Old National Personal Loan Full Review

Whether you’re facing a challenging financial situation or aiming to bring your grand plans to life, a personal loan can be the ideal solution you’re seeking.

Old National Bank understands this and has introduced a $35,000 personal loan, offering competitive interest rates starting as low as 6.99%.

Don’t miss out on this opportunity! A personal loan can provide the extra cash you need to consolidate debt, cover unexpected expenses, or make essential home improvements.

Continue reading to learn about Old National’s rates, benefits, exclusive advantages, available loan amounts, and more.

Introducing Old National Bank

Old National Bank is a reputable financial institution with a rich history spanning over 185 years.

Serving individuals and businesses, this bank originated in Indiana and has grown into a major player in the Midwest and Southeast regions of the United States.

Millions of American customers rely on Old National for a range of banking services, including checking and savings accounts, credit cards, mortgages, personal loans, and much more.

How Does the Personal Loan Work?

Old National’s personal loan is an unsecured loan, which means you do not need to provide collateral to secure it.

This makes it an excellent choice for individuals who lack assets or prefer not to risk losing them.

The loan amount for Old National’s personal loan currently ranges from $2,500 to $35,000, offering flexibility to accommodate various financial needs.

You can utilize the funds for debt consolidation, significant purchases, medical bills, home improvements, financing a wedding, or even fulfilling long-dreamt vacations.

Lower Interest and longer terms

Old National Bank stands out with its below-market average interest rates. With rates as low as 6.99% APR, this personal loan becomes a more affordable option, particularly for longer repayment terms.

Speaking of terms, you can choose a repayment plan as short as 36 months or as long as 84 months, allowing you to select a term that aligns with your budget.

Key Benefits

One of the primary advantages of Old National’s personal loan is the fixed monthly payments, enabling you to budget and plan ahead without worrying about fluctuating interest rates.

Additionally, there is no prepayment fee associated with this loan. This means you can pay off your loan early without incurring any extra charges, ultimately saving thousands on interest. Furthermore, for customers with a less-than-ideal credit score or history, Old National offers a co-signer option.

This allows you to apply for the loan with another person who can assume responsibility for the monthly installments if you are unable to make them.

Important Considerations

While Old National’s personal loan offers numerous benefits, it’s essential to be aware of certain drawbacks and points of attention.

One such drawback is the origination fee of $150 charged by Old National at the beginning of the loan.

This fee is non-refundable and is added to the total loan amount, which means you will pay interest on this fee as well.

Additionally, it’s important to note that Old National’s personal loan is not available in all states. Presently, the loan is only accessible if you reside in one of the 24 states where the bank operates.

Unfortunately, if you live outside the the Midwest region, you won’t be able to apply for an Old National Personal Loan.

Lastly, it’s worth noting that Old National applies charges for missed or late payments. In the event of delayed monthly installments, you may incur a penalty ranging from $10 to $15, depending on the specific terms of your loan.

This penalty is enforced after a 10-day grace period, so timely payments are crucial to avoid additional fees.

How to Apply?

If you’re interested in Old National Bank’s personal loan, simply click the green button to access a step-by-step guide on how to apply for the loan.

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