• High minimum credit score
• No pre-qualification option
• $150 documentation fee
• Only available in eight states

1. High minimum credit score:

You must have a credit score of at least 700 to be eligible for a personal loan from Old National Bank.

2. No pre-qualification option:

Old National Bank does not provide the option to check your rate without affecting your credit.

3. $150 documentation fee:

Each loan has a $150 paperwork charge.

4. Only available in eight states:

Old National Bank exclusively provides personal loans in a few Midwestern states.

Old National Bank fair-lending lawsuit

In 2021, the Fair Housing Center of Central Indiana sued Old National Bank for discrimination. According to the lawsuit, Black borrowers received only 1.6% of the lender’s 2,250 mortgage loans in Indianapolis between 2019 and 2020. In total, just 37 loans were made to Black borrowers throughout that time.

Later that year, the bank settled the lawsuit, promising to originate approximately $27 million in loans to Black borrowers as well as $3 million for programs that enable Black consumers to obtain mortgages.

While this case is not directly related to personal loans, it may influence your decision to borrow from this lender.

Types of Personal Loans Offered by Old National Bank

Old National Bank offers secured loans, which means you can provide collateral to potentially get accepted for a reduced interest rate. You can also acquire an unsecured loan with no collateral. There are no restrictions on how you can utilize the loan, but here are some frequent reasons for applying:

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

Time to Receive Personal Loan Funds

Once approved, you’ll get your loan funds within a few days, and often in as short as 24 hours.

Borrower Requirements

There is no membership need to obtain a loan from Old National Bank, but the bank does require a credit score of at least 700. This means that Old National Bank does not offer personal loans to borrowers with fair credit. Old National Bank does not disclose its minimal income requirements.

Minimum credit scores	t specified credits
t history	No current delinquencies No open collection amounts over $250
Application information	Employment status Income Monthly expenses Loan purpose Desired loan amount Desired loan repayment term Contact information

Old National Bank Personal Loan Features

• Bank account discount: If you have an Old National Bank account and choose to make payments via autopay, you will receive a 0.25% rate decrease.
• Change your due date: To make the request, you must call Client Care, however, Old National Bank does allow you to adjust your payment date.
• Pay your creditors directly: You can allow Old National Bank to pay your creditors directly, making debt consolidation easier.
• Mobile app: Old National Bank provides a well-rated mobile app for managing your loan.

Co-Signers and Co-Applicants

Old National Bank accepts joint applications so that you can apply with a co-borrower. Co-borrowers have equal access to the funds and bear equal responsibility for repayment. However, the bank does not accept cosigners. A co-signer helps guarantee a loan, which means they will be liable for the entire amount if you fail to repay, but they will not have access to the funds.

Applying alongside a friend or family member who has outstanding credit can increase your chances of approval, but keep in mind that they will have access to the loan funds because Old National Bank only accepts joint applications.

Can You Refinance a Personal Loan With Old National Bank?

Old National Bank offers refinancing and reports to the major credit bureaus. Making on-time payments may enhance your credit score, allowing you to refinance your loan with Old National Bank at a cheaper interest rate.

Customer Service

Old National Bank provides in-person customer assistance, allowing you to schedule an appointment at your local banking center to discuss loan choices or manage an existing loan. Although the bank does not provide a live chat facility, you can contact Client Care via phone. However, you should ensure that the bank’s hours are convenient for you before asking for a loan, as evening and weekend hours are limited.

Medium	Contact	When
Telephone	800-731-2265	Weekdays, 8 a.m. to 7 p.m. ET Saturday, 8 a.m. to 1 p.m. ET
In Person	Find a Location	Varies; appointments available

Customer Satisfaction

Old National Bank has minimal Trustpilot reviews, and despite being BBB-accredited with an A+ rating, consumer evaluations with the Better Business Bureau are generally unfavorable. The numerous bad evaluations of Old National Bank’s customer service are troubling.

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

Old National Bank does not provide a way to pre-qualify for a personal loan without affecting your credit. Before asking for a personal loan from Old National Bank, you should be certain that you want one and that your credit score qualifies you. Old National Bank provides calculators to help you assess which term option is most affordable and whether debt consolidation will save you money.

If you already have an account with Old National Bank, you may prefer to apply for your loan in person, as the bank warns that applying online may delay your discount.

If you are applying online, you will typically complete these steps:

1. Fill out the application.

You’ll start by entering your ZIP code and informing Old National Bank how much money you want, what it’s for, and how long you’ll need to repay it. On the following page, you will enter personal information, including your Social Security number. To complete your application, you may be requested to upload documents such as proof of identification or employment.

2. Sign your loan documents.

Old National Bank will supply you with a loan offer following a thorough credit check. Before signing, make sure you’re satisfied with the APR and thoroughly read your loan agreement.

3. Wait for the funds.

Old National Bank will deposit loan cash into your bank account, which usually takes a day or two.

Other Banking Services and Loans Offered by Old National Bank

In addition to personal loans, Old National Bank provides 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

Even if you think Old National Bank has everything you’re searching for in a personal loan, it never hurts to browse around and examine other options. Here’s how Old National Bank compares to other personal loan lenders.

Old National Bank	Best Egg	Discover
LendingTree’s rating	3.6/5	4.3/5	4.5/5
Minimum credit score not	t 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
g timeline	Receive funds within two business days receive	e funds within one to three business days receive	e funds within one business day
Bottom line	Old National Bank’s funding timeline is slightly slower than Discover’s, and it charges a documentation fee, whereas Discover does not. The lack of openness in eligibility requirements may make it difficult to determine whether Old National Bank is a good fit for you.	Best Egg offers greater loan amounts than Old National Bank, but repayment conditions are less flexible. Best Egg’s funding timeline may be slower than that of Old National Bank.	Discover provides the same loan sizes as Old National Bank. While its repayment terms are less flexible, it offers faster funding and waives any origination or documentation fees.

Why Trust Us

Themoneymail gathered significant data points from multiple lenders to determine the most relevant aspects for borrowers. We analyzed this data to evaluate each lender’s prices, accessibility, payback periods, and other characteristics to give our users unbiased, thorough assessments that help them make the best borrowing decision for their circumstances.

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

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

How we rated Old National Bank

To determine our star rating for personal loan firms, LendingTree analyzed 22 data points across three categories:

• Accessibility

• Rates and terms

• Repayment experience

1. Accessibility

We looked at whether lenders issued loans to unconventional applicants and those with low credit scores. We also looked into whether lenders offered soft credit pulls and were open about eligibility requirements other than credit scores.

2. Rates and terms

We needed to determine if the lender’s rates, terms, quantities, and fees were not just transparent but competitive.

3. Repayment experience

We chose this category based on lenders’ repute, customer support availability, and unique advantages.

The data points represent each stage of the personal loan shopping and application procedure, as well as borrowing and repayment. A five-star lender, for example, has flexible eligibility rules, allows you to prequalify without committing, and assists you in zeroing down your balance.

The overall rating is based on 22 data elements gathered directly from lenders. We consistently rate lenders, occasionally providing half points, so you can make apples-to-apples comparisons while shopping around.

Lending Tree receives no compensation for doing these reviews, and lenders have no control over the content. Our evaluations and ratings seek to provide our users with objective and comprehensive information so that they may make the best decisions possible.

How to contact Old National Bank

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

Depending on your application, you may receive your money from Old National Bank within 24 hours to a few days. When the cash becomes available is also determined by your bank’s policies.

What States Is Old National Bank Located In?

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

Who Did Old National Bank Merge With?

Old National Bank has amalgamated with First Midwest Bank. The transaction was finalized in February 2022.

Is Old National Bank Trustworthy?

Old National Bank has been servicing consumers with a wide range of needs since 1834.

The bank is reputable and BBB accredited. Unfortunately, some of the bank’s customer service evaluations are poor.

Methodology

To evaluate and rate personal loan providers, we gathered hundreds of data points from 70 lenders, which included traditional banks, credit unions, fintechs, and special interest finance organizations. We investigated and assessed APRs, loan amounts and periods, fees, customer service, and much more. To rank the lenders in our database and establish star ratings, we weighted the data we collected, based in part on what consumers said were the most significant qualities of a personal loan and lender in a survey we performed. We divided these factors into four broad categories:

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

In Conclusion

Old National Bank provides low, fixed rates to excellent credit borrowers and a rate discount to account holders. However, the bank has relatively tight credit standards and only serves a few states. Furthermore, several customers have complained about the company’s limited customer service hours. There is no pre-qualification option. Most borrowers will find better options elsewhere, but Midwesterners who prefer in-person assistance may try Old National Bank.