Midwest Bank’s First Personal Loan Review 2021


Benefits explained

  • Minimal fees – # 1 Midwestern Bank only charges a $ 150 documentation fee and has no app or assembly costs.
  • Fast approval times – Requests can be approved in as little as 24 hours.
  • Joint requests allowed – Applicants who wish to apply with their spouse or who need a co-signer to increase their chances of being approved can have one.


Disadvantages Explained

  • Not available nationally – Personal loans through First Midwest Bank are currently only available in 24 states.
  • High minimum loan amount – At $ 5,000, that amount is high compared to other competitors.
  • No prequalification available – However, they do offer quotes without affecting your credit. Ultimately, as with all loans from all creditors, applicants must submit a full application, which means they will be subject to a firm credit check, which may temporarily reduce your credit rating.


Types of personal loans offered by First Midwest Bank

In one of the 24 states where the first Midwest Bank lends, borrowers can use personal loans for most reasons. This includes debt consolidation, wedding expenses and vacation expenses. Applicants from Illinois, Indiana, Iowa and Wisconsin have access to an additional special personal loan option for home improvement projects through Midwest’s Express Personal Loan for Home Improvement product.


Deadline for receipt of funds

Borrowers can be approved for a personal loan in as little as 24 hours, but funding times are not indicated.


Features of Midwest Bank’s First Personal Loan

Same day approvals available

First Midwest Bank says most loan decisions are made within 24 hours. The approval factors depend on your personal loan application during business hours and your ability to provide all the required documents.

Joint applications available

You can submit an application with a co-signer — ideally with a higher credit profile than yours — to increase your chances of receiving a lower rate. You can also use it to share the loan and the liability with your spouse.

Documentation costs invoiced

First Midwest Bank’s $ 150 documentation fee is built into your final APR.


Apply for a First Midwest Bank personal loan

Borrowers can apply for a personal loan from First Midwest Bank online or at any of the bank’s physical branches. In addition to credit requirements, applicants must be at least 18 years of age and be a U.S. citizen or permanent resident.

Here’s what you can expect during the process:

  1. Visit the First Midwest Bank website and access their request form.
  2. Enter your loan information, such as the type of application, the subject of the loan and the state of residence.
  3. Enter personal data, such as your full name, address, photo ID, social security number, and job details.
  4. Submit the form and accept a credit check to receive a loan offer.
  5. Follow the instructions for submitting additional documents if necessary, as proof of income and / or employment.

Your loan can be approved within 24 hours.


Can You Refinance A Personal Loan With First Midwest Bank?

Borrowers cannot refinance a loan with the First Midwest Bank.

Verdict

First Midwest personal loans are ideal for those with a long work history and a good credit rating. The rates offered are competitive and the bank offers flexible loan terms. It is also a good choice for those who wish to submit a joint application.

Unfortunately, there are some geographic restrictions as they only lend in 24 states. Plus, with a loan limit of $ 35,000, you’ll have to look for alternatives if you need more than that. In both cases, it’s always a good idea to compare different personal lenders to see who has the best deal.


Methodology

Investopedia is committed to providing consumers with unbiased and comprehensive reviews of personal lenders. We’ve collected over 25 data points from over 50 lenders, including interest rates, fees, loan amounts, and repayment terms, to make sure our content helps users get it right. borrowing decision for their needs.



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