What You Need to Know
American Express lets customers choose their repayment option. Once you apply, American Express gives you the choice of three repayment options. You can select the best option for your financial situation. The loans offer fixed interest rates, so the amount will not change from month to month. Once you choose your repayment plan, you cannot change the date your payment is due.
American Express personal loans do not have origination fees or prepayment fees. You can make extra payments each month without facing a fee. They do not charge a fee for making payment by checks or over the phone payments.
To apply for a personal loan with American Express, you must already be a cardmember. You must have a good status with your American Express card to apply for a personal loan. You must have been a customer for at least nine months. American Express will let you know if you qualify to apply for a personal loan.
American Express only allows one personal loan or one business loan open at one time. Once you pay off one of those loans, you can apply for another loan when American Express allows you to. You must receive confirmation from them before you can apply for another loan.
Qualifications to Apply for American Express Loans
- Annual Income: Preapproval required
- Job History: Preapproval required
- Debt-to-Income Ratio: Preapproval required
- Minimum Credit Score: >660
- Credit History Length: Preapproval required
- Credit Bureau Inquiries: Preapproval required
- Bankruptcy History: Not specified
- Past Loan Denial: >60 days and with preapproval from American Express
- U.S. Citizenship Required: Yes, or resident
- Required Age: 18
- SSN Required: Yes
- Valid Bank Account Required: Yes
Useful Information About American Express Loans
- Business Loans Offered: Yes
- Cosigner Loans Offered: No
- Joint Loans Offered: No
- APR Range: 6.98-19.98%
- Fixed Interest Rates: Yes
- Repayment Options: ACH, checks, phone, online
- Payments Due: Monthly
- Payment Methods Fees: No
- Smallest Loan: $3,500
- Largest Loan: $40,000
- Loan Term Lengths: 12, 24, 36, 48-months
Additional Relevant Information
You can only apply for a personal loan with American Express if you have preapproval from them. You must be a cardmember in good standing and have the preapproval. American Express will also let you know how much money you can apply for.
The late fee and fee for insufficient funds is high. American Express charges $39 for each of these fees. This fee applies each time your payment is past the due date.
History and Achievements
American Express started in 1850 in New York. By 1903 the company had assets around $28 million. In 1914, American Express in Europe honored letters of credit from other banks for U.S. soldiers. This helped allow the travelers to get home.
By the 1980s American Express wanted to become a power company. They acquired different banks to make that more of a possibility. Over the years they have offered a variety of credit cards and partnered with Costco for a few years. American Express has received rankings, including:
- Ranked number 16 on Fortune's "Worlds Most Admired Companies"
- Ranked Number 23 for "Best Companies to Work For" by Fortune 100
- Ranked Number 86 on Fortune 500
- Ranked Number 1 by J.D. Power in Customer Satisfaction
Today, they have over $189 billion in assets, with 114 million cards around the world. Their net income is $6.9 billion, and revenue is over $40 billion. They offer credit cards, banking services, and lending options.
Frequently Asked Questions
Can I apply for a loan entirely online?
Yes. You can apply for an American Express personal loan online or over the phone. They do not accept applications through the mail.
What is the lowest my credit score can be?
Your credit score must be higher than 660 for the best chance of approval. American Express sends a preapproval before you can apply for a personal loan.
What is the smallest loan amount available?
The minimum loan amount is $3,500 for American Express personal loans.
What is the largest loan amount available?
The maximum loan amount is $40,000. American Express will let you know how much loan you can apply for.
What are the loan term lengths?
The repayment options are 12, 24, 36, and 48-months. You can choose the repayment option that best fits your financial situation.
Are the interest rates competitive?
Yes. The interest rates for American Express personal loans are competitive. The rate you receive depends on your qualifications.
Are the interest rates fixed?
Yes. American Express offers fixed interest rates for the life of the loan.
What types of loans are available?
American Express offers debt consolidation and home improvement loans. You can use the money to pay for weddings, vacations, or moving expenses.
What information do I need to apply for a loan?
To apply, you must be an American Express cardholder. You must also have an online account. American Express will request your income, job history, and credit score and history. Other information may be necessary, depending on your qualifications.
How long does approval take?
Approval could only take a few minutes. This depends on your qualifications. American Express may need extra information from you, which could me longer approval time.
How long will it take the money to enter my account after approval?
American Express sends the funds within three to five business days. They send the money after you sign the final documents. You can have the funds sent to credit card companies or directly to your bank account.
If I have been denied a loan before, how long do I have to wait to apply again
You must wait at least 60 days and have a preapproval from American Express to apply again. You cannot reapply until you have the approval of American Express.
What are the payment options to repay my loan?
Payments are due monthly. American Express allows payments through automatic withdrawals or electronic payments online. You can make payments with checks or by calling customer service. To avoid the $39 late fee, sign up for automatic payments.
Can I pay my loan off early?
Yes. American Express does not charge a fee if you pay your loan off early.
Is my information secure?
American Express uses encryption to protect your information. They automatically log you out after ten minutes of inactivity. They take steps to destroy personal information when they no longer need it. American Express offers physical and technical security measures to protect its customer’s information.
Does this loan company offer a mobile app?
The website does not list a mobile app for personal loans.
How do I contact customer service?
American Express customer service is available through online chat, email, phone, or mail. Customer service hours are Monday through Friday from 10 a.m. to 8 p.m. EST. You can follow American Express on Facebook, Instagram, LinkedIn, Twitter, and YouTube.
Bank Contact Information
American Express
P.O. Box 981535
El Paso, TX 79998-1535
844-273-1384
