Is the First Solution Loan Program from First National Bank of Omaha a Good Idea?

“Dear Steve,

I am trying to get out of debt and at the sametime trying to figure out what will be a better way.

I have about $9.9k in credit cards debt, 2 car loans (~$19k) and a personal loan with $4200 left. I am making all my payments on time and always paying my cards more than the minimum, most of the times 3-4 times more on some cards. My credit score is about 689 at the moment and never had any issues getting any credits approved. Also never had any late payments, late bills or any collections.

My question will be – is it worth to get a $15K Solution Loan and pay all my CC and the personal loan. I tried the Prosper and they denied it (most likely) because of the amount of debt owed. Now I just got an offer from First National Bank of Omaha – First Solution loan program (are you familiar with this bank and any business they do?). They are offering a credit line between $5-25k at 7.99-14.99 APR. So I was thinking if I take $15k for 48 Months ($380) a month that may get me out of the many CC debt situation.

But I need a smarter advice from an experienced person.

Thank you in advance and looking forward for your reply!


Dear Alexandru,

I took a look at the First National Bank of Omaha website and I see they do offer something called the First Creditline loan program but their current interest rate in 18%. They are also offering an unsecured loan for between 5.99% – 17.45%. – Source

A debt consolidation loan can be a smart way to get out of debt as long as you don’t fall back into debt while you are repaying the previous loan. Additionally, remember to NOT close the credit cards you pay off. You will want to at least keep the three oldest cards open to help boost your credit score with your long relationship with those cards.


I suspect the offer you got in the mail is just an offer and not an approval for the loan. This will leave you in the same boat as you were in with Prosper. It might be a good idea to call the bank and explain your situation before applying. They might be able to share with you what there approval criteria is for debt to income ratio and save you some angst and grief.

Please post your responses and follow-up messages to me on this in the comments section below.


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Steve Rhode

13 thoughts on “Is the First Solution Loan Program from First National Bank of Omaha a Good Idea?”

  1. Don’t use this!!! They jump up the interest on your account very quickly after you obtain anything from them. Stay away from First National Bank of Omaha. The company is out to get the working person.

    • This sounds like what happened to us with BOA. I thought the BOA offer
      was like an offer I got a number of years ago from GE Financial. It was
      not. The GE Financial loan was at 10.4% for 4 years. The interest
      rate and payment stayed the same for the whole 4 years. Best
      consolidated loan I every had!! The BOA offer was actually revolving
      debt started at 10% and was raised to 17.99%! We always paid on time
      and paid more than the amount due! Even though the loan was for 25K, we
      could charge the difference. They ended up canceling that and lowering
      the amount to what we now owed. They also would send us a bill with
      only $15 due for that month. I took the bait one time and regretted
      it! we were charged double interest the next month! The next time
      they did that I made a point to pay the $15 plus the interest for that
      month, they never sent another $15 due bill. Yeah, I was hoping this
      offer from 1st Solution was like the GE one. It doesn’t sound like it,
      which is ok, I already ripped it up.


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