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
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.
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.
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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