American Express title logo

Our Rating: 82%


American Express Personal Loan Review

Loan Amount:
$3,500 - $25,000
Minimum Credit Score:
Not Specified
APR IconAn illustrated APR Icon.
APRs From:
6.90% - 19.98%
Funding Speed:
As soon as one business day

Features of American Express Personal Loan 

American Express personal loans have these amazing features and characteristics: 

Fast Application Online: What makes American Express personal loans apart from the rest is that they offer a quick online application process. 

Recompense Creditors Directly: The lender is able to pay up to four borrowers directly, which is a good and convenient option when it comes to credit card debt consolidation. 

Personal loans from American Express have some limitations. You cannot utilize the money for real estate, post-secondary education, buying stocks, business, buying a car, or paying off an Amex credit card. 


  • Competitive Interest Rates: Amex provides a percentage rate of 6.98 percent a year for creditworthy borrowers.
  • Pre-Qualify: You are able to check the rates without affecting your credit rating.
  • Good credit is not a requirement
  • Fast Decision Process: Amex offers fast approval of the application.
  • Minimal Fees: There are no origination charges or prepayment fines.


  • You Should Be A Current Cardholder: You must be an American Express credit card holder to qualify for a personal loan.
  • There is No Flexibility on Payment Due Date: You cannot change once your payment is due.%
  • Late Payment Charge: You are charged $39 for your late payments as well as insufficient funds.
  • Low Loan Amount: The highest loan amount is $25,000, which is lower compared to others banks and online loan lenders.

About American Express Personal Loans

Personal loans are not just popular but also a very useful and valuable type of loan. One vital factor behind the popularity of this loan is its flexibility. You can apply for this kind of loan for almost no reason. It doesn’t matter if you want money from debt consolidation, home improvement, buy a new gadget; this kind of loan can help.
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Est. APR
6.90% - 19.98%
Est. APR
5.74% - 22.99%
Est. APR
6.24% - 35.99%
Est. APR
6.99% - 18.99%
Loan Amount
$3,000 - $100,000
Loan Amount
$3,500 - $25,000
Loan Amount
$1,000 - $35,000
Loan Amount
$7,500 - $40,000
Loan Terms
1-3 Years
Loan Terms
1-5 Years
Loan Terms
1/2-5 Years
Loan Terms
1-5 Years
Min. Credit Score
Not Specified
Min. Credit Score
Not Specified
Min. Credit Score
Min. Credit Score

American Express Personal Loan Snapshot

Loan Amount:

$3500 – $25000


6.90% to 19.98%

Minimum Credit Score:

Not Specified

Time to Funding:

As soon as one business day

Has Origination Fee:


Origination Fee: Not Applicable

Get Pre-Qualified for a Personal Loan Today
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Loan Terms

How Many Days Prior to Receive the Cash

After signing the agreement, it might take 3 to 5 business days to get the money. It might take longer than five days if the bank have conducted a verification on your bank account. 

American Express Loan Terms and Size

American Express is flexible with regard to the size of its personal loans. Borrowers can borrow as low as USD3 500 or as high as USD25 000. It means that you can borrow the amount you need.

American Express personal loan terms range from 12 months, 24 months as well as 35 months. The term you choose differ; it depends on how much you borrow and, of course, your credit rating.

Always keep in mind that the short borrowing terms will signify high monthly payments and, of course, low-interest rates. Longer terms, on the other hand, mean low payment but a high total cost. This term is ideal for those who want a personal loan for a short span of time.

Sometimes, people don’t want to sign up for three years or five years loan. However, if you are planning to borrow money for the longer term, American Express is not a good choice. When you are applying for personal loans, regardless of the loan lenders, you must try to strike a balance when picking the term. Choose a monthly payment that you are able to manage while acquiring the shortest loan term possible. This will allow you to shell out as little as possible for the personal loan without the need to stretch your budget.

Needs Current Credit Card Membership

American Express does not post application requirements as their process is exceptional amongst loan lenders. There’s no way to apply for a personal loan from American Express without being pre-approved. This only means that you will not be capable of applying for a personal loan unless you are already their existing client.

What is more, unless you already have a good credit care, you may not be pre-approved for a personal loan. This only means that this may not be a good choice for those with an instant need for funds.

Charges and How Long You Need to Wait to Get the Cash

American Express personal loans pre-approval process is fast. It takes a matter of seconds for them to decide. If you apply and are granted a personal loan, you will have three days to review and sign the loan agreement. After signing up, your money must be deposited directly to your bank account or sent to creditors in 3 to 5 business days.

If you decide not to sign the agreement, the company will take out the offer and would not fund your loan. If you choose to accept or sign the loan agreement after missing the deadline, you will need to wait another one month prior to starting the process once more.

Personal loans from American Express do not come with origination, prepayment, or application charges. However, you are late on your payment, and you will be charged $39 as a late payment fee.

How to get a Personal Loan with American Express

Apply Regardless of Credit Score Rating

One perk of the exceptional structure of personal loans by American Express is that applying will not affect your credit score. The fact that you can just be pre-approved for a personal loan if you are a current client of the company, Amex already familiar with you. This is easier for them to decide if they will provide you a pre-approval or not.
If you’re offered pre-approval and choose to apply, it will not affect your credit score. So, it means you’ve nothing to lose. Once the application is granted, then the personal loan will come out on your credit report. When paid off, your credit score will increase further than what it initially was.

How to Apply for American Express Personal Loan

American Express does not disclose a lot of borrower requirements publicly, however to quality; you must be:

• A citizen of the US or permanent resident
• 18 years old and above
• Proof of identity, such as a driver’s license
• Annual income
• Proof of income, like bank statements or pay stubs
• Social Security number
• Verification of employment
• Social Security number
• Primary credit card holder on at least one credit card of the company for ninety days to one year

The company will use the given information, plus what they know about you as a current client, in making a decision. Though meeting the formalities might sound daunting, it is vital to do. If you fail to submit the needed document, it might delay the process of approval, or in the worst scenario, you might get denied.

Personal Loan Example

A 2 year,$12,000 loan with an APR of 17.4 percent would have monthly payments of $596. You would pay $2,304 in total interest on the money you borrowed. 

American Express Competitors

Amex is not the only loan lender that offers a personal loan. You must surely take the time to know and examine your choices. When comparing loans, there are some vital things you need to consider:

The interest rate is the first one. The higher the rate of the personal loan, the more it will cost you. So, see to it that you search for personal loans which have a lower rate. You also need to search for a personal loan that has no fees or charges. Early payment charges or origination charges can be only as costly as a high interest rate. Do the computations to know the total expenses of each loan you think of. Also, ensure that the loan provides a manageable term. Some loan lenders specialize in short-term loans, while some provide five to six years terms. Make sure to pay attention to the fine print. Some loan lenders have strict regulations surrounding late payment.

Can I Refinance a Personal Loan with American Express?

It is not likely to refinance a personal loan from American Express, and this is according to their customer service representatives. 


If you are a current credit card holder of American Express and searching for instant money, it is worth considering their personal loan. The APR is competitive for qualified borrowers, and they can pre-qualify for the loan without hurting their credit score. Borrowers might get approval in an instant. 

This personal loan, however, is not the most flexible choice. You are not able to apply with somebody else or change the payment due date as well as refinance afterward. Keep these restrictions in your mind prior to submitting your application.