American Express Personal Loan Review
American Express offers extremely competitive personal loan terms. The loans have very low APRs, at 6.98% to 19.98%. In addition, Amex does not charge an origination fee, which serves to make their loans even cheaper.
American Express personal loans require a credit score of at least 660 for approval, which is a common benchmark for personal loan providers. To be eligible to apply, you’ll need to be at least 18 years old and a U.S. citizen or permanent resident. You’ll also need an existing Amex credit card account and a Social Security number.
The main drawback for these loans is that they are temporarily unavailable until the end of the coronavirus pandemic, according to company representatives.
American Express Personal Loan Review Highlights
- Rates: 6.98% to 19.98%
- Origination fee: $0
- Late fee: $39
- Processing timeline: 3 - 11 business days
- Requirements: 660 credit score, U.S. citizen or permanent resident, SSN, Amex credit card account
- Loan amounts: $3,500 to $40,000
- Payoff periods: 12 to 36 months
- Customer satisfaction: A+ rating from the Better Business Bureau and 3.9/5 on WalletHub
- Pre-qualification: Available online if you have an Amex credit card
- Co-signer policy: Not allowed
The bottom line is that American Express personal loans are inexpensive and offer a large amount of funding. Below, you can see how WalletHub rates them across three major categories: Terms, Requirements & Application, and Reviews & Transparency.
American Express Personal Loan Ratings by Category
Terms: 4.8 / 5
Requirements & Application: 3.5 / 5
Reviews & Transparency: 4.5 / 5
Overall Score: 4.5 / 5
These 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.