What are the American Express personal loan fees? This question is about American Express

American Express personal loans have a $0 origination fee and a $39 late payment fee, but there is no prepayment fee. American Express personal loans also have a minimum APR of 6.98%, which is lower compared to the typical minimum APR for a personal loan. For your convenience, you can see American Express’s personal loan fees and other key terms below. American Express Personal Loan Fees and Other Terms Origination Fee : $0 Late Payment Fee : $39 Prepayment Fee : $0 APRs : 6.98% - 19.98% Loan Amounts : $3,500 - $40,000 Repayment Periods : 12, 24 or 36 months Credit Score Requirement : 660+ Funding Timeline : 3 - 8 business days Before applying for any personal loan, it’s a good idea to see if you pre-qualify first. To check with multiple lenders at once, try WalletHub’s free pre-qualification tool .

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What are the American Express personal loan fees?

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This question is about American Express

Grace Enfield, Content Writer

@grace_enfield • 05/03/22 This answer was first published on 05/03/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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American Express personal loans have a $0 origination fee and a $39 late payment fee, but there is no prepayment fee. American Express personal loans also have a minimum APR of 6.98%, which is lower compared to the typical minimum APR for a personal loan. For your convenience, you can see American Express’s personal loan fees and other key terms below.

American Express Personal Loan Fees and Other Terms

Origination Fee: $0
Late Payment Fee: $39
Prepayment Fee: $0
APRs: 6.98% - 19.98%
Loan Amounts: $3,500 - $40,000
Repayment Periods: 12, 24 or 36 months
Credit Score Requirement: 660+
Funding Timeline: 3 - 8 business days

Before applying for any personal loan, it’s a good idea to see if you pre-qualify first. To check with multiple lenders at once, try WalletHub’s free pre-qualification tool.

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American Express Personal Loan Requirements

Minimum Credit Score: 660+ credit score

Age: 18+ years old

Residency: U.S. citizen or permanent resident

Identification Type: SSN

Once you make sure you've met all the requirements for an American Express personal loan, you should have a good chance of approval. However, the exact interest rate you receive will depend on factors such as your credit score, income, and debt.

You can use WalletHub's free pre-qualification tool to see if you're likely to get approved and what rates you could get. Plus, it won't hurt your credit.

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Does American Express do a hard inquiry?

Yes, American Express does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.

American Express's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the … read full answer credit score simulator on WalletHub.

If you're looking for a lender that does not do a hard inquiry at all, you could consider OppLoans and Integra Credit.

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How do I apply for an American Express personal loan?

To apply for an American Express personal loan, first check for pre-qualification and then enter your personal and financial information on the online application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.

How to Apply for an American Express Personal Loan

… read full answerCheck for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for an American Express personal loan. It doesn't hurt your credit. You can check for pre-qualification on the American Express website.

Enter your personal information on the application. American Express requires the following personal information on the application: the amount you wish to borrow, your desired repayment period, the purpose for requesting a loan and your contact information.

Enter your financial information on the application. American Express requires the following financial information on the application: your annual income .

Double-check the application for accuracy. To ensure that your American Express personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.

Submit your application. American Express will typically provide a decision on your application within up to 3 business days.

If you are approved for an American Express personal loan, you will generally receive the funds within 3 to 5 business days after approval. After that, it's your responsibility to make monthly payments until you have fully paid back your loan, including interest.

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