First Midwest Personal Loans Have Changed: Meet Old National

If you were searching for the First Midwest Express Personal Loan, you may have encountered older information advertising Personal Loans of up to $25,000, fixed rates, fast decisions, and potentially quick funding. However, there has been an important change since that product was promoted under the First Midwest name.

First Midwest Bank merged with Old National Bank, and the former First Midwest accounts and banking centers transitioned to Old National. As a result, borrowers should no longer evaluate the old First Midwest Express Personal Loan as though it were a current standalone product. Personal Loan options are now available under the Old National Bank brand.

The good news is that Old National continues to offer Personal Loans for consumers who need funds for purposes such as consolidating debt, improving their homes, handling unexpected expenses, or covering major purchases. Current Personal Loans feature fixed APRs, predictable monthly payments, flexible repayment periods, and no collateral requirement.

Understanding this transition is particularly important if you reached this page through an older First Midwest link or recommendation. The name may have changed, but there is still a current Personal Loan option to explore.

Benefits of Old National Personal Loans

Old National’s current Personal Loan offering combines predictable repayment with several options for how the funds can be used.

Here are some of the main benefits:

• Borrow From $2,500 to $25,000: Qualified borrowers can request amounts within this range, depending on their needs and approval.
• Fixed APR: The loan uses a fixed APR rather than a variable rate, providing greater predictability throughout repayment.
• Predictable Monthly Payments: A fixed rate allows borrowers to know their scheduled payment from the beginning instead of worrying about rate-driven payment changes.
• Terms From 12 to 72 Months: Different repayment periods provide flexibility when balancing monthly payments against the time needed to repay the debt.
• No Collateral Required: The Personal Loan is unsecured, meaning borrowers do not have to pledge a home, vehicle, or another eligible asset to secure the loan.
• Debt Consolidation: Loan proceeds can be used to consolidate eligible debts into a single installment loan with a defined repayment schedule.
• Home Improvement Financing: Borrowers may use funds for renovations, repairs, upgrades, or other eligible home-related expenses.
• Unexpected Expenses: A Personal Loan can provide access to funds when a significant unplanned expense arises.
• Major Purchases: Financing may also be considered for larger purchases that would be difficult to cover entirely with available cash.
• Online Application: Old National provides an online application process, making it possible to begin exploring financing without visiting a banking center.

What Happened to First Midwest Bank?

First Midwest Bank and Old National Bank completed their merger in 2022. After the merger, First Midwest initially became a division of Old National, followed by the conversion of former First Midwest accounts, banking centers, branding, and systems to Old National.

For borrowers, this means that seeing an older advertisement for the First Midwest Express Personal Loan does not necessarily mean that the same product, terms, application process, or promotional rate remains available today.

Older First Midwest advertising should therefore be viewed as historical information.

Current borrowers should evaluate the Old National Personal Loan using the terms and conditions currently provided by Old National rather than relying on old First Midwest promotional material.

How Do Old National Personal Loans Work?

An Old National Personal Loan is an installment loan. Instead of having a revolving credit limit that can repeatedly be used as balances are repaid, you borrow an approved amount and repay it according to an established schedule.

Current loan amounts range from $2,500 to $25,000. The exact amount available depends on approval and your individual qualifications.

The loan has a fixed APR, which is an important distinction for borrowers who value predictability. Because the rate is fixed, your scheduled monthly payment is established from the beginning.

Repayment periods can range from 12 to 72 months. A borrower choosing a shorter term may face higher monthly payments but repay the loan sooner. A longer term can make monthly payments more manageable, although extending repayment may increase the total interest paid over time.

This makes it important to compare more than the monthly payment when selecting a loan.

What Can an Old National Personal Loan Be Used For?

Old National highlights several common reasons consumers may consider a Personal Loan.

Debt Consolidation

Debt consolidation can be useful for borrowers managing multiple eligible debts. Instead of making several payments separately, a Personal Loan can provide a structured repayment schedule with a defined end date.

However, consolidation should be evaluated based on the new loan’s total cost. Moving debt does not automatically make it less expensive.

Home Improvements

Home repairs and improvements can become expensive quickly. An unsecured Personal Loan may provide financing without requiring the borrower to use the home as collateral.

Funds could potentially help cover renovations, repairs, upgrades, or other qualifying projects.

Unexpected Expenses

Car repairs, household expenses, and other unplanned costs can create pressure when sufficient savings are not immediately available.

A Personal Loan provides another financing option, although borrowers should always consider whether the monthly payment comfortably fits their budget.

Major Purchases

Old National also lists large purchases as a potential Personal Loan use. Instead of placing a significant purchase entirely on revolving credit, some borrowers may prefer an installment loan with fixed payments and a specific repayment period.

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Fixed APR and Predictable Payments

One of the strongest features of the current Old National Personal Loan is its fixed APR.

With a variable-rate product, borrowing costs can potentially change as the underlying rate changes. A fixed-rate Personal Loan provides more certainty because the applicable rate remains fixed according to the loan agreement.

That predictability can make budgeting easier.

Before accepting a loan, however, borrowers should look at the APR, monthly payment, repayment term, and total amount expected to be repaid. A comfortable monthly payment is important, but it should not be evaluated separately from the overall borrowing cost.

Who Could an Old National Personal Loan Be Right For?

This Personal Loan may appeal to borrowers who want a traditional installment loan with clearly defined repayment terms.

Someone consolidating eligible debt, for example, may value having one structured payment and a specific repayment timeline. A homeowner planning improvements may appreciate being able to obtain an unsecured loan rather than putting the property up as collateral.

It may also appeal to borrowers who prioritize payment predictability. Fixed APRs and established monthly payments can make financial planning easier than borrowing products whose rates can fluctuate.

However, eligibility and approval are not automatic. Old National states that loans are subject to credit review and approval.

How to Apply for an Old National Personal Loan

The current process can begin online through Old National.

A typical application process involves:

1. Determine How Much You Need
   Consider the actual expense rather than automatically requesting the maximum amount available.
2. Choose the Purpose of the Loan
   Identify whether the funds will be used for debt consolidation, home improvements, an unexpected expense, a major purchase, or another eligible purpose.
3. Submit Your Application
   Provide the personal and financial information requested by Old National.
4. Complete the Credit Review
   The bank evaluates the application according to its current lending and credit requirements.
5. Review Your Offer
   If approved, carefully examine the loan amount, fixed APR, monthly payment, repayment term, and other applicable conditions.
6. Accept the Loan if It Fits Your Needs
   Approval does not mean you should automatically accept an offer. Review affordability and total cost first.

What Should You Compare Before Accepting the Loan?

Start with the APR because it provides a useful measure when comparing the cost of different borrowing options.

Then consider the repayment period. A 12-month loan and a 72-month loan can create very different monthly obligations and overall borrowing costs.

Look carefully at your monthly payment as well. It should fit comfortably alongside housing, transportation, utilities, food, insurance, existing debt, savings, and other recurring expenses.

Finally, consider whether you actually need the entire amount being offered. Borrowing more than necessary can increase both your monthly obligation and the total amount you repay.

Frequently Asked Questions

Is First Midwest Bank Still Offering the Express Personal Loan?

The former First Midwest Bank has been integrated into Old National Bank. Borrowers looking for current Personal Loan options should review the products presently offered by Old National rather than relying on older First Midwest advertisements.

How Much Can I Borrow With an Old National Personal Loan?

Old National currently advertises Personal Loans ranging from $2,500 to $25,000. The actual amount available to an individual applicant is subject to credit review and approval.

Do I Need Collateral?

No. Old National states that its current Personal Loan does not require collateral. This means an eligible borrower does not need to pledge an asset such as a home or vehicle to secure the loan.

What Repayment Terms Are Available?

Current Personal Loan terms range from 12 to 72 months. Available terms and final conditions depend on the loan and the applicant’s qualifications.

Is Old National Personal Loans Worth Considering?

For borrowers who originally encountered the First Midwest Express Personal Loan, Old National provides the most relevant current option to investigate because First Midwest became part of Old National.

The current product offers several useful characteristics: fixed APRs, predictable monthly payments, no collateral requirement, multiple repayment terms, and financing for several common personal needs.

The right choice, however, depends on the actual offer received. Borrowers should compare the total cost and terms with other available financing rather than selecting a loan based solely on the former First Midwest name.

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Final Considerations

First Midwest Bank became part of Old National Bank, so borrowers looking for Personal Loans should explore the current options available through Old National.

Before choosing a loan, make sure to review:

• APR – Check the rate offered based on your qualifications.
• Monthly payment – Make sure it comfortably fits your budget.
• Repayment term – Consider how the term affects your monthly payments.
• Total borrowing cost – Look beyond the monthly payment to understand the overall cost.
• Loan conditions – Review all terms carefully before accepting an offer.

Old National Personal Loans may be worth exploring for debt consolidation, home improvements, unexpected expenses, or major purchases.

Explore the current Old National Personal Loan options to see whether they fit your borrowing needs and budget.