Old National Bank Personal Loans Review: What You Need to Know

Quick take: Old National is a U.S. regional bank that offers unsecured personal loans primarily to Midwestern borrowers. Its annual percentage rates (APRs) are competitive, but you must live in one of eight states and likely need good credit to qualify for funding.

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Pros & Cons 

Pros 

• Low maximum annual percentage rates (APRs) 

• Flexible loan terms

• Branch support for borrowers

• Potentially fast funding

• Allows joint applicants

Cons 

• Only available in 8 states

• Requires good credit and a strong financial profile

• Potentially confusing rate request process

• Charges a $150 documentation fee

• Relatively tight loan limits

Company Overview 

Founded in 1834, Old National Bank is a regional financial institution that offers banking products, including checking accounts, savings accounts, credit cards and personal loans, to customers in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, North Dakota, Tennessee and Wisconsin.

Headquartered in Evansville, Indiana, Old National currently manages around $72 billion in assets and 347 brick-and-mortar locations. Like many regional, mid-sized banks, its mission remains heavily community-focused as it seeks to become a trusted financial partner for local customers. 

Key Features 

Interest Rates 

Old National Bank offers fixed APRs between 8.99% and 25%, but that minimum applies to home improvement loans. Its APRs for debt consolidation loans and other purpose loans start at 9.49% and 9.99%, respectively. Old National also bases its APRs on loan terms and an applicant’s creditworthiness. 

Most personal loan providers offer APRs between 8% and 36%, so while Old National’s minimum APR runs slightly high, its maximum APR is quite competitive. Consider the estimated monthly payments and total borrowing costs for a $15,000, 5-year home improvement loan. 

Let’s say you qualified for both minimum APRs. Lender B could save you $7 a month and $429 in total borrowing costs. However, if you qualified for both maximum APRs, Old National could save you $102 and $6,104, respectively.

Loan Amounts 

Old National offers unsecured personal loans between $2,500 and $25,000. That’s relatively limited, considering some competitors offer lower minimums, higher maximums, or both.  

PenFed, a large, nationwide credit union, for instance, offers personal loans from $600 to $50,000. 

Repayment Terms 

Old National offers repayment terms of 1 to 6 years, but its loan term maximums vary depending on how you plan to use the funds. Here’s the breakdown by use-case:

• Home improvements: Up to 72 months 

• Debt consolidation: Up to 60 months 

• All other purposes: Up to 48 months 

Generally speaking, longer terms lead to lower monthly payments, but higher total borrowing costs, while shorter terms lead to higher monthly payments, but lower total borrowing costs. 

Even with tighter restrictions on its any-purpose personal loans, Old National offers a comparatively strong set of repayment choices. In fact, it’s one of the few lenders to allow borrowers to opt for a 1-year personal loan, which could prove helpful if you’re borrowing a small amount and want to repay it quickly with minimal total fees and interest.  

Funding Speed 

Old National Bank says on its website that it can sometimes fund a personal loan in as little as 24 hours. However, most disbursements take a few business days, following final loan approval. 

Other Notable Features 

You can request rates from an Old National banker through a form on its website. While this request won’t affect your credit score, the form’s disclosure notes that these are loose estimates based on preliminary personal information and that you’ll have to apply and consent to a credit pull to receive more firm eligibility details. 

Old National also lets you request information or apply through a dedicated phone line. When we called, we found the customer service representative to be prompt, polite and forthcoming with information that wasn’t readily available on Old National’s website.  

The bank has a well-rated mobile app for Android and iOS that lets you digitally monitor and manage your Old National accounts. It’s A+ accredited with the Better Business Bureau (BBB), but has a poor rating on Trustpilot, though only about a dozen customers have left reviews.    

Costs & Fees 

Old National charges an upfront $150 documentation fee, its version of an origination fee, on all personal loans. That could prove comparatively pricey if you’re opting for a small-dollar loan. 

Personal loan origination fees usually run between 0% and 12% of your loan’s total amount, and $150 is 10% of Old National’s $1,500 borrowing limit. That $150 fee, however, could be more competitive if you’re borrowing larger sums. For instance, even a moderately competitive 5% origination fee on a $20,000 personal loan would cost you $1,000. 

Keep in mind, some lenders, including LightStream and American Express, don’t charge origination fees at all. 

Eligibility Criteria 

To get a personal loan through Old National, you need to live in one of the following states:

• Illinois

• Indiana

• Iowa 

• Kentucky

• Michigan

• Minnesota

• Ohio

• Wisconsin

Old National doesn’t provide many details on its website regarding eligibility requirements. However, the customer service representative told us that the bank considers an applicant’s credit history, overall financial profile and debt-to-income ratio.  

The representative also said that the bank looks for a credit score of 700 or higher. That cutoff makes Old National a relatively selective lender. Some lenders, like Upstart or Upgrade, offer personal loans to borrowers with thin or limited credit, and even some primarily prime lenders, like SoFi, are known to consider applicants with a credit score of at least 680.  

How To Apply 

You can apply for an Old National Bank personal loan by:

1. Requesting rates through the bank’s online request form or dedicated phone line. These quotes aren’t binding, but could give you a better idea of what Old National Bank might offer you. 

2. Formally applying for the loan if you’re comfortable with your preliminary rates and your overall credit standing. You can also do this over the phone or through the website. Formal loan applications could result in a hard credit inquiry.    

3. Verifying your application information by providing any supporting documentation or identification that Old National requests to fully approve your loan. 

4. Signing your loan documents and providing your desired disbursement details (usually a bank account and routing number) so you can receive your funds.

Comparable Options 

Old National Bank personal loans aren’t available to everyone, and even borrowers in its region may benefit from comparison shopping. See how the bank compares to a few nationwide lenders.

PenFed

PenFed is a credit union, meaning it only offers personal loans to members. However, almost everyone in the U.S. is eligible to join, and you can do so online by opening a small savings account. PenFed’s personal loans are relatively low-cost and flexible. You can borrow as little as $600 and as much as $60,000 at an APR of 6.74%to 17.99%. Like Old National, however, PenFed primarily lends to good-credit borrowers with strong financial profiles. 

Discover

Discover has slightly less stringent underwriting standards for its personal loans than Old National Bank. It’s known to lend to borrowers with credit scores of at least 660, though in such cases, they might qualify for high-end APRs. Still, Discover charges no origination fees or late fees. It also offers loan terms of up to 7 years, making it a strong option if you’re looking for another way to lower your monthly payments.     

Who It’s Best For 

Old National Bank personal loans are best for Midwestern or otherwise nearby borrowers who want a competitive APR, branch access and personalized support. It’s also a good fit if you have a pre-existing relationship with the bank and want to manage multiple financial accounts from a centralized app or singular institution. Old National Bank may be less of a fit if you’re outside its service areas, need a high-dollar or truly small-dollar loan and have less-than-stellar credit, given it generally looks for a good credit score of 700 or higher.  

Final Take 

Old National Bank could be worth considering if you live near its branches and have solid credit, given its low maximum APR and flexible loan terms. Be sure to request rates from Old National and several other top lenders first, however, as shopping around remains one of the best ways to score a great deal on a personal loan. 

FAQs 

Does Old National Bank give personal loans?

Old National Bank offers unsecured personal loans between $2,500 and $25,000 to qualified borrowers in the Midwest and surrounding areas. 

What bank did Old National Bank merge with?

Old National Bancorp, the bank-holding company for Old National Bank, completed a previously announced merger with Bremer Financial Corporation in May 2025. It previously merged with CapStar Financial Holdings and First Midwest Bancorp.

Does Old National Bank do loans?

Old National Bank offers debt consolidation loans, home improvement loans, and all-purpose personal loans. It also offers auto loans, student loans, home equity loans or home equity lines of credit (HELOCs), credit cards and other types of financing. 

Sources

• OldNational.com - Personal Loans Official Website

• PenFed.org - Personal Loans Official Website

• LightStream.com - Personal Loans Official Website

• Americanexpress.com - Personal Loans Official Website

• SoFi.com - Personal Loans Official Website

• Reddit.com - Official SoFi Response to “Odds of being approved?”

• Discover.com - Personal Loans Official Website