American Express business loans review

Does American Express offer business loans?

Yes, American Express offers unsecured fixed-rate loans for small businesses. You have two options:

• Direct deposit business loan. Financing for one-time expenses to help grow your business. Use it to cover the cost of moving, opening another location, buying inventory in bulk — just about any large expense that can give your business an edge.
• Credit card debt consolidation. Use this loan to consolidate debt from up to four US bank-issued commercial credit cards.

How much will this loan cost me?

American Express business loan rates run from 6.98% to 19.97% APR with a choice of terms from 6 months to 3 years. You can borrow between $3,500 and $75,000.

Use the calculator below to find out how much you might pay each month and in total, based on the rates, terms and loan amounts you’re interested in.

How it works

Only borrowers with near-perfect credit, high revenue and in excellent standing with American Express will qualify for the low 6.98% APR. But if your repayments just barely fit into your budget or your credit is lacking, you might expect a rate closer to 19.97%.

Your loan amount and term might also affect your rate.

What do I need to qualify?

To qualify for an American Express business loan, you must meet the following criteria:

• American Express Basic or Business Cardmember in good standing
• US citizen or legal resident
• Age of majority in your state

To qualify for debt consolidation, you can have no more than four business credit cards issued by US banks with:

• At least $1,000 in credit card debt per card
• At least $3,500 in credit card debt overall

There are no hard credit requirements, but Amex bases its fees on your creditworthiness, your standing with Amex, your debt-to-income (DTI) ratio and aspects of your financial history.

What information do I need to apply?

We called Amex to confirm specific documents it might require for loan approval. Turns out that because you’re an Amex business cardholder, Amex already has a lot of the info it needs about you and your finances.

If any additional documentation is required, Amex will let you know during the application process.

What industries does Amex work with?

American Express doesn’t work with all industries. Its customer service team would not specify which industries are excluded without an account number when we called to ask. Your best bet to find out if your industry is eligible is to prequalify or call in to customer service with your account number.

What else does American Express offer businesses?

Amex offers services to business owners that go beyond small business loans, including:

• Merchant financing. Short-term commercial loans up to $2 million with daily repayments based on credit card sales.
• Complimentary signs and supplies. Get American Express decals, register signs, business card holders and more for free.
• Payment processing solutions. Online tools to simplify managing your credit card payments.
• Fraud prevention. Multiple online and offline tools for verifying customer IDs.

Pros and cons

Here’s a snapshot of what you might like and not like about the American Express business loan.

See other top business loan options

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Name	Product	Filter Values	Loan amount	APR	Requirements
First Down Funding business loans			$5,000 – $300,000	Fee Based	At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 400	Alternative financing up to $300K with highly competitive rates.	Check eligibility More Info		loading Fetching your data…
Lendio business loans			$500 – $5,000,000	Starting at 6%	Operate business in US or Canada, have a business bank account, 560+ personal credit score	Submit one simple application to potentially get offers from a network of over 300 legit business lenders.	Check eligibility More Info		loading Fetching your data…
ROK Financial business loans			$10,000 – $5,000,000	Starting at 6%	Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales	A connection service for all types of businesses — even startups.	Check eligibility More Info		loading Fetching your data…
OnDeck small business loans			$5,000 – $250,000	As low as 11.89%	600+ personal credit score, 1 year in business, $100,000+ annual revenue	A leading online business lender offering flexible financing at competitive fixed rates.	Check eligibility More Info		loading Fetching your data…
Rapid Finance small business loans			$5,000 – $1,000,000	Fee based	Steady flow of credit card sales, bad credit OK	Check eligibility More Info		loading Fetching your data…
Fundbox business loans			$1,000 – $100,000	4.99	You must have an established business.	Get flat rate, short-term financing based on the financial health of your business, not your credit score.	Check eligibility More Info		loading Fetching your data…
Kickpay e-commerce business loans			$20,000 – $1,000,000	Not applicable	At least $250,000 in the past 12 months of revenue, e-commerce business, use a 3rd party fulfillment center for storing and shipping inventory, at least one US location.	Get a loan for your e-commerce business based on your sales history.	Check eligibility More Info		loading Fetching your data…
LendingClub business loans			$5,000 – $500,000	12.15% to 29.97%	12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better	With loan terms that vary from 12 to 60 months, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.	Check eligibility More Info		loading Fetching your data…
Monevo business loans			$500 – $100,000	3.99% to 35.99%	Credit score of 500+, legal US resident and ages 18+.	Use this connection service to get paired with a loan you can use for business.	Check eligibility More Info		loading Fetching your data…

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Is American Express legit?

Yes, American Express is one of the most widely used credit card and merchant service companies. It protects all information you enter online with SSL encryption. And it’s up front about most information you need to make a meaningful comparison with other providers, including rates, terms and fees.

American Express reviews and complaints

American Express itself gets mostly negative customer reviews as of October 2020. But these are about other Amex products — mainly, its credit cards. However, reviews express frequent issues with Amex's customer service, and some customers also complained about being surprised by fees. While these aren't directly related to its business loans, it may show issues you could run into if you have a problem with your Amex business loan.

How do I apply?

Follow these steps to apply for an American Express business loan:

1. Go to the American Express business loans website and click Check Your Rate.
2. Sign in to your account by entering your user ID and password, or create an account by hitting Create New Online Account.
3. Once logged in, review your potential loan offer and follow the directions to apply. You should get a decision within a few minutes.
4. Choose how much you would like to borrow and your loan term — 6 to 36 months — to see what your monthly payments might be.
5. Review the terms and conditions of your loan if approved and sign the promissory note.

Application screenshots

What happens after I apply?

After you apply, American Express runs your application through an algorithm and gives you a decision in a few seconds in most cases. If you’re approved and accept the offer, American Express runs a hard credit check.

Your funds should be disbursed between three and five business days after your application is accepted. Contact Amex by calling the number on the back of your card if it takes more than two weeks to receive your money.

How do repayments work with American Express?

American Express business loans come with monthly repayments, which you can make online by logging in to your Amex account. To simplify the process, set up autopay. If you’re late, American Express charges a $39 fee for late or insufficient payments.

If you find yourself unable to repay your loan according to your terms, contact American Express as soon as possible. Amex may be willing to renegotiate your terms or make other adjustments to get you back on track.

Compare American Express to other lenders by reading our guide to business loans.

Frequently asked questions

Image source: AmericanExpress.com