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
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Versatility. Old National Bank personal loans can be used for various purposes, including debt consolidation, home improvements, or covering unexpected expenses.
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Fixed APR Option. Borrowers can lock in a fixed Annual Percentage Rate (APR), providing predictability and stability in monthly payments.
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No Commitment Application. The loan application process does not require a commitment from the customer, allowing for exploration and consideration without obligation.
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Flexible Loan Amount. The loan amount can be customized to suit individual financial needs and preferences.
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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
Pros
Cons
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.
Requirements
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Age. Applicants must be at least 18 years old to be considered eligible for a personal loan from Old National Bank.
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U.S. Citizenship or Legal Residency. Borrowers must be U.S. citizens or legal residents with valid identification.
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Proof of Income. Applicants are required to demonstrate a stable and verifiable source of income to show their ability to repay the loan.
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Creditworthiness. Old National Bank will assess the applicant's credit history and credit score to determine their creditworthiness and repayment capability.
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Debt-to-Income Ratio. The bank may consider the applicant's debt-to-income ratio to assess their overall financial stability.
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Employment Status. Applicants typically need to provide proof of current employment or a reliable source of income.
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Residential Address. Borrowers should have a valid residential address within the geographic service area of Old National Bank.
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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?
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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.
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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.
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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.
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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.
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Mobile App Payments. Old National Bank's mobile app 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
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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.
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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.
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Repayment Terms. Review the available loan terms, ranging from 36 to 72 months, and choose a duration that fits your budget and repayment capacity.
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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.
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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.
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Credit Score. Know your credit score and how it may impact the loan approval process and the interest rate offered by the bank.
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Eligibility Criteria. Ensure you meet the eligibility requirements for an Old National Bank personal loan, including age, citizenship status, proof of income, and creditworthiness.
Alternatives
Other Banks
Other banks offering personal loans: Wells Fargo, Truist and First Citizens Bank.
Credit unions
Credit unions offer personal loans under favorable terms. For example, Golden 1 Credit Union, Mountain America Credit Union and Tinker Federal Credit Union.
Credit Cards
Credit cards are not the cheapest credit instrument, but they provide fast solutions in an emergency within your credit limit. Many lenders offer this loan product, so you can shop around and find the best option from a reputable lender like Chase, Citi or Capital One.
Home Equity Line of Credit (HELOC)
HELOC allows you to use the same and get the needed amount to your account: PNC Bank, TD Bank and U.S. Bank.
Peer-to-Peer Lending
Peer-to-peer financing is a flexible instrument that connects private lenders and borrowers: LendingClub, Prosper and Upstart.
Balance Transfer Cards
Balance transfer cards allow one to consolidate debt and avoid overpayment because usually, they offer lower interest rates and help to love the credit burden on a household budget; take a look at the loan offers by Barclays, Discover and Bank of America.
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
Methodology
At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
Additional resources
To learn more about personal loans and best practices, check out some of the following resources:
- Discover the Best Personal Loans Available Online in the U.S.
- Understanding the Power of a Line of Credit
- Harnessing the Power of Credit Builder Loans for a Strong Credit Score
- Instant Loans: Quick Cash When You Need It Most
- Exploring Best Online Cash Advance Loans for 2025
- Best No-Credit-Check Loans
- Your Guide to Loans with Bad Credit in the U.S.