American Express Personal Loans Review
Bottom line: American Express personal loans are only available to people who have an existing American Express credit card account. Plus, customers must have been sent a pre-approved offer by Amex’s automated system. It takes a credit score of 660 or higher to get an Amex personal loan.
People who qualify for American Express personal loans can borrow up to $40,000. The loans have interest rates as low as 6.90%. That’s ideal for people who need to consolidate debt. Amex personal loans also have decent repayment terms, ranging from 12 to 48 months.
Below, you can find more information about the major pros and cons of American Express personal loans. You can also see how they compare to offers from other lenders.
American Express Personal Loan Terms
|APRs||6.90% - 19.98%|
|Loan lengths||12, 24, 36 or 48 months|
|Loan amounts||$3,500 and $40,000|
|Approval time||Up to 3 business days|
|Funds delivery time||3-5 business days|
|Fees||- $0 origination fee
- $0 early payoff fee
- $39 late fee
|Credit score requirement||660|
|Minimum income requirement||Not disclosed|
|Other requirements||18 years old, U.S. citizen/permanent resident, SSN|
American Express Personal Loan Interest Rates & Fees
The range of American Express personal loan APRs is 6.90% to 19.98%. Where your interest rate falls within that range depends on a variety of factors including your credit score, income and other existing debts. Amex uses fixed interest rates, meaning your rate will never change during the entire time you pay back the loan.
American Express personal loans do not have origination fees for application processing. Nor do they have any fees for paying the loan off early. There is a $39 late fee. But you can avoid that as long as you always make timely payments.
American Express Personal Loan Requirements
According to American Express, people with credit scores under 660 may not meet the minimum requirements for a personal loan. Amex does not disclose a minimum income requirement. Only people with an American Express credit card account are eligible for personal loan offers. That card account must have been open for at least 9 months.
You will have to meet a few other basic requirements as well. American Express will only send out personal loan offers to people who are at least 18 years old. They must also be U.S. citizens or permanent residents. People can get an American Express credit card without a Social Security number (using an ITIN or passport instead). But Amex requires an SSN to get a personal loan offer.
American Express allows cardholders with an existing online account to log in and check their potential rates. People without an existing card can use the calculator on Amex’s website to see estimated monthly payments.
You can only apply for an American Express personal loan online after you receive a pre-approved offer through your online account or email. You cannot apply with a co-signer. It usually takes up to 3 business days to get a decision. It takes 3-5 business days to receive your funds after you’re approved, according to Amex representatives. While you wait, you can check your application status online.
American Express Personal Loan Reviews & Transparency
American Express has a good reputation with the Better Business Bureau. They also score high marks from their own customers. In addition, their personal loans have sparked remarkably few complaints with the Consumer Financial Protection Bureau.
- Better Business Bureau: American Express has an A+ rating. It has been accredited since 1948.
- Consumer Financial Protection Bureau: The CFPB has recorded over 13,000 complaints about American Express. A mere 17 of those are about personal installment loans. Some of the complaints listed include having trouble receiving funding. Others describe difficulty settling when they couldn’t keep up with payments.There has not been a new complaint since April 2017. Amex has provided a “timely” response to every existing complaint.
- WalletHub: Discover has a user rating of 4/5 stars. That’s the average of more than 20,000 reviews. WalletHub’s editors also give American Express personal loans 4/5.
American Express is very transparent about all of their personal loan terms. You can easily access those terms on their website. One area where they could be clearer is by stating minimum income requirements.
American Express Personal Loans vs. Other Lenders
|APR||6.9% - 19.98%||7.24% - 24.99%||6.99% - 28.99%|
|Loan Amounts||$3,500 - $40,000||$30,000 - $100,000||$3,500 - $40,000|
|Loan Term||12, 24 or 36 months||36 months||36 months|
|Credit Score Required||Excellent||Excellent||Excellent|
WalletHub’s editors came up with a rating for American Express personal loans based on 23 metrics in 7 major categories: loan requirements, APR, fees, the application process, loan amounts, customer satisfaction and transparency. Metrics with bigger impacts, like APRs, received higher weights than others. Below, you can read about all the different categories and metrics WalletHub considered.
- Requirements: WalletHub’s editors looked at Amex’s requirements for credit score and income. We also looked at what they require in terms of citizenship and identification.
- APR: We researched the highest and lowest possible interest rates on American Express personal loans. And we looked at whether the interest rates are fixed or variable.
- Fees: WalletHub checked what kind of fees Amex charges, with specific interest in origination fees, prepayment penalties and late fees.
- Loan amounts: We found out the minimum and maximum loan amounts Amex has, plus the range of months they offer to pay those loans off.
- Application process: Our editors considered the options for submitting an application (e.g. online, in person) and checked whether it’s possible to file a joint application. We also found out whether Amex offers pre-qualification, plus the amount of time it takes to get approved and receive funds.
- Customer satisfaction: WalletHub read up on reviews of Amex by WalletHub’s users, Amex’s Better Business Bureau rating, and complaints filed against Amex with the Consumer Financial Protection Bureau.
- Transparency: We evaluated Amex’s transparency about both loan requirements and loan terms.
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