2022 American Express Personal Loan Review
American Express offers extremely competitive personal loan terms. The loans have very low APRs, at 6.98% - 19.98%. In addition, Amex has a $0 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.
American Express Personal Loan Review Highlights:
- Rates: 6.98% - 19.98%
- Origination fee: $0
- Late fee: $39
- Processing timeline: Typically up to 3 business days to get a decision and another 3 to 5 business days to receive your funds after approval
- Requirements: 660 credit score, U.S. citizen or permanent resident, SSN, Amex credit card account
- Loan amounts: $3,500 - $40,000
- Payoff periods: 12, 24 or 36 months
- Customer satisfaction: A+ rating from the Better Business Bureau and an average user rating of 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:
|Requirements & Application||3.3/5|
|Reviews & Transparency||3.3/5|
These scores reflect how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.