First Midwest Personal Loans Review
With headquarters in Chicago, Illinois, First Midwest Bank is a midsize bank that offers a variety of financial services, including checking accounts, savings accounts and personal loans. First Midwest Bank personal loans offer a good mix of decent rates, flexible loan amounts and few fees.
First Midwest Bank bank loans are only available if you use the funds for home improvement projects. These loans are designed to help homeowners who haven’t yet built up equity in their property to invest in renovations and home improvement. Personal loans from First Midwest Bank are also only available in 24 states, so if you live outside of the Midwest area you might not qualify. If you’re looking to renovate your home and live in an eligible state, a personal loan from First Midwest bank is a good bargain. However, if you want to use the funds for other purposes you should look elsewhere.
First Midwest Bank at a glance
|Lender||Min Loan||Max Loan||APR||Terms||Key Benefit|
|First Midwest Bank||$5,000||$35,000||6.08% – 7.10%||Up to 7 years||Competitively priced home improvement loans|
What we like about it
A personal loan from First Midwest Bank is a good choice if you’re looking to fund a renovation or home improvement project. Except for a $100 documentation fee, First Midwest Bank doesn’t charge any fees on its personal loans. It also offers flexible loan amounts of $5,000 to $35,000, so you can finance projects big and small. The bank features an easy online application process, which can have funds deposited into your account in a matter of days after approval. First Midwest has competitive rates and is a good choice if you need funds to spruce up your home.
- Few fees
- Flexible loan amounts
- Easy application process
Things to consider
Depending on your situation, a First Midwest Bank personal loan may not meet all of your needs. The main downside to these loans is that they’re only to be used for home improvement purposes. If you need a personal loan to fund a financial emergency or a big expense like a wedding or a trip, you won’t be eligible for a loan from First Midwest Bank. Also, loans from First Midwest Bank are only available in 24 states, so you may not qualify depending on what state you live in. Finally, First Midwest Bank has relatively opaque borrower eligibility requirements, and no pre-qualification checks, so it’ll be a hard credit pull to determine if you qualify.
- Only available for home improvement
- Only available in 24 states
- Non-specified eligibility requirements
What you need to know
If you’re looking for a personal loan to finance a home improvement project, a First Midwest Bank loan is a good choice. The loans can be used to remodel a room, update your home’s features and personalize your home to fit your lifestyle. Borrowers can access a personal loan from $5,000 to $35,000 for home renovation and improvement. First Midwest Bank personal loan rates range from 6.08% to 7.10% APR, making them a good deal for qualified borrowers. With a term length of up to 7 years, borrowers have flexibility when it comes to paying back the funds. First Midwest Bank also offers a quick and easy application process that can have funds into your bank account within a few days after approval.
Here’s how to apply for a First Midwest Bank personal loan:
- Decide whether or not a First Midwest Bank is the right choice for you — be sure that a home improvement loan with meet your needs, and research competitors to make sure you’re getting the best possible rates.
- Gather any necessary application materials, including your ID and Social Security number, as well as information about your co-applicant if you’re applying jointly.
- Fill out the online application or visit a branch to apply in person. Include information about how much you want to borrow, your financial information and authorize a credit check on your account.
- In less than 24 hours, you’ll receive notification about your approval or rejection.
First Midwest Bank’s fees and penalties
While the bank does charge a one-time $100 documentation fee, no other fees are associated with a personal loan. The bank doesn’t charge origination or late fees.
First Midwest Bank’s alternatives
Marcus by Goldman Sachs
If you’re attracted by First Midwest Bank’s minimal fees, Marcus by Goldman Sachs is another good option for a personal loan. Marcus is the online lending arm of financial giant Goldman Sachs and offers competitively priced personal loans that are guaranteed to be fee-free. Loan amounts range from $3,500 to 40,000, with rates from 5.99% to 28.99% depending on your credit and financial history.
If the idea of an easy, straightforward online application process appeals to you, you may want to consider SoFi for a personal loan. While SoFi may be best known for its student loan refinancing services, the lender also offers a variety of other loan types, including personal loans. The application process is simple and seamless, and also features an option to prequalify without a hard pull on your credit. SoFi has stringent eligibility requirements, so only borrowers with excellent credit may be able to qualify. Borrowers can access up to $100,000 to fund personal expenses from home improvement projects to medical expenses.
If you’re struggling with your credit score but still need access to the resources provided by a personal loan, OppLoans is a good choice. While its rates may not be as competitive as other lenders with stricter eligibility requirements, it’s a good choice for borrowers who may not be able to qualify for a loan elsewhere. Borrowers can also work to build good credit through these loans. Loan amounts range from $500 to $4,000, with rates from 99% to 199%.