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Old National; Insider
The bottom line: Old National Personal Loan is a decent option for borrowers looking to fund a home improvement project. The lender offers a term length of as long as seven years for that loan purpose. However, Old National only serves borrowers in 24 states and charges hefty fees, so other lenders may be a better option.
Old National personal loans
Pros and cons of Old National personal loans
Pros
Low minimum rate. Borrowers with excellent credit may receive a rate as low as 6.99%. This rate is competitive with other minimum APRs on the personal loan market. Long maximum loan term. If you’re taking out a loan for home improvement, you can get a term length as long seven years. This allows you to spread your costs over a longer period to pay less per month.
Cons
Not available in all states. You’re only able to get a loan from Old National in 24 states: Arkansas, Colorado, Connecticut, Illinois, Indiana, Iowa, Delaware, Georgia, Kansas, Kentucky, Massachusetts, Maine, Minnesota, Missouri, North Carolina, Nebraska, New Hampshire, Ohio, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont, and Wisconsin.Documentation fee. You’ll pay a $150 fee when you take out a loan from Old National, which increases the overall cost of your loan. Some other lenders don’t charge any fees when you get a new loan from them. Late fee. After a 10-day grace period, you’ll pay a $10 to $15 late payment penalty, depending on the specific terms of your loan. Low maximum loan amount. Old National makes loans of as much as $35,000. While this may be a high enough maximum for many borrowers, if you need more money for a larger expense, another lender is probably a better option.
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.