Personal Loans
American Express provides personal loans ranging from $3,500 to $40,000. Although American Express's maximum personal loan limits are somewhat lower than those of other personal loan companies, its low APR of 4.93% to 19.97% may compensate for the low personal loan limits.
At a Glance: American Express Personal Loans
- American Express
- 4.93% to 19.97%APR Range
- 660Minimum Credit Score
- $3,500 to $40,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
- Same DayTime to Receive Funds
American Express Personal Loan Details and Requirements
APR | American Express personal loan’s APR ranges between 4.93% to 19.97%. |
Credit Score Requirements | American Express requires a minimum credit score of 660. |
Income Requirements | No income requirements are needed. |
Loan Amounts | American Express's minimum loan requirement is $3,500, while the maximum amount is $40,000. |
Loan Terms | Amex loan terms range between 24 to 84 months. |
Permitted Uses | Amex personal loans can be used for debt consolidation, home improvement and other eligible purposes. |
Prohibited Uses | Amex personal loans cannot be used for post-secondary education expenses, business, real estate, paying off balances on American Express-issued cards, vehicle purchases or any illegal purpose. |
Time to Receive Funds | Amex typically disburses funds within 3 to 5 days, except in rare cases when more information from the borrower is required. |
Origination Fees | Amex doesn’t charge origination fees on personal loans. |
Late Fees | Amex charges a $39 late payment fee. |
Prepayment Penalty Fees | Amex doesn’t charge prepayment penalty fees. |
Co-signers and Co-applicants | Co-signers are not allowed by American Express. The American Express website doesn’t specify details about co-applicants. |
Perks | Borrowers with good spending habits may improve their credit with Amex personal loans. |
Mobile Application | Amex has a mobile app that borrowers can use to manage their personal loans. |
Is American Express Right for You?
Personal loan lenders offer varying interest rates and requirements. As a result, it's important to determine if they're the right fit for your needs. Read MoneyGeek's American Express personal loan review for more information.
Who American Express Is Perfect For
An American Express personal loan is best for consumers who want to consolidate their current debts. However, American Express credit cards cannot be included in the consolidation loan.
Borrowers who want to avoid paying origination or prepayment fees may also find Amex ideal.
Furthermore, borrowers may also improve their credit by making on-time payments since Amex reports to the major credit bureaus.
Who Should Not Choose American Express
Amex personal loans are only available to preapproved cardholders. To qualify, you must have an American Express credit card and the lender must make you a loan offer.
Your offer is dependent on your creditworthiness and other factors.
Furthermore, American Express does not provide an annual percentage rate discount for setting up autopay, which means this lender may not be suitable for you if you are looking for discounts.
How to Apply for an American Express Personal Loan
MoneyGeek outlined the key phases involved in your American Express personal loan application. Aside from determining your eligibility, you'll need to complete the Amex application form, sign agreements and receive funding.
1
Prequalify
If you have an American Express card, you can check to see if you're preapproved by viewing your account. Amex will ask you to submit your desired loan amount and other information during the prequalification process. Remember that your creditworthiness and other factors determine your offer.
2
Fill Out Application Form
The application process involves providing personal information and a payment method.
3
Wait for Approval
Amex approval typically takes a few seconds.
4
Review Loan Agreement
After approval, carefully review the loan agreement and read all the fine print. Ensure you look at the loan terms, any fees, the approved amount and the payment schedule.
5
Sign Loan Agreement
Borrowers must sign and submit the agreement letter within three days.
6
Receive or Direct Funds
Amex disburses personal loan payments within the day. Payment will be deposited into your account during the application process. However, ensure that the account information matches your data.
7
Make Payments
You can make payments using your Amex dashboard. There is no prepayment penalty if you pay your loan off early. You can also set up automatic payments.
What to Do if You Are Rejected From American Express
Not all personal loan applications are approved. American Express may reject your loan application for various reasons, including not being an Amex cardholder, not having enough credit, applying for a personal loan amount of more than $40,000 and more.
You should contact American Express by email or phone to figure out why your loan was declined. Before applying again, MoneyGeek recommends that you address the issue that caused your previous loan to be rejected so that you can improve your chances of approval.
Frequently Asked Questions About Personal Loans
The best personal loan lender for you is determined by your particular borrowing needs. MoneyGeek answers the most frequently asked questions about American Express personal loans to help you determine if the lender is right for you.
Read More on Personal Loans
Personal Loans
sources
- Amex. "American Express Personal Loans." Accessed April 19, 2022.
- Amex. "Amex Personal Loans Terms and Conditions." Accessed April 19, 2022.
- Amex. "Frequently Asked Questions." Accessed April 19, 2022.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
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