Old National Bank Personal Loans Review: Rates and Fees

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 nine states and likely need good credit to qualify for funding.

Key Takeaways

• Competitive rates, limited reach: Old National Bank offers personal loans with APRs from 8.99% to 25% and flexible terms of one to six years, but funding is limited to borrowers in nine Midwestern states.

• Good credit generally required: You'll likely need a credit score of 700 or higher to qualify, and every loan carries a $150 documentation fee on amounts between $2,500 and $25,000.

• Shop around before applying: Request rate estimates from Old National and compare them against nationwide lenders like PenFed and Discover before applying, since shopping around is the fastest way to land the lowest APR.

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What Is Old National Bank?

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 manages more than $70 billion in assets following its 2025 merger with Bremer Financial, a Minnesota-based bank that expanded Old National's presence across Minnesota, North Dakota and Wisconsin. Like many regional, mid-sized banks, its mission remains heavily community-focused as it seeks to become a trusted financial partner for local customers.

Pros and 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 nine states.

• Requires good credit and a strong financial profile.

• Potentially confusing rate request process.

• Charges a $150 documentation fee.

• Relatively tight loan limits.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms and fees from different lenders and choose the best offer for you.

Key Features

Interest Rates

Old National Bank offers fixed APRs between 8.99% and 25%, but that minimum applies specifically to home improvement loans. Its APRs for debt consolidation and other-purpose loans start slightly higher, around 9.49% and 9.99%, respectively. Old National also bases its APRs on loan term and an applicant's creditworthiness, and rates are subject to change daily.

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, five-year home improvement loan.

If you qualified for both minimum APRs, the 8% lender could save you about $7 a month and $429 in total borrowing costs. However, if you only qualified for both maximum APRs, Old National's 25% cap could save you $102 a month and $6,104 overall compared with a 36% lender.

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 one to six years, but the maximum term varies depending on how you plan to use the funds:

• Home improvement loans: Up to 72 months.

• Debt consolidation loans: Up to 60 months.

• All other purposes: Up to 48 months.

Generally, longer terms lead to lower monthly payments but higher total borrowing costs, while shorter terms mean higher monthly payments but lower total costs. Even with tighter restrictions on its all-purpose loans, Old National offers a comparatively strong set of repayment choices. It's one of the few lenders to allow a 12-month personal loan, which could help 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 you'll have to apply and consent to a credit pull to receive firmer eligibility details.

Old National also lets you request information or apply through a dedicated phone line. When MoneyLion called, the customer service representative was 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 accredited with the Better Business Bureau but has a poor rating on Trustpilot, though only about a dozen customers have left reviews there.

Costs and Fees

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

Personal loan origination fees usually run between 0% and 12% of the loan's total amount. At Old National's $2,500 minimum, a $150 fee works out to about 6% of your loan, which is right in the middle of that typical range. That same $150 fee becomes far more competitive on larger loans. For instance, even a moderately competitive 5% origination fee on a $20,000 loan would cost you $1,000, six times more than Old National's flat fee. Keep in mind, some lenders, including LightStream and American Express, don't charge origination fees at all.

Eligibility Criteria

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

• Illinois

• Indiana

• Iowa

• Kentucky

• Michigan

• Minnesota

• North Dakota

• Tennessee

• Wisconsin

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

The representative also said the bank generally looks for a credit score of 700 or higher, which makes Old National a relatively selective lender. Some lenders, like Upstart loans 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 following these steps:

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

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

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

4. Sign your loan documents and provide 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. Here's how the bank compares to two nationwide lenders.

PenFed. PenFed personal loans 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, PenFed primarily lends to good-credit borrowers with strong financial profiles.

Discover. Discover personal loans has slightly less stringent underwriting standards than Old National Bank. It's known to lend to borrowers with credit scores of at least 660, though those applicants might only qualify for high-end APRs. Discover charges no origination fees or late fees, and it offers loan terms of up to seven years, making it a strong option if you're looking for another way to lower your monthly payment.

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 already have a relationship with the bank and want to manage multiple financial accounts from a centralized app or single institution.

Old National Bank may be less of a fit if you're outside its service area, need a high-dollar or truly small-dollar loan, or have less-than-stellar credit, given it generally looks for a good credit score of 700 or higher.

Bottom Line

This Old National Bank personal loans review shows a lender 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, since shopping around remains one of the best ways to secure a great deal on a personal loan.

Key Terms

APR (Annual Percentage Rate): The yearly cost of borrowing expressed as a percentage, incorporating the interest rate and certain fees. Old National's range of 8.99% to 25% is notably competitive at the high end compared with many lenders whose rates reach 35.99%.

Unsecured personal loan: A loan that requires no collateral. Approval and pricing depend on your creditworthiness, and the lender has no automatic claim on your assets if you default.

Documentation fee: A flat upfront charge, Old National's equivalent of an origination fee, set at $150 for all personal loans. While modest on larger balances, it can represent a proportionally higher cost on smaller loan amounts.

Debt consolidation: The process of combining multiple debts, often high-interest credit card balances, into a single personal loan to simplify repayment and potentially reduce total interest paid. Old National offers terms up to 60 months specifically for this purpose.

Hard credit inquiry: A formal credit check triggered when you submit a complete loan application. It may temporarily lower your credit score by a few points and remains on your credit report for up to two years.

Debt-to-income ratio (DTI): The percentage of your gross monthly income that goes toward existing debt payments. Old National considers it alongside credit score and overall financial profile when evaluating loan applications.

Joint applicant: A person who applies for a loan alongside the primary borrower and shares equal legal responsibility for repayment. Adding a joint applicant with stronger credit or higher income can improve approval odds or help secure better terms.

Summary generated by AI, verified by MoneyLion editors

Sources

• Old National Bank – Personal Loans

• Better Business Bureau – Old National Bank Profile

• Consumer Financial Protection Bureau – Hard vs. Soft Credit Inquiries

• Consumer Financial Protection Bureau – Debt-to-Income Ratio

• Consumer Financial Protection Bureau – Debt Consolidation

Summary generated by AI, verified by MoneyLion editors

FAQ

Here are quick answers to common questions about Old National Bank personal loans.

Does Old National Bank give personal loans?

Old National Bank offers unsecured personal loans between $2,500 and $25,000 to qualified borrowers in nine Midwestern states and Washington, D.C. is not included in its current footprint.

What bank did Old National Bank merge with?

Old National Bancorp, the bank-holding company for Old National Bank, completed a merger with Bremer Financial Corporation in 2025, expanding its presence across Minnesota, North Dakota and Wisconsin. 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.

What credit score do I need for an Old National Bank personal loan?

Old National doesn't publish a minimum credit score requirement on its website, but a bank representative told MoneyLion the company generally looks for a score of 700 or higher, along with a stable income and manageable debt-to-income ratio.

Can I apply for an Old National Bank loan with someone else?

Yes. Old National allows joint applications, so adding a co-borrower with strong credit or income can potentially improve your approval odds or help you qualify for better terms.