2023 Old National Bank Personal Loan Review
NMLS#1136
Read more about how we rated Old National Bank.Founded in 1834, Old National Bank has many years as a banking institution under its belt. This lender offers personal loans ranging from $2,500 to $25,000 and loan terms between 36 to 84 months, depending on your loan use.
- Low maximum APR: If you’re approved for an Old National Bank personal loan, the maximum annual percentage rate (APR) is capped at 25.00% — much lower than the 36% that other lenders provide.
- Autopay discount: If you have an Old National Bank checking account, you may receive a 0.25% APR discount if you sign up for autopay.
- Charges documentation fee: Old National Bank charges a $150 documentation fee on each personal loan.
- First-time borrower program: If you’re new to borrowing, One National Bank offers a small loan program for first-time borrowers — ranging from $500 to $2,500 — that doesn’t require a minimum credit score.
- Joint applications available: If your credit score isn’t strong enough to qualify you for a personal loan or low rates, Old National Bank offers joint applications, meaning you can apply for a personal loan with a second person.
- Lack of eligibility transparency: This lender doesn’t shed much light on the criteria for personal loan borrowers. This lack of transparency may make it difficult to decide whether Old National Bank is a good fit for you.
- Best for joint applicants: If your credit score needs some work or you don’t qualify for the lowest APRs, Old National Bank could be a good fit for your personal loan needs because they allow you to apply with a co-borrower. Filing a joint application can make it easier to get approved and receive lower rates.
Old National Bank pros and cons
While Old National Bank offers many benefits to personal loan borrowers, there are a few drawbacks that might give some consumers pause.
| Pros | Cons |
|---|---|
Maximum APR lower than some competitors Offers first-time borrower loans Can file joint applications Funding within two business days | Repayment terms limited to how you use your loan Unclear eligibility requirements Charges a $150 documentation fee Only offered in 25 states |
Old National Bank caps its APR at 25.00%. While this isn’t as low as the 18% maximum offered by credit unions, it’s still much lower than some competitors (some cap at 36%). This lender also offers first-time borrower loans that work similarly to credit builder loans, and if you don’t have a good credit score, you may apply with a second person.
This lender doesn’t offer much transparency around its eligibility requirements, which can make it difficult to know whether Old National Bank is a good fit for you. It’s also important to keep in mind that your repayment term will be determined by your loan purpose. Home improvement loans from Old National Bank have terms ranging from 12 to 84 months, while debt consolidation loans only have terms up to 72 months — any other loan purposes are as short as 48 months.
Old National Bank only offers loans in 25 states, primarily in New England and the Midwest, so you’ll want to be sure this company serves your area before narrowing down your decision to this lender.
Old National Bank fair-lending lawsuit
In 2021, the Fair Housing Center of Central Indiana took Old National Bank to court over claims of discrimination. The suit alleged that out of the lender’s 2,250 mortgage loans offered in Indianapolis from 2019 to 2020, a mere 1.6% went to Black consumers. Broken down, this came down to just 37 loans to Black borrowers during that period.
Later that year, the bank settled the lawsuit, pledging to originate over $27 million in loans to Black borrowers as well as $3 million toward programs that create opportunities for Black consumers to access mortgages.
While this lawsuit wasn’t directly related to personal loans, it may impact your decision to borrow with this lender.
Old National Bank requirements
This lender doesn’t provide much insight into its personal loan eligibility requirements. Here’s what we know:
| Minimum credit score | Not specified |
| Credit history |
|
| Application information |
|
If Old National Bank’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a loan with Old National Bank
Despite not offering a lot of transparency around its eligibility requirements, the process to apply for an Old National Bank personal loan is pretty straightforward.
Check if you prequalify
Old National Bank allows you to see whether you prequalify for a personal loan without any impact to your credit score. You’ll need to fill out an online application on the lender’s website, or call or visit your local branch.
During this process, you’ll need to answer questions about your income, how much you want to borrow and how you intend to use your funds.
Once you’ve submitted your application, you’ll be able to see what interest rates, repayment terms and loan amounts you may be eligible for through Old National Bank.
Verify your information
If you prequalify for a personal loan and choose to continue with Old National Bank as your lender, you’ll need to give documentation verifying the information you provided in your application.
This can mean providing pay stubs or W-2s from your job, as well as a government-issued form of ID to confirm your identity.
Old National Bank will also run a hard credit inquiry on your credit history. Unlike prequalifying for a loan, a hard credit pull can have a small impact on your credit score, causing it to go down by a few points.
Sign your loan agreement
If you’re approved for a personal loan, you’ll need to officially accept Old National Bank’s offer and sign your personal loan contract. Once the forms are finalized, you can expect to receive your loan funds in as little as two business days.
If you aren’t confident about your chances of getting approved for a personal loan, you may want to work on improving your credit score and checking your credit report for errors (removing incorrect negative information can boost your credit score). This can not only increase your chances of getting approved, it may help you to secure lower interest rates as well.
How Old National Bank compares to other personal loan companies
Even if you believe Old National Bank aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Old National Bank stacks up against similar personal loan lenders.
| Lender | Old National Bank | Best Egg | Discover |
|---|---|---|---|
| LendingTree’s rating | 3.6/5 | 4.3/5 (Read review) | 4.5/5 (Read review) |
| Minimum credit score | Not specified | 600 | Not specified |
| APRs | 9.22% to 25.00% | 8.99% to 35.99% | 7.99% to 24.99% |
| Loan amount | $2,500 to $25,000 | $2,000 to $50,000 | $2,500 to $40,000 |
| Repayment term | 36 to 84 months | 36 to 60 months | 36 to 84 months |
| Origination fee | $150 | 0.99% - 8.99% | No origination fee |
| Funding timeline | Receive funds within two business days | Receive funds within one to three business days | Receive funds within one business day |
| Bottom line | Old National Bank has a funding timeline that is a bit slower than Discover’s and charges a documentation fee, where Discover does not. The lack of transparency around eligibility criteria may make it difficult to tell whether Old National Bank is the right fit for you. | Best Egg originates much larger loan amounts than Old National Bank; however, its repayment terms are less flexible than some of the options Old National Bank offers. Best Egg’s funding timeline may also be slower than at Old National Bank. | Discover offers the same size loan amounts as Old National Bank. While its repayment terms are less flexible, it does provide quicker funding and doesn’t charge any origination or documentation fees. |
How we rated Old National Bank
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
Frequently asked questions
Old National Bank has an APR that goes up to 25.00%. While this isn’t as low as the 18% cap that credit unions offer, it is lower than the 36% that some other creditors provide.
The interest rate you receive from a lender can depend on multiple factors, such as your credit score, credit history, income, loan amount and reason for the personal loan.
While Old National Bank provides services in 25 states, it only has physical branches in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota and Wisconsin.
In 2022, Old National Bank and First Midwest Bank merged and now operate under the name Old National Bank. The company is headquartered in both Chicago and Evansville, Indiana.