Borrow between $2,500–$25,000, with repayment terms from 12 to 72 months depending on purpose.
Access fixed APRs starting around 9.2% and capped at 25%, keeping rates predictable.
Get extra savings via autopay enrollment and applying with a co-borrower.
These unsecured loans require no collateral; origination is a simple documentation fee (~$150).
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Old National lets you select amounts from $2,500 to $25,000 and repayment periods from 12 up to 72 months—especially for home improvements. For smaller debt consolidation or general loans, terms go up to 48 months; for debt consolidation, up to 60 months; and for home improvements, up to 72 months. This flexibility lets borrowers match monthly payments to both the cost and duration of their goals.
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The bank offers APRs starting around 9.2% (e.g., a 5-year, $15K loan at 9.416%) and caps out at 25%—well below typical payday or online personal loan rates. With fixed interest, borrowers can plan long-term projects without worrying about market-driven rate increases disrupting their budget.
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By setting up autopay from an Old National account, borrowers qualify for a modest APR discount. Bringing a co-borrower can further improve rates or eligibility. According to LendingTree, combined enrollment and joint application can reduce rates—helping costs stay low and making mid-tier borrowers more competitive.
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Old National offers unsecured loans, meaning you don’t need to pledge property. Origination isn’t based on a percentage of the amount—just a flat documentation fee (~$150) if funded. This avoids the hidden cost practices of some lenders and protects borrowers from risking assets.
Top U.S. Personal Loan Options
- Old National Bank Personal Loan – Borrow $2,500–$25,000 (up to $30k for certain purposes) over 12–72 months, with rates around 8.99%–25% APR, a $150 documentation fee, autopay discount, and no prepayment penalties
- SoFi – Offers up to $100,000, APRs ~9%–29.99%, no origination fee, fast online lending.
- Upstart – Loans up to $50,000, APRs ~6.7%–35.99%, approval based on alternative credit factors.
- LightStream – $10,000–$100,000 with low APRs (6.94%–25.79%), best for borrowers with strong credit and immediate funding needs.
- Credible Marketplace – Compare offers from multiple lenders including Old National via a single soft credit check.
Traditional Bank Lending vs. Old National Bank
Traditional banks and credit unions offer personalized service, but often require strong credit histories and extensive paperwork. Old National combines both worlds—a reliable, transparent lending experience rooted in local banking, with regional accessibility and some of the best structure you’d find outside large institutions.
Old National Bank Personal Loan Details
Old National offers unsecured personal loans typically ranging from $2,500 up to $25,000. Terms vary by purpose: 12–48 months for general use, 60 months for debt consolidation, and up to 72 months for home improvement projects. Interest rates currently start around 8.99% and can go up to 25% APR, depending on credit criteria, loan size, and term.
Managing and Paying Back Your Loan
Once funded, you can manage your loan through Old National’s digital banking platform or mobile app. The bank offers multiple payment options, including one-time or recurring online transfers, branch payments, mailed checks, or phone-initiated e-checks. Enrolling in auto-pay not only ensures timely payments but also secures that small APR discount. No penalties exist for prepayments, allowing you to save on interest by paying the loan off early.
Borrower Eligibility & Regional Availability
Old National services customers across eight Midwestern states (IL, IN, IA, KY, MI, MN, OH, WI). While specific credit score requirements are not disclosed, competitive rates are typically based on good to excellent credit. The bank offers joint applications for borrowers with fair credit to improve approval odds.
Using Personal Loans for Debt, Home Projects & More
Old National encourages responsible borrowing and notes that personal loans can be particularly effective for debt consolidation, potentially saving money by replacing high-interest credit card debt or other loans. Due to the longer terms, home improvement projects (up to 72 months term) can also be funded affordably. Unlike secured loans, there’s no need for property collateral or appraisals, and the terms and payments are fixed and predictable.
How Old National Personal Loans Impact Your Finances & Credit
When you apply, the lender typically performs a hard credit pull, which may cause a minor, temporary dip in your credit score. Monthly statements are reported to credit bureaus, so consistent, on-time payments help build your credit profile, while late or missed payments can harm it. Because repayment installments are fixed and non-revolving, they can improve budgeting habits. Additionally, consolidating debt can reduce your credit-utilization ratio and lower your debt-to-income (DTI), both positive for credit health.
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Debora Roque
A credit card expert, she utilizes her expertise to create informative content on credit cards, empowering others with financial knowledge.
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