Pros
- APRs as low as 6.98%
- Loans as high as $40,000
- Get funded in as soon as 3 business days
- High customer satisfaction
- No origination or prepayment fees
Cons
- For Amex cardholders only
- 660+ credit score needed
- $39 late fee
- No co-signers allowed
American Express Personal Loans Review Summary
American Express personal loans are only available to people with an American Express credit card account who have received a pre-approved personal loan offer through Amex’s automated system. They also require a credit score of 660 or higher.
People who qualify for American Express personal loans can borrow up to $40,000 with an interest rate as low as 6.98%. That’s ideal for debt consolidation. Amex personal loans also have decent repayment terms, ranging from 12, 24 or 36 months.
Below, you can find more information about American Express personal loans and see how WalletHub rates them in three major categories: Terms, Requirements & Application, and Reviews & Transparency. You can also see how they compare to offers from other lenders.
American Express Personal Loan Terms
 | |
| APRs | 6.98% - 19.98% |
| Loan Amount | $3,500 - $40,000 |
| Loan Terms | 12, 24 or 36 months |
| Origination Fee | $0 |
| Prepayment Fee | $0 |
| Late Fee | $39 |
| Minimum Credit Score | Fair* |
| Minimum Income | Not disclosed |
| Loan Purpose | Debt Consolidation, Home Improvement, Big Purchase |
| Time to Receive Loan Money | 3 - 8 business days |
| Other Requirements |
|
American Express Personal Loan Interest Rates, Fees & Other Terms
Category Rating: 96% (4.8 out of 5)
- Overall APR range: American Express offers fixed-rate personal loans with an APR range of 6.98% - 19.98%.
- How rates are determined: The exact interest rate you might get depends on your credit score, income, and existing debts, among other factors.
- Fees: American Express personal loans do not have any application or origination fees. They also do not charge any fees for paying the loan off early. However, there is a $39 late fee for overdue payments.
- Loan amounts & timelines: American Express personal loan amounts range from $3,500 - $40,000, and their repayment periods are 12, 24 or 36 months.
American Express Personal Loan Requirements
Category Rating: 70% (3.5 out of 5)
- Amex customer: You must have an American Express credit card account to be eligible for personal loan offers.
- Minimum credit score: According to American Express, you will need a credit score of at least 660 to be approved for a personal loan.
- Minimum income: American Express does not disclose minimum income requirements.
- Age: You must be at least 18 years old to receive a personal loan offer.
- Citizenship: You must be a U.S. citizen or permanent resident.
- Identification: You must have a Social Security number. Even though you can get an American Express credit card using an ITIN or passport, Amex requires an SSN to get a personal loan offer.
- Pre-qualification: People with an existing Amex account can check their potential rates online.
- Ways to apply: If you have received a pre-approved offer, you can apply for an Amex personal loan online or by phone.
- Joint loans: American Express only extends individual offers. Therefore, they do not accept co-signers or co-applicants.
- Application status: It usually takes up to 3 business days to get a decision and another 3 to 5 business days to receive your funds after approval, according to Amex representatives. You can check your application status any time by logging into your online account.
American Express Personal Loan Reviews & Transparency
Category Rating: 60% (3 out of 5)
- Better Business Bureau: American Express has an A+ rating. It has been accredited since 1948.
- Consumer Financial Protection Bureau: The CFPB has recorded only around 46 complaints about American Express personal installment loans. Some of the complaints listed include having trouble receiving funding, while others describe difficulty settling when customers couldn’t keep up with payments. Amex provides consistent “timely” responses to complaints.
- WalletHub: Express has a user rating of 3.9/5. That’s the average of more than 22,000 reviews.
- Transparency: American Express is transparent about some of their personal loan terms on their website. However, the overall APR range was only obtainable through customer service. American Express also could be clearer by stating its minimum income requirements.
American Express has a good reputation, and they score high marks from their own customers. However, they lose some points for their lack of transparency about certain details.
Summary: American Express Personal Loans Score by Review Category
| Category | Score |
|---|---|
| Rates, Fees & Other Terms | 4.8/5 |
| Requirements & Application Info | 3.5/5 |
| Reviews & Transparency | 3/5 |
| OVERALL | 11.3/15 |
American Express Personal Loans vs. Popular Competitors
| Info | American Express | Wells Fargo | Marcus by Goldman Sachs |
|---|---|---|---|
| Reviews | |||
| APRs | 6.98% - 19.98% | 7.49% - 23.74% | 6.99% - 24.99% |
| Loan Amounts | $3,500 - $40,000 | $3,000 - $100,000 | $3,500 - $40,000 |
| Loan Terms | 12, 24 or 36 months | 12 - 84 months | 36 - 72 months |
| Minimum Credit Score | Fair* | Fair* | Good* |
| Winner | American Express | ||
Methodology
In order to provide the most accurate American Express personal loan review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back.For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Amex terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
