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American Express business loans review
Collateral-free small business financing straight from your trusted credit card provider.
American Express business loans are for the Amex-wielding small business owner that wants to keep financing simple. While it’s not the fastest online lender out there, Amex makes up for any lack of speed with a painlessness process that’s welcome among the business loan market.
What’s an American Express business loan?
American Express business loans are unsecured fixed-term 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, open another location, buy 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.
What makes American Express business loans unique?
American Express business loans are an easy way for Amex cardholders to get business financing. The advantage is it already knows about you and your financial history, making for a relatively painless application process.
Because you’re already a member, it doesn’t pull a hard credit check until the last minute. Meaning that your credit score won’t be temporarily lowered until Amex decides on your rates.
What are the benefits of getting a business loan through American Express?
- No prepayment penalty. You can save on interest by paying off your business loan early without tacking on extra fees.
- Simple application. It’s easy to follow and complete online in minutes.
- Hard credit check after approval. Apply without the worry that your credit score will decrease only to learn you’re denied.
What to watch out for
- For Amex cardholders only. You can’t apply for a loan with American Express if you’re not already a business cardholder.
- Short loan terms. The longest repayment terms you’re eligible for is three years, which potentially increases your monthly repayments.
- Limited loan amounts. A $50,000 loan cap means you can’t use this loan to finance very large projects.
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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 of 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 on and offline tools for verifying customer ID.
Am I eligible?
To qualify for an American Express business loan, you must be:
- An American Express Basic Cardmember or an American Express Business Cardmember in good standing.
- A US citizen or legal resident.
- At least 18 years old or your state’s age of majority.
To qualify for debt consolidation, you must have up to 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 ratio and aspects of your financial history.
How do I apply?
- Go to the American Express business loans site and click Check Your Rate.
- Sign into your account by entering your user ID and password, or create an account by hitting Create New Online Account.
- Once logged in, check your rate again. Review your potential loan and follow the directions to apply. You should get a decision within a few minutes.
- Choose how much you would like to borrow and your loan term — 1 to 3 years — to see what your monthly payments might be.
- Review the terms and conditions of your loan if approved and sign the promissory note.
- 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.
Application screenshots
What documents 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.
I got an American Express business loan. Now what?
Start making repayments online by logging into your Amex account. To simplify your monthly repayments, set up autopay. 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.
Bottom line
Amex could be a good option for small business owners who want to fund a small project or consolidate credit card debt with a company they already do business with.
But if you’re looking for other ways to grow or start a business, let us help you compare multiple business loan options to find the best deal for your situation.
Frequently asked questions
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