provide a free personalized rate quote and describe the application process.
  • The borrower may send documentation electronically. First Midwest typically asks for similar documentation to other lenders, including Social Security number, personal ID, and financial information such as payslips and tax returns. First Midwest uses the borrower’s SSN to check their credit score.

How Much Can You Borrow?

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).

Loan Requirements 

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. 

Repayment Terms

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.

Privacy & Security  

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.

Help & Support

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

How First Midwest Bank Compares



7.17% - 12.87%

2.49% - 35.95%2.49% - 35.99%
Minimum credit scoreNot statedNone680
Loan amounts$5,000 - $25,000$1,000 - $50,000$1,000 - $50,000
Loan term12 - 60 months3 - 180 months24 - 84 months
Best forSmall personal loansComparing a variety of loan optionsDebt 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.

Physical Address

First Midwest Bank

8750 West Bryn Mawr Avenue Suite 1300

Chicago, IL 60631

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