Old National personal loans review: Low minimum rates, but unavailable to borrowers in 26 states

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Old National personal loans

Pros and cons of Old National personal loans

Who is Old National best for?

Old National is best for borrowers who have excellent credit and can qualify for its lowest rate, which is very competitive with other lenders. Borrowers looking to finance a home improvement project can also get a term length of up to 84 months, which may be longer than some other lenders offer. 

But borrowers will pay significant fees when borrowing from Old National, and residents of 26 states won't be eligible to take out a loan. 

How Old National personal loans compare

You'll pay a late fee with Old National and Best Egg, but not with LendingPoint. Old National's fee ranges from $10 to $15, while Best Egg's late fee is $15. Old National has a documentation fee of $150, which you pay when you take out the loan. Best Egg's origination fee ranges from 0.99% to 5.99% of your loan amount, and LendingPoint's is up to 6%.

All three lenders have similar loan amount ranges. At Best Egg, loan amounts range from $2,000 to $35,000, but limits may vary by state. Old National's range is from $2,500 to $35,000, and LendingPoint has a minimum of $2,000 and a maximum of $36,500.

See our ratings methodology for personal loans » 

Frequently asked questions

Is Old National trustworthy?

Old National is a Better Business Bureau-accredited company with an A+ grade from the BBB. The BBB is a nonprofit organization focused on consumer protection and trust, and grades companies based on their response to customer complaints, truthfulness in advertising, and transparency in business practices. 

Old National Bank has been at the center of a recent scandal. 

In 2021, Old National Bank agreed to originate more than $27 million in loans to Black borrowers and majority-Black neighborhoods in Marion County to settle a lawsuit filed in the Southern Indiana District Court accusing the bank of discriminating against Black applicants applying for home loans.

While this doesn't directly relate to its personal loan business, you may be uncomfortable with the company's reputation. If that's the case, another lender might be a better choice.

What is the interest rate at Old National Bank?

The interest rate ranges between 6.99% to 25.00% for loans made by Old National Bank. The higher your credit score, the more likely it is you'll qualify for a low rate.