There are some benefits of personal loans, especially if you are looking for a low interest rate and a high loan amount. First Midwest Bank is a financial institution that provides personal loans to individuals who are credit worthy and have a steady income.
It is said that First Midwest Bank has a variety of personal loans that are specifically designed with borrowers who need a little help. Their customer services are also considered to be top of the line as it gives convenience to the people.
Qualifying for First Midwest Bank Personal Loans
Just as with other types of loans, personal loans come with some restrictions. In order to qualify for personal loans through First Midwest Bank, you’ll need to be a U.S. citizen or permanent resident, have at least a two-year credit history, and be at least 18 years old. You’ll also need to show proof of your income. You can use your bank statements, pay stubs, or a letter from your employer if you need to show proof of this.
Note: credit scores are not disclosed by the bank, but it’s better if you have the recommended credit score of 670 and above.
First Midwest Bank Personal Loans Interest Rates and Fees
Interest Rate: The interest rates of First Midwest Bank Personal Loans charged to borrowers can range between 5.23% to 12.99%. This is considered to be a low APR if you compare it to other lenders with the same terms and same loan amount offering.
Origination fees: Fortunately, First Midwest Bank Personal Loans doesn’t charge any origination fees to the borrowers.
Late payment and prepayment fees: Another great thing about First Midwest Bank Personal Loans is they don’t charge any late payment fees or prepayment fees – making this a great personal loans to those who are just beginning to understand the system of having this kind of loan.
Additional fees: Other fees of First Midwest Bank Personal Loans consist of their documentation fee which is $150. The fee is factored according to the APR charged to the borrower so it can be less than that. Documentation fee is for processing of application and other necessary management tools for your account.
Advantages and features of First Midwest Bank Personal Loans
Low interest rates: First Midwest Bank Personal Loans are the perfect solution for someone looking for a personal loan. With competitive rates and flexible repayment options, this type of loan can help you meet your goals.
Accessible customer service: First Midwest Bank is committed to providing a superior customer experience. They are known for being dedicated to providing unparalleled personal service and offering the most competitive rates for personal loans.
Allows co-borrowers: First Midwest Bank Personal Loans allow co-borrowers, which is an additional benefit. This means you and a partner can take out a loan together. The lender will discuss with you the terms of the loan, which includes interest rates and how much you can borrow together.
Extended repayment terms are allowed: With the extended repayment terms option, you can make your monthly payments up to 84 months. This feature is available on a number of personal loans and it is a great way to pay off your loan in a shorter or longer amount of time.
How to apply for First Midwest Bank Personal Loans?
Before you submit an application form, make sure that you have the following documents:
- Government-issued ID with picture
- Social Security Number or Tax ID Number
- Proof that you live in the USA
- Proof that you are 18 years old or above
- Proof of income which can include your paystubs or tax returns
- Proof of employment
Once you have the following requirements, you can now go to First Midwest Bank Personal Loans’ website and submit an application form. Keep in mind that once the lender checks your application, your credit score will slightly drop.
Assuming that your application has been approved, First Midwest Bank will get back to you with their decision. This process can take 24 hours or more. After that, wait for your funds to get deposited on your bank account.
Personal loans are an important part of an overall financial plan, especially for the younger generation. Personal loans are loans meant to help people with short-term financial needs, such as purchasing a home, starting a business, or paying for education.
With a variety of loans to choose from, First Midwest Bank is the perfect place to get started. If you are looking for a personal loan, you have come to the right place as this particular loan is recommended by a lot of people.