American Express business loans review October 2018 | finder.com

American Express business loans review

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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.
Product NameAmerican Express Business Loan
Min Loan Amount$3,500
Max. Loan Amount$50,000
APR6.98%–19.97%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term3 years
RequirementsMust be an American Express Basic Cardmember or an American Express Business Cardmember in good standing.
  • 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

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.

Compare business loans from top lenders

Rates last updated October 22nd, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Credibly Business Loans
Funding to cover business expenses with daily or weekly repayments.
$5,000
$250,000
At least 6 months in business, average $10,000 in monthly deposits.
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
2+ years in business; $50,000+ in yearly sales; No bankruptcies or tax liens; At least 20% ownership of your business; Fair or better personal credit
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
Must have been in business for at least one year with annual revenue of $100K+. Must have a personal credit score of 500+.
Lending Express Business Loan Marketplace
$5,000
$500,000
At least 3 months in business and $10,000+ in monthly revenue. Your business might also qualify if it's been in business at least 6 months with $3,000+ in monthly revenue.
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.

Compare up to 4 providers

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?

  1. Go to the American Express business loans site and click Check Your Rate.
  2. Sign into your account by entering your user ID and password, or create an account by hitting Create New Online Account.
  3. 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.
  4. Choose how much you would like to borrow and your loan term — 12, 24, or 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.
  6. 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

Image Source: americanexpress.com

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