Grace Enfield, Content Writer
@grace_enfield
American Express uses American Express Bank to fund personal loans. The company offers loans of $3,500 - $40,000 with APRs of 6.98% - 19.98%, depending on an applicant’s creditworthiness, and gives borrowers 12, 24 or 36 months to repay their loans. You will need a credit score of 660+ to qualify.
Key Things to Know About American Express Personal Loans
- Loan Amounts: $3,500 - $40,000
- APRs: 6.98% - 19.98%
- Repayment Periods: 12, 24 or 36 months
- Credit Score Requirement: 660+
- Late Fee: $39
- Origination Fee: $0
- Prepayment Fee: $0
For more information, check out the full American Express review on WalletHub.
People also ask
Are American Express personal loans legit?
Yes, American Express personal loans are legit because American Express is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Another reason why American Express personal loans are legit is that the lender has a rating of A+ from the Better Business Bureau. The company also is accredited with the Bureau.
Why American Express Personal Loans Are Legit
- American Express is registered as...
Does an American Express personal loan affect your credit score?
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.
You can track your progress with daily credit score updates on WalletHub.
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read full answerHow long does it take to get money from an American Express personal loan?
It takes 3 to 5 business days to get money from an American Express personal loan, in most cases. The American Express loan timeline includes an instant approval decision and another 3 to 5 business days to receive the funds. Keep in mind that this is a typical applicant’s experience, and in some cases it could take longer.
How to Get Money From American Express as Fast as Possible
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