Old National Bank Personal Loan Review

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. Terms for general personal loans are 12 to 48 months, but longer terms are available for home improvement and debt consolidation.

• Limited availability: Old National Bank loans are only available if you live in Iowa, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio or Wisconsin.
• 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.
• Limited loan terms: Old National Bank only offers long loan terms on home improvement and debt consolidation loans.
• 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.
• 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.

Old National Bank offers an APR of up to 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 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 72 months, while debt consolidation loans only have terms up to 60 months. You can choose a term from 12 to 48 months for general personal loans.

Old National Bank only offers loans in eight states, primarily in 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 requirements

This lender doesn’t provide much insight into its personal loan eligibility requirements. Here’s what we know:

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 prequalify for a personal loan without any impact to your credit score. You’ll need to fill out a request form on lender’s website, or call or visit your local branch.

After filling out a request form (which asks for your name, contact information and how much you’d like to borrow), an Old National bank representative will get back to you to finish prequalification.

You can also formally apply on Old National Bank’s website.

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.

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.