Old National Bank Personal Loans: 2024 Review

Old National Bank is best for a wide range of repayment terms

Old National Bank is one of very few lenders to offer a repayment term of as little as 12 months or as long as 72 months. That gives borrowers with plenty of income a way to clear out debt quickly and save thousands in interest charges.  

Alternatively, borrowers who want to make home improvements and spread their payments out longer for the lowest possible payment can choose Old National's longer six-year term. Borrowers who live in Midwestern states may have access to a local branch if they prefer to apply in person, or want to do all of their banking under one roof. 

Old National Bank personal loan purposes

The lender's website doesn't list any limitations on what funds are used for, although it does restrict maximum terms to specific purposes. The 72-month term is only for home improvement loans, and the maximum term for debt consolidation loans is 60 months.  

Any other uses of Old National Bank personal loan funds require a 48-month minimum term. 

Where Old National Bank personal loans stand out

• Flexible repayment schedules. Most lenders either offer very long terms or short ones – Old National Bank offers both with its 12-month minimum and 72-month maximum term options. That gives you far more choices to secure a payment that fits your budget.
• Low fees. You'll only pay a $150 documentation fee regardless of your loan amount or APR.  That's much cheaper than other personal loan lenders that charge up to 10 percent for origination fees.  
• In-person customer service at branches. If face-to-face customer service is important to you, and you live in the Midwest, you may be able to apply at one of Old National's 280 banking centers.

Where Old National Bank personal loans fall short

• Limited loan amount range. You'll need to fit your loan needs into a $2,500 to $25,000 range.  Other lenders offer loan amounts below $2,500 for small financing needs or up to $100,000 for major expenses or home improvement projects.
• Higher starting APRs than other lenders. Old National's minimum APR is over 9 percent, significantly higher than other lenders offering below 7 percent to qualified borrowers.
• Unknown qualifying standards. The lender's website doesn't offer any information about what it takes to get approved for a personal loan.

Old National Bank customer resources

Customer support

Old National Bank customer service hours are 7 a.m. to 6 p.m. CT or 8 a.m. to 7 p.m. ET. Saturday hours are available between 7 a.m. to noon CT and 8 a.m. to 1 p.m. ET.  You can also visit a local branch during regular business hours.  

Digital experience

One National Bank offers an online app for 24/7 account access.  Applications can be done entirely online through the lender's website.  Consumers can also fill out an online form to get a call back from a banker.  

How this lender compares

Old National Bank vs Discover

Old National Bank is the clear choice for anyone who wants to pay off their balance in less than the 36-month minimum term that comes with a Discover personal loan.  If you're looking for in-person service, you're out of luck at Discover, since its personal loan platform is entirely online.  

Discover offers significantly lower minimum rates to qualified borrowers than Old National, which could mean a lower payment and less interest over the long haul. Discover also doesn't charge any origination fees, compared to the $150 you'll pay for an Old National Bank loan. 

Old National Bank vs Happy Money

If you need less than Happy Money's $5,000 minimum, you can borrow as little as $2,500 at Old National Bank. You'll also have far more repayment term options than Happy Money, which only offers terms between 24 and 60 months (compared to 12 to 72 at ONB). 

Happy Money specializes in debt consolidation, and its minimum and maximum rates are lower than Old National Bank offers.  You also have $15,000 more in borrowing power at Happy Money since its maximum loan amount is $40,000.

Do you qualify for an Old National Bank personal loan?

The lender's website doesn't provide details about approval standards for its personal loan product except that all loans are subject to a credit review for approval. The only posted requirements are related to its terms:

• The 72-month term only applies to home improvement loans.
• The 60-month term maximum applies to debt consolidation loans.
• All other purposes require a maximum term of 48 months.

How Bankrate rates Old National Bank