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Personal Loans

American Express – AMEX Personal Loans Review (2020)


By Expert Contributor

Contracted writer for Credit Knocks.


Advertiser Disclaimer - Some links on this page may pay us advertising fees.



Summary: American Express offers more than just credit cards. You can get an AMEX personal loan that ranges from $3,500 to $40,000 with 1 to 4 year terms.

amex personal loans, american express personal loan

American Express began way back in 1850  and has grown to be  a large financial services provider. While many people think of American Express as a credit card company they actually offer quite a wide variety of lending services including personal loans.

Quick & Easy To Apply With Instant Pre-Approvals

EFFECTIVENESS

24 to 48 hour funding speed. 

PRICE

Great rates for existing customers only.  

EASE OF USE

Approval without a credit check is one bonus. 

SUPPORT

They are very responsive to customers. 

    Credit Knocks Overall Star Rating:     

  • Low APR Rates
  • No Credit Check
  • Existing Customers Only
  • Must Provide Personal Info
  • Shorter Terms Than Others

Who Is American Express?

When you think of American Express, a shiny credit card probably comes to mind. While AmEx is known for its credit cards, the company also offers other products like savings accounts, CDs, and personal loans. 

Founded in 1850 by Henry Wells, William G. Fargo, and John Butterfield, AmEx started out as a delivery service. Today, it’s a financial services company headquartered in the heart of New York City making billions of dollars each year.

What Makes Them Different?

If you have an existing AmEx account and want to borrow some money at a low rate, an AMEX personal loan may be the way to go.

It’s a great option because you won’t have to pay any fees and can get the cash you need quickly. You can also get preapproved without taking a toll on your credit.

How Do American Express Personal Loans Work?

It’s fast and easy to apply for an American Express personal loan online. 

amex personal loans, american express personal loan

1. Get Preapproved

If you’re curious about the rate and terms you may qualify for, log in to your online account and fill out a few questions to get preapproved.

AmEx won’t check your credit and will give you an offer right away.

This is awesome because you can decide whether or not an American Express personal loan is right for you without any risk. 

2. Complete the Full Application

Want to move forward with your offer?

State how much money you want to borrow and share your bank or credit card information.

Also attach documents like tax returns or pay stubs to prove your identity. 

3. Wait for a Decision

Once you submit the application, AmEx will pull your credit. Wait up to 3 business days to hear back from them on a decision.

If you’re getting antsy, you can check your application status online. Upon approval, you’ll get your money in 3 to 5 business days. 

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Quick Low Rate Personal Loans

Personal loans can be used for a variety of needs and should be available quickly at low interest rates. 

Application is quick, easy, and free.

American Express Loan Reviews Eligibility

American Express will look at your credit and whether you’re an American Express card holder before they make you offer.

Here’s a look at the types of absolute minimums and maximums you can expect. Actual rates and terms will change for a variety of factors.

  • Be a U.S. Citizen or Permanent Resident
  • You are at least 18 years old

What Information Will You Need To Apply?

Before filling out the online form make sure you have the below information ready:

  • Date of birth.
  • How much you want to borrow.
  • What you plan to use the money for.

AMEX Personal Loans (Basics)

Since AmOne loan review lets you see offers from multiple lenders, we wanted to show you the absolute minimum and maximums you can be offered. Actual rates and terms will change by lender.

  • Loan Amount Range: $3,500 - $40,000
  • APR Range: 5.91% - 19.298%
  • Fees: Late Payment ($39)
  • Prepayment Penalties: None
  • Loan Terms: to 4 years
  • Payments Directly To Creditors: Yes 
Caution Credit Knocks

Remember, once you pick a lender, they will pull your credit report and create a hard pull on your credit.

American Express Personal Loan Calculator

Use the American Express Personal Loan Calculator to find out how much your monthly payments may be.

All you have to do is plug in your desired loan amount and choose your estimated credit score. 

Once you do, you’ll get an estimate of your monthly payments by term.

You’ll notice that the longer the term is, the lower your payments will be. A lower interest rate will also decrease the amount you’ll have to pay each month. 

What To Use AMEX Personal Loans For?

An AMEX personal loan can help you meet so many different financial goals.

Here are some reasons you may take one out.

  • Debt/Credit Card Consolidation
  • Down Payment For Home  
  • Major Purchase    
  • Home Improvement   
  • Medical Expenses   
  • Moving/Relocation    
  • Vacation
  • Start Business    
  • Education    
  • Your Wedding

As you can see, there is a huge list of reasons for getting a personal loan.

Of course our favorite reasons is for Debt Consolidation, Education, and Starting a Business.

American Express Personal Loan Reviews

If you have multiple high-interest debts, consolidating them into one, managable monthly payment with an American Express personal loan reviews may be a good idea.

Some customers have stated AmEx is helping them impove their debt and credit situations. 

American Express BBB - Better Business Bureau Reviews 

American Express has had a file at the Better Business Bureau since 1999.

Rating: A+

# Complaints: 3,071

Accredited: Yes 

Business since: 1/1/1850

# customer reviews: 176

Customer rating: 1 star

The fact that there are no ignored complaints shows that AmEx cares about their customers. We’re thrilled to see that they took the time to answer or resolve each and every complaint on their BBB profile. 

If you want to apply for an American Express personal loan, rest assured most of the complaints are related to credit cards or travel. This is really no surprise as those are the two things American Express is most known for. 

Steps To Take After American Express Loan Review Approval

It feels great getting approved for something, no matter what it is, you feel like you have just won something.

But, now that you have been approved, there are some things you should be doing with your accounts.

Make On Time Payments

I am sure you are tired of seeing everyone saying "on-time payments".

Helpful Tip

If your application goes to "Pending" status it doesn't mean Declined. Usually, more information may be needed.

But it is super important and is one of the largest factors in helping grow your credit score.

Of course you probably didn't obtain this loan for building your credit.

However, you still need to be mindful that this product can harm your credit if you don't manage it correctly.

No matter what, avoid late payments.

Pay Back The Loan ASAP

Along with making on-time payments you should definitely pay this loan off as super fast as possible.

Large personal loans tend to linger and we usually only pay the minimums. 

Now: 

While this does keep more cash in your pocekt in the initial phase, eventually you end up spending thousands of more dollars in interest payments.

Getting the credit utilization below 30% will also be great for helping your credit score grow. 

amex personal loans, american express personal loan

Taking Action & Getting A Loan

Hopefully, you found this American Express Personal Loans Review to be helpful because Personal Loans are a great option to pay down debt, or even start a business. 

If you need a personal loan then don't waste any time getting your loan through our top rated personal loan lender. 

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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