How much can you borrow from American Express with a personal loan?

A personal loan generally it’s not hard to get, but some personal loans are much more difficult to get than others. Unsecured personal loans often require a credit score of 660+, and some are only available to people with scores of 700+.

Some unsecured personal loans are available to people with lower credit scores, but you have to watch out for predatory interest rates. For example, one good unsecured personal loan provider for bad credit is Avant, whose interest rates will only be as high as 35.99%. In contrast, a company like Opploans could charge as much as 199%.... read full answer

A secured personal loan is a lot easier to get than an unsecured personal loan, as the collateral that you provide greatly reduces the lender’s risk. Even people with bad credit should have little trouble getting approved. The tradeoff is that the lender can take ownership of the collateral if you are unable to pay back your loan. So there’s a lot more risk for you as the borrower. You’ll have to decide if you have any collateral you’re willing to put on the line, such as an auto title, stocks, money in a certificate of deposit, or valuable art.

One thing that will make it extremely hard to get a personal loan is if you don’t have any kind of income. You need income to show that you’re capable of making monthly payments. You don’t necessarily have to be employed, however. Your income can come from other sources like a retirement account, alimony, disability payments and more.

Yes, an American Express personal loan does affect your credit score, both initially and throughout the time you are paying the loan off. The long-term impact of an American Express personal loan can be very positive, since Amex will report your payment information to the major credit bureaus each month. You’ll see an increase in your credit score if you make your payments on time.... read full answer

You can track your progress with daily credit score updates on WalletHub.

How an American Express Personal Loan Affects Your Credit Score

• Increased debt level: Taking out an American Express personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.
• Account diversity: One positive way that getting an American Express personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.
• Payments: The biggest factor in how an American Express personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.

The bottom line is that the impact of an American Express personal loan depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.

It takes 3 to 8 business days to get money from an American Express personal loan, in most cases. The American Express loan timeline includes around up to 3 business days to get approved for an American Express loan and another 3 to 5 business days to receive the funds after approval. Keep in mind that this is a typical applicant’s experience, and in some cases it could take longer.... read full answer

How to Get Money From American Express as Fast as Possible

• Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from American Express having to request additional information.
• Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
• Get your credit score above the minimum. Ideally, you should only apply for a American Express personal loan once your credit score exceeds the minimum requirement of 660. That will make it easier for American Express to decide whether you qualify, which could lead to a quicker decision.
• Apply online. Online applications have the fastest processing times since they are automated and streamlined.

Once you get approved for an American Express personal loan, the money will be delivered through an electronic funds transfer to your bank account, which usually takes 3 to 5 business days.