Established in 1834, Old National Bank has evolved into a prominent regional institution, boasting substantial assets of approximately $48 billion. As the sixth largest commercial bank headquartered in the Midwest and ranking among the top 35 U.S. banks, Old National Bank has demonstrated resilience through challenging times such as the Panic of 1837 and the 1929 Wall Street Crash. Despite these hurdles, the bank has remained steadfast and continues to thrive. Catering to private individuals and businesses, Old National Bank delivers a wide range of financial services, ensuring its commitment to meeting the diverse needs of its valued customers.
Features
Versatility. Old National Bank personal loans can be used for various purposes, including debt consolidation, home improvements, or covering unexpected expenses.
Fixed APR Option. Borrowers can lock in a fixed Annual Percentage Rate (APR), providing predictability and stability in monthly payments.
No Commitment Application. The loan application process does not require a commitment from the customer, allowing for exploration and consideration without obligation.
Flexible Loan Amount. The loan amount can be customized to suit individual financial needs and preferences.
Repayment Term Choices. Borrowers can select from a range of repayment terms, accommodating different budgets and financial goals.
Old National Bank Loan Options
At Old National Bank, personal loans serve as a lifeline to bridge financial gaps, cover urgent expenses, and more. Borrowers can access loan amounts ranging from $2,500 to a substantial $25,000, catering to a diverse range of financial needs. With a fixed APR, borrowers enjoy stability in their monthly payments, providing peace of mind and predictability. The bank offers flexible repayment terms, extending from 36 months to a generous 72 months, allowing borrowers to find a repayment plan that best fits their budget and financial goals.
Pros and Cons
- Competitive Interest Rates. Old National Bank offers competitive interest rates on its personal loans, from 8.455% to 9.789%, making them attractive for borrowers seeking cost-effective financing solutions.
- Quick Fund Disbursement. Upon loan approval, Old National Bank promptly disburses the funds, providing borrowers with swift access to the money they need to address urgent financial needs or seize time-sensitive opportunities.
- Transparent Fee Structure. Old National Bank ensures transparency in its fee structure, providing borrowers with a clear understanding of any associated fees and avoiding unexpected charges throughout the loan term.
- Credit Score Consideration. The bank considers various factors beyond credit scores when evaluating loan applications, making it possible for individuals with diverse financial backgrounds to qualify for a personal loan.
- Debt Consolidation Benefits. Old National Bank's loans can be utilized for debt consolidation, allowing borrowers to combine multiple debts into a single loan with a fixed payment schedule, simplifying their financial management.
- Convenient Branch Network. With a widespread branch network, Old National Bank provides in-person support and assistance, offering personalized guidance and facilitating a smoother loan application process for customers who prefer face-to-face interactions.
- Limited Online Application Process. Old National Bank's personal loan application process primarily relies on in-person interactions at their branch network. This may inconvenience borrowers who prefer the convenience of a fully online application.
- Strict Eligibility Criteria. The bank may have relatively stringent eligibility requirements for personal loan approval, making it challenging for some individuals with lower credit scores or specific financial circumstances to qualify.
- Limited Availability. Old National Bank operates in select regions, which means that personal loans may not be accessible to individuals residing outside their service areas.
- Limited Loan Amounts. While Old National Bank offers a wide range of loan amounts, the maximum loan size may not meet the funding requirements of borrowers with substantial financial needs.
- Limited Loan Term Flexibility. Although the bank provides multiple repayment term options, some borrowers may desire more customized loan term choices to better align with their specific financial situations.
- Potentially Higher APR for Unsecured Loans. Borrowers opting for unsecured personal loans may face higher interest rates compared to those choosing secured loans, potentially impacting the overall cost of borrowing.
- Limited Specialized Loan Products. Old National Bank may not offer specialized personal loan products tailored to unique borrower needs, limiting options for those seeking highly specialized financial solutions.
How to Apply for an Old National Bank Loan?
To apply for an Old National Bank personal loan, prospective borrowers can follow a straightforward and accessible process. They can begin by visiting their nearest Old National Bank branch or exploring the bank's website to initiate the application.
The bank provides an online application platform, allowing applicants to complete the necessary details and submit required documentation electronically. During the application process, borrowers typically must provide personal information, proof of income, and other relevant documents to support their loan request.
Once the application is submitted, Old National Bank's loan specialists will review the information and contact the applicant with further instructions or loan offers. By offering in-person and online application options, the bank aims to accommodate diverse preferences and ensure a seamless experience for potential borrowers.
Best places to borrow a loan with bad credit
Upgrade
Upgrade is a prominent online lender that offers personal loans to borrowers with bad credit. They provide loan amounts ranging from $1,000 to $50,000, making them suitable for various financial needs. The minimum credit score required by Upgrade is relatively low, typically around 580. This makes it accessible to individuals with a less-than-stellar credit history. One notable advantage of Upgrade is its flexible repayment terms, which can extend up to five years. This longer repayment period allows borrowers to manage their monthly payments more effectively. However, it's worth noting that Upgrade charges origination fees ranging from 2.9% to 8%. Additionally, while they do not have any prepayment penalties, borrowers should be aware of the interest rates, which can be relatively high for individuals with bad credit.
Upstart
Upstart is another online lender that specializes in providing loans to borrowers with bad credit. Their loan amounts range from $1,000 to $50,000, allowing borrowers to access the funds they need for various purposes. Upstart utilizes a unique underwriting model that takes into account factors beyond just credit scores, making it more inclusive for individuals with limited credit history or low credit scores. The minimum credit score required by Upstart is typically around 580. One of the significant advantages of Upstart is its soft credit check, which means that applying for a loan does not negatively impact your credit score. Repayment terms offered by Upstart range from three to five years, providing borrowers with flexibility. While they do charge origination fees of up to 8%, it's important to note that they don't impose any prepayment penalties. However, borrowers with bad credit should expect higher interest rates.
LendingPoint
LendingPoint is a bad credit lender that offers personal loans ranging from $2,000 to $36,500. They consider borrowers with credit scores as low as 585, making them accessible to individuals with bad credit. LendingPoint prides itself on providing fast funding, often disbursing funds within one business day. Their repayment terms typically range from two to four years, allowing borrowers to tailor their loan duration according to their needs. It's important to note that LendingPoint does charge origination fees that can be up to 6%. They also have a slightly higher interest rate compared to traditional lenders, which is to be expected when borrowing with bad credit. However, they do not impose any prepayment penalties, enabling borrowers to pay off their loans early if they desire.
Universal Credit
Universal Credit is an online lender that specializes in bad credit loans, offering loan amounts ranging from $500 to $15,000. Their minimum credit score requirement is relatively low, typically around 550, making them accessible to borrowers with poor credit. Universal Credit offers repayment terms ranging from six months to five years, allowing borrowers to choose a duration that aligns with their financial situation. While they charge origination fees, the amount may vary based on the borrower's creditworthiness. One notable advantage of Universal Credit is its willingness to consider applicants who have previously filed for bankruptcy. However, borrowers should be aware that the interest rates associated with bad credit loans from Universal Credit may be higher compared to traditional lenders.
OneMain Financial
OneMain Financial is a well-established lender that specializes in bad credit loans. They offer loan amounts ranging from $1,500 to $20,000, making them suitable for various financial needs. OneMain Financial requires a minimum credit score of 600, slightly higher than some of the other lenders in this category. However, they have a reputation for considering other factors beyond credit scores when evaluating loan applications. OneMain Financial provides repayment terms that range from two to five years, allowing borrowers to select a term that fits their budget. It's important to note that OneMain Financial charges origination fees, which can vary depending on your residence state. While they do not disclose their interest rates upfront, borrowers with bad credit should expect higher rates.
Avant
Avant is an online lender that specializes in offering personal loans to individuals with bad credit. They provide loan amounts ranging from $2,000 to $35,000, catering to various financial needs. Avant has a minimum credit score requirement of 580, making them accessible to borrowers with less-than-ideal credit histories. Repayment terms offered by Avant typically range from two to five years, giving borrowers flexibility in managing their monthly payments. While Avant charges origination fees up to 4.75%, they do not impose any prepayment penalties. It's important to note that Avant's interest rates can be relatively high for borrowers with bad credit. However, they provide a transparent prequalification process that allows borrowers to check their potential loan offers without affecting their credit scores.
Requirements
Age. Applicants must be at least 18 years old to be considered eligible for a personal loan from Old National Bank.
U.S. Citizenship or Legal Residency. Borrowers must be U.S. citizens or legal residents with valid identification.
Proof of Income. Applicants are required to demonstrate a stable and verifiable source of income to show their ability to repay the loan.
Creditworthiness. Old National Bank will assess the applicant's credit history and creditscore to determine their creditworthiness and repayment capability.
Debt-to-Income Ratio. The bank may consider the applicant's debt-to-income ratio to assess their overall financial stability.
Employment Status. Applicants typically need to provide proof of current employment or a reliable source of income.
Residential Address. Borrowers should have a valid residential address within the geographic service area of Old National Bank.
Documentation. Applicants must be prepared to submit the necessary documentation, including identification, proof of income, and any other documents the bank requires.
Ways to Receive the Money
Ways to receive personal loan money typically involve a convenient and efficient process. Upon loan approval and completion of the necessary documentation, the funds are usually transferred to the borrower's designated account as a direct deposit. This streamlined method ensures quick access to the loan amount.
How to Pay Off an Old National Bank Personal Loan?
Online Payments. Borrowers can conveniently pay through Old National Bank's secure online banking platform. This option allows them to schedule recurring payments or make one-time payments, providing flexibility and ease of use.
Automatic Payments. Setting up automatic payments is a convenient way to ensure timely loan repayment. Borrowers can link their bank account to the loan and have the loan payments automatically deducted each month, reducing the risk of missing a payment.
In-Person Payments. For those who prefer in-person transactions, borrowers can visit any Old National Bank branch and make loan payments directly with a bank representative.
Mail Payments. Borrowers can also choose to mail their loan payments to Old National Bank's designated payment address. However, allowing sufficient time for mail delivery is essential to avoid any potential delays.
Mobile App Payments. Old National Bank's mobileapp enables borrowers to make loan payments using their smartphones or tablets, offering a convenient way to manage their finances on the go.
Things to Consider
Loan Purpose. Clearly define the purpose of the loan, whether it's for debt consolidation, home improvements, or covering unexpected expenses, to ensure the loan aligns with your financial goals.
Loan Amount. Assess your financial needs and borrow only the amount required to avoid overborrowing, keeping in mind that the loan amount offered by Old National Bank ranges from $2,500 to $25,000.
Repayment Terms. Review the available loan terms, ranging from 36 to 72 months, and choose a duration that fits your budget and repayment capacity.
Interest Rates. Consider the fixed interest rate Old National Bank offers for the loan, which may vary depending on the loan amount and repayment term.
Fees and Charges. Understand any associated fees, such as origination fees or late payment charges, to have a clear picture of the total cost of the loan.
Credit Score. Know your credit score and how it may impact the loan approval process and the interest rate offered by the bank.
Eligibility Criteria. Ensure you meet the eligibility requirements for an Old National Bank personal loan, including age, citizenship status, proof of income, and creditworthiness.
Editorial Opinion
Personal loans from Old National Bank are a reliable financial resource that caters to diverse borrowing needs, allowing borrowers to achieve their financial goals efficiently. With a wide range of loan amounts and flexible repayment terms, these personal loans empower individuals to address various expenses, from consolidating debt to funding home improvements. The transparency in fee structures and fixed interest rates ensure borrowers can plan their finances effectively, providing peace of mind throughout the loan term. Old National Bank's commitment to considering various factors beyond just credit scores enables individuals with different financial backgrounds to qualify for these loans, making them accessible to a broader range of customers. Furthermore, the convenience of applying online allows potential borrowers to explore loan options without the need to visit a lender branch, saving time and effort. The bank's dedication to prompt loan approval and quick fund disbursement further enhances the overall borrowing experience, enabling customers to access the needed cash swiftly. With competitive rates and a focus on customer satisfaction, Old National Bank is a trusted financial partner, offering personal loans that serve as a valuable tool in achieving financial stability and meeting individual aspirations.
Important
Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.
How to Choose a Lender
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
Carefully review all the terms and conditions of your payday loan contract.
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- What Credit Score Do You Need for a Personal Loan?
- How to Get a Personal Loan in 7 Steps
- Personal Loan Pre-Approval
- How to Apply for a Personal Loan
- Personal Loan vs Personal Line of Credit
