Old National Bank Personal Loans Review 2024

Pros Explained

• Low, fixed rates: Old National Bank’s fixed interest rates start at just 8.99%, or 9.208% APR.
• Choice of loan term: For most loans, you can choose a term between 12 and 48 months. Even longer terms are available for debt consolidation and home improvement loans.
• Offers in-person appointments: If you live nearby, you can make an appointment at one of Old National Bank’s banking centers to discuss your loan options with a professional.
• Offers joint applications: While Old National Bank does not support co-signers, the bank does allow joint applications. Applying with a co-borrower who has excellent credit may get you access to a lower rate.

Cons Explained

• High minimum credit score: You’ll need a credit score of at least 700 to be eligible for a personal loan from Old National Bank. 
• No pre-qualification option: Old National Bank doesn’t offer the opportunity to check your rate without hurting your credit.
• $150 documentation fee: Each loan requires a $150 documentation fee.
• Only available in eight states: Old National Bank only offers personal loans in a handful of Midwestern states.

Types of Personal Loans Offered by Old National Bank

Old National Bank offers secured loans, which means you can offer collateral to potentially make it easier to get approved for a lower interest rate. You can also get an unsecured loan without collateral. There are no restrictions on how you can use the loan, but some common reasons for applying include:

• Debt consolidation
• Paying for emergency expenses
• Financing home improvements
• Covering large purchases

Time to Receive Personal Loan Funds

Once you’re approved, you’ll receive your personal loan funds within a few days, and sometimes in as little as 24 hours.

Borrower Requirements

There’s no membership requirement to get a loan from Old National Bank, but the bank does require a minimum credit score of 700. That means personal loans from Old National Bank are not available to fair credit borrowers. Old National Bank does not disclose minimum income requirements. 

Old National Bank Personal Loan Features

• Bank account discount: If you have an Old National Bank account and choose to make your payments through autopay, you’ll get a 0.25% rate reduction.
• Change your due date: You’ll need to call Client Care to make the request, but Old National Bank offers the opportunity to change your payment date.
• Pay your creditors directly: You may allow Old National Bank to pay your creditors directly, which makes debt consolidation convenient.
• Mobile app: Old National Bank offers a highly rated mobile app you can use to manage your loan.

Co-Signers and Co-Applicants

Old National Bank allows joint applications, which means you can apply with a co-borrower. Co-borrowers have equal access to the funds and are also equally responsible for repayment. However, the bank doesn’t allow co-signers. A co-signer helps guarantee a loan, meaning they’ll be responsible for the full amount if you fail to repay, but they won’t have access to the funds. 

Applying with a friend or family member with excellent credit can help improve your approval odds, but bear in mind they’ll have access to the loan funds since Old National Bank only allows joint applications. 

Can You Refinance a Personal Loan With Old National Bank?

Old National Bank offers refinancing, and the bank also reports to the major credit bureaus. As you make on-time payments, your credit score may improve, which would allow you to refinance your personal loan with Old National Bank at a lower interest rate. 

Customer Service

Old National Bank offers in-person customer service, so you can make an appointment at your local banking center to discuss your loan options or manage an existing loan. While the bank doesn’t offer a live chat feature, you can reach Client Care by phone. But you should make sure the bank’s hours are convenient for you before applying for a loan, since evening and weekend hours are relatively limited. 

Customer Satisfaction

Old National Bank has few reviews on Trustpilot, and while the bank is BBB-accredited with an A+ rating, customer reviews with the Better Business Bureau are mostly negative. The many negative reviews of Old National Bank’s customer service are concerning. 

How to Qualify For and Apply For an Old National Bank Personal Loan

Old National Bank doesn’t offer an option to pre-qualify for a personal loan without hurting your credit. You should be reasonably sure you want a personal loan from Old National Bank and that you’re eligible based on your credit score before applying. Old National Bank offers calculators you can use to determine which term option you can best afford and whether you’ll save money with debt consolidation. 

If you already have a bank account with Old National Bank, you may want to apply for your personal loan in person, since the bank notes that applying online could delay your discount. 

If you’re applying online, you’ll generally follow these steps:

1. Fill out the application. You’ll start by filling out your ZIP code and telling Old National Bank how much money you want, what it’s for, and how long you need for repayment. On the next page, you’ll fill out personal information, including your Social Security number. You may also be asked to upload documents, such as identification or employment verification documents, to complete your application. 
2. Sign your loan documents. After performing a hard credit check, Old National Bank will present you with your loan offer. Make sure you’re happy with the APR, and read your loan agreement carefully before signing.
3. Wait for the funds. Old National Bank will deposit the loan funds into your bank account, which typically takes a day or two.

Other Banking Service and Loans Offered by Old National Bank

In addition to personal loans, Old National Bank offers the following financial products:

• Checking accounts
• Savings accounts, including CDs
• Home equity loans and HELOCs
• Mortgages
• Credit cards
• Business banking
• Wealth management
• Student loans
• Auto loans
• Specialty vehicle loans

Compare Old National Bank With Other Personal Loan Lenders

The Bottom Line

Old National Bank offers low, fixed rates for excellent credit borrowers and a rate discount for account holders. But the bank has relatively strict credit requirements and only serves a handful of states. What’s more, some customers complain about its customer service, which is only available during limited hours. And there’s no pre-qualification option. Most borrowers will find better options elsewhere, but Midwesterners seeking in-person service may consider Old National Bank.

What Is the Interest Rate for Old National Bank Personal Loans?

The minimum available interest rate at Old National Bank is 8.99%, which is reserved for excellent credit borrowers. The minimum APR is about 9.22%, which includes a $150 documentation fee. APRs are capped at 25%.

How Long Does It Take to Receive Funds With Old National Bank?

It can take anywhere from 24 hours to a few days to receive your money from Old National Bank, depending on your application. When the funds become available also depends on your bank’s policies. 

What States Is Old National Bank Located In?

Old National Bank is located in Iowa, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, and Wisconsin.

Who Did Old National Bank Merge With?

Old National Bank merged with First Midwest Bank. The merger was completed in February 2022.

Is Old National Bank Trustworthy?

Old National Bank has been serving customers with a variety of needs since 1834. The bank is legitimate and BBB-accredited. However, some of the bank’s customer service reviews are negative. 

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.