Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

American Express business loans review

Last updated:  

Streamlined financing straight from your credit card provider.

finder.com’s rating: 4.3 / 5.0

★★★★★

  • Best for Amex cardholders looking for a fast application process.
  • Pick something else if you want long-term funding or don’t have an Amex card.

$3,500

Min. Amount

$75,000

Max. Amount

Details

Product NameAmerican Express Business Loan
Min. Amount$3,500
Max. Amount$75,000
Loan Term6 months to 3 years
RequirementsMust be an American Express Basic Cardmember or an American Express Business Cardmember in good standing.

Expert review

Anna Serio

Review by


Anna Serio is a trusted loans expert who's published more than 800 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Fundera, Business.com, and ValueWalk feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

A fast, painless application is the main draw for American Express business loans — but it’s only available if you already have an Amex business card. You can check your rate by logging in to your account and completing the application by answering a few additional questions.

But if you’re looking to fund a long-term project, this isn’t the right choice for you. It only offers loans up to $75,000 and terms only run as long as three years, which is shorter than what you’ll find with most term loans.

Not sold on Amex? Find a different lender below.

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 six months to three 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.

Business loan calculator

See how much you'll pay
Your loan
Loan amount
$
Loan terms (in years)
Interest rate
$ %

Fill out the form and click on “Calculate” to see your estimated monthly payment.

or

Compare business loans now

Based on your loan terms...

You can expect to pay back $ per month

This breaks down to...

$ in principal and $ in interest charged Compare business loans now

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.

  • Simple application
  • Transparent about costs
  • Hard credit check after approval, not before
    • Only for Amex business cardholders
    • Short loan terms only up to 3 years — other lenders offer longer terms
    • Only borrow up to $75,000

        See other top business loan options

        Data indicated here is updated regularly
        Name Product Filter Values Loan amount Starting APR Requirements
        Lendio
        $500 – $5,000,000
        6%
        Operate a business in the US or Canada, have a business bank account and have a personal credit score of 675+.
        Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
        SmartBiz
        $30,000 – $5,000,000
        4.75%
        650+ personal credit score, US citizen or permanent resident, 2+ years in business, $50,000+ annual revenue, no outstanding tax liens, no bankruptcies or foreclosures in past 3 years
        Get funding for your small business with a government-backed loan and extended repayment terms.
        Fundera
        $2,500 – $5,000,000
        7%
        $300,000+ of annual revenue, 680+ personal credit score, in business for 3+ years
        Get connected with short-term funding, SBA loans, lines of credit and more.
        Credibly Business Loans
        $5,000 – $250,000
        6+ months in business, $180K annual business revenue, 500+ credit $15K+ in monthly deposits
        Funding to cover business expenses with daily or weekly repayments.
        LendingClub small business loans
        $5,000 – $500,000
        9.77%
        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 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
        Main Street Finance Group Business Loans
        $5,000 – $1,000,000
        Varies
        1+ years in business, $10,000+ monthly revenue
        Apply online and get approved within hours with minimal paperwork. Multiple financing options available.
        Monevo Business Loans
        $500 – $100,000
        3.99%
        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.
        loading

        Compare up to 4 providers

        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.

        Do American Express business loans get good customer reviews?

        American Express itself gets mostly negative customer reviews as of March 2020. But these are mainly about other Amex products — mainly, its credit cards. Most reviews are complaints about customer service, namely difficulty getting an error fixed. Some customers also complained about being surprised by fees.

        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 months to 3 years — 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

        Business loan ratings

        ★★★★★ — Excellent

        ★★★★★ — Good

        ★★★★★ — Average

        ★★★★★ — Subpar

        ★★★★★ — Poor

        We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

        Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.

        Ask an expert

        You are about to post a question on finder.com:

        • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
        • finder.com is a financial comparison and information service, not a bank or product provider
        • We cannot provide you with personal advice or recommendations
        • Your answer might already be waiting – check previous questions below to see if yours has already been asked

        Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.

        2 Comments

        1. Default Gravatar
          Mary
          July 9, 2019

          Do you repay your payment monthly or how if you are approved…?

          • Avatarfinder Customer Care
            fayemanuel
            July 10, 2019

            Hi Mary,

            Thanks for contacting Finder.

            Yes. Once you got approved for an American Express business loan, you need to start making repayments online by logging into your Amex account. To simplify your monthly repayments, set up autopay. Please know that you’ll pay 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.

            Hope this helps.

            Please feel free to contact us at any time if any other questions arise.

            Kind Regards,

            Faye

        Go to site