About American Express: American Express is an American multinational financial services corporation headquartered in New York City. Founded in 1850, it's one of the 30 components of the Dow Jones Industrial Average and is best known for its credit cards. However, Amex offers a number of banking and lending products as well.
Pros
- Low starting APR
- No origination fee
- Free FICO score
Cons
- Only available to American Express card members
- Must be pre-approved to apply
- No co-signer option
American Express personal loans: Overview
APR: 5.99%–28%
Term length: 12–36 months
Loan amount: $3,500–$40,000
Late payment fee: $39
American Express provides unsecured personal loans to qualifying card members. Interest rates start at 5.99% APR and repayment terms range from one to three years. Customers can borrow amounts ranging from $3,500 to $40,000.
Amex personal loans can be used for most personal, family or household expenses, such as debt consolidation, home repairs and remodeling, weddings, and other major purchases.
However, there are a few prohibited uses of personal loan funds:
- Post-secondary education expenses
- Real estate
- Business expenses
- Securities
- Vehicle purchases (other than as down payment for a vehicle)
- Paying down balances on American Express-issued cards
- Any purpose prohibited by law
American Express personal loan: eligibility requirements
American Express personal loans are only available to eligible card members. (If you don’t currently own an active Amex card, you cannot apply for a personal loan.) Additionally, you can only apply if you receive an offer to apply from American Express and continue to meet the eligibility requirements. Finally, you must be 18 years or older, and a U.S. citizen or resident of the U.S. or its territories.
American Express personal loan discounts
American Express does not offer discounts on its personal loans at this time.
American Express customer service
American Express is not accredited by the Better Business Bureau (BBB) and does not have a BBB rating. On Trustpilot, users rate American Express just 1.6 out of 5 stars, based on nearly 3,700 reviews. However, most complaints center around its card services.
Amex personal loan customer service representatives can be reached by calling 1-844-273-1384 Monday through Friday from 9 a.m. to 8 p.m. EST.
Who is American Express best for?
American Express personal loans are exclusive to Amex cardholders. So existing customers who are in need of low-cost, unsecured financing would be best suited for these loans.
How to apply for a American Express personal loan
If you’re eligible for an American Express personal loan, Amex will send you an offer. You can check to see if you have an offer by logging in to your American Express online account. Here, you can see if you’re pre-approved for a personal loan, how much you’re approved to borrow, and what your rate is.
If you want to pursue the offer, you can then indicate how much you want to borrow, select a monthly payment option, and a few personal details. You’ll get a decision in seconds.
If you're approved, American Express will fund the loan after you review the terms and sign your personal loan agreement. Funds will be deposited directly into your bank account within three to five business days in most cases.
American Express personal loans vs. alternatives
If you’re looking for a personal loan, American Express is just one option. And if you’re not a current Amex card member, it may not be an option at all. So it’s a good idea to compare American Express personal loans with some alternatives.
Discover personal loans vs. American Express personal loans
Discover offers unsecured personal loans in similar amounts as American Express ($2,500 to $40,000). However, you don’t need to be an existing Discover customer to qualify for a loan. You do need good credit, though, with a score of at least 660. Discover also offers longer repayment terms, and funds can be deposited to your account as soon as the next business day.
LightStream personal loans vs. American Express personal loans
If you’re looking to borrow a larger amount, LightStream could be a good option. This lender offers unsecured loans up to $100,000. It also offers same-day funding and a discount for setting up autopay.
Frequently asked questions
Does American Express do a hard pull for personal loan?
You can apply for an American Express personal loan if Amex sends you a pre-approval offer. The preapproval doesn’t impact your credit score. However, if you decide to accept the offer and get approved, your credit score may see a small ding from a hard inquiry.
How long does it take American Express to approve a personal loan?
American Express can approve personal loan applications the same day or next day. Once approved, it usually takes three to five days to receive your funds.
Can I pay off my American Express loan early?
Yes, Amex doesn’t charge prepayment penalties and allows you to make as many payments as you like.
