American Express Personal Loans

American Express Personal Loans Reviews

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About American Express Personal Loans

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American Express, or Amex as it’s commonly known, is a credit card company that dates all the way back to 1850, when it was a freight company. Although most people only know Amex for its credit cards, the company also offers other banking products such as checking accounts, savings accounts, business lines of credit and personal loans.

    Pros & Cons

    Pros
    • No origination fee, application fee or prepayment penalty
    • Quick application process
    • Choose your own repayment term
    Cons
    • You must receive an offer to apply
    • APR range isn’t disclosed publicly
    • You must be an Amex cardholder to be eligible

    Our editor’s take

    Since you must be an existing cardholder to be offered an American Express personal loan, these loans aren’t very accessible to the average borrower. This, coupled with the fact that Amex doesn’t disclose important information such as its annual percentage rate (APR) range or term lengths, makes it hard to consider for anyone who is not already an Amex member.

    That said, it isn’t recommended that you apply for an Amex card just to receive a personal loan offer. Unless you specifically want an Amex credit card, you should consider a personal loan from a local bank, credit union or online lender.

    American Express personal loan products

    American Express offers one personal loan, which is only available to existing cardholders. When you log into your Amex account, you’ll see if you’ve been preapproved for a personal loan.

    Amex’s personal loans are unsecured, which means they don’t require any collateral, and can range from $3,500 to $40,000, with fixed interest rates.

    Your loan can be used to cover most expenses, such as consolidating (non-Amex) debt, paying for home improvements and making big purchases like a vacation or new refrigerator. However, Amex specifically states its loans can’t be used for:

    • Paying off or consolidating Amex-issued cards
    • College expenses
    • Real estate
    • Business
    • Vehicles (unless used as a down payment)
    • Illegal activities

    American Express personal loan rates

    Unfortunately, Amex doesn’t disclose its APR range publicly. To get an idea of how much your APR will be, and if you are already an Amex cardholder, you should consult the preapproved personal loan offer sent to you by Amex. Your actual APR will not exceed this APR if you proceed with your application.

    Amex does give an example APR on its website of 7.89% on a $10,000 loan, although the APR offered to you could be much higher depending on your loan amount, repayment term and creditworthiness.

    American Express personal loan fees

    Amex doesn’t charge application fees, origination fees or prepayment penalties if you decide to pay off your loan early. However, it does charge a $39 late payment fee if your payment is overdue or returned due to insufficient funds.

    How to apply for an American Express personal loan

    Before you can apply for an American Express personal loan, you’ll need to be sure that you’re eligible. To be eligible, Amex requires you to:

    • Have received an offer to apply for a personal loan through your American Express online account
    • Be a current Amex cardholder
    • Be at least 18 years old
    • Be a citizen or resident of the U.S. or its territories

    You can then apply online or over the phone. Amex will let you know the maximum you can borrow, as well as your maximum APR, before you proceed with the application process.

    If you decide to continue, Amex will ask you to provide the following information on its application:

    • How much you want to borrow
    • Your income
    • What you need the loan for
    • What payment term you’d like

    Amex offers near-instant approval for most applications, but loan decisions are sometimes delayed if it needs to further verify the information you provided. If approved, your loan will be deposited to your bank account on file within three to five business days.

    How do American Express personal loans compare?

    Unfortunately, Amex doesn’t disclose much of the information needed to truly compare it to its competitors. Due to this, you’ll need to review your loan offer before comparing it to other personal loan lenders.

    With that in mind, here is how Amex measures up to a competitor, Best Egg, based on what information it does disclose:

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    American Express personal loans FAQ

    What is Amex?

    Amex, short for American Express, is a financial services company that issues credit cards as well as other financial products, such as personal loans and personal checking accounts. With over 150 years in business, Amex says it is the largest global payment network.

    What can’t I use an Amex personal loan for?

    Amex personal loans can’t be used to pay for:

    • Post-secondary education
    • Real estate purchases
    • Business purchases
    • Securities
    • Vehicle purchases
    • Your Amex-issued card balance
    • Illegal activities
    How long does it take to receive Amex personal loan funds?

    It can take anywhere from three to five business days for Amex to send your loan funds to your bank account. However, it can take longer for the money to be available in your account, depending on your bank’s schedule.

    Is American Express legit?

    American Express has over a century and a half in business and has built a reputation as a trusted financial services company. As the largest global payment network, Amex reported having over $244.9 billion in assets as of June 2023 and is FDIC-insured.

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    American Express Personal Loans Company Information

    Company Name:
    American Express
    Website:
    www.americanexpress.com