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Max. Loan Amount
5.91% to 19.98%
Min. credit score
|Min. Loan Amount||$3,500|
|APR||5.91% to 19.98%|
|Interest Rate Type||Fixed|
|Min. credit score||660|
|Loan term||1 to 3 years|
Kellye Guinan is a freelance editor and writer, specializing in consumer lending. Her writing and analysis has been featured on Bankrate, MSN and MediaFeed. She holds degrees in anthropology and German language and literature from Middle Tennessee State University.
You won’t be able to take out a personal loan from American Express (Amex) unless you receive a preapproval offer. And the only way to receive that is if you’re an Amex credit card holder and meet other eligibility requirements.
Even if you do, its rates start and end on the high side for such a large bank. And it doesn’t offer terms as long as other lenders do.
To potentially get a better rate and stronger terms, compare your other personal loan options before committing.
American Express personal loans come with rates from 5.91% to 19.98% with no application, origination or prepayment fees. The only fee Amex charges a $39 fee for late or returned payments.
You can borrow between $3,500 and $40,000 with terms from one to three years. Use the calculator below to find out how much your loan will cost you based on different rates, terms and loan amounts.
Calculate how much you could expect to pay each month
|Loan terms (in years)|
Not everyone can get a $40,000 loan with a 5.91% APR. You’ll generally need to have a credit score of 760 or even higher to qualify for the most competitive rates a lender offers. Other factors like your income and monthly debt obligations can also affect the loan you receive.
If you want to use your loan to pay off credit card debt, you apply for a minimum of $1,000 per card, with a minimum total of $3,500. And you can’t use it to pay off an Amex credit card.
You need to meet a few eligibility criteria to qualify for a personal loan from American Express:
Amex also has restrictions on how you use the funds. You can’t use your American Express personal loan to fund a business, post-secondary education, consolidating American Express credit card debt or buying a car — though you can use it for a down payment. You also can’t use it to buy real estate or invest.
When you’re ready to apply, have the following information ready:
American Express may also require additional documents if you apply for debt consolidation.
An Amex personal loan might not be right for you — even if you are a cardholder. Weigh these benefits and drawbacks before you start your application.
American Express is a legitimate personal loan provider. While it’s one of the most popular credit card companies in the US, it also offers several other services, including savings accounts and CDs.
|BBB customer reviews||1.15 out of 5 stars, based on 190 customer reviews|
|BBB customer complaints||3371|
|J.D. Power ranking||Ranked No. 1 in J.D. Power 2021 customer satisfaction survey|
|Trustpilot score||1.9 out of 5 stars, based on 1,657 customer reviews|
|Customer reviews verified as of||15 July 2021|
Because American Express personal loans aren’t nearly as popular as its credit cards, there are very few reviews about that specific product. However, it came in sixth place in the 2020 J.D. Power Consumer Lending Customer Review awards, based on the application and repayment process, as well as the terms of the loan.
Follow these steps to get started on your application. If you’ve already received a preapproval offer, follow the instructions in the offer.
The application process is slightly different if you want to consolidate credit card debt. Here’s how it works:
If you’re approved for a loan, you’ll have three days to review and agree to the terms offered by Amex. It then takes another three to five business days for your loan funds to be deposited into your bank account or sent to your credit card accounts.
If consolidating your credit card debt, Amex sends the funds directly to the credit card company. It may take longer for your bank or credit card company to process the payment and make it available to you.
You can choose to make your monthly repayments by bank account transfer or check, and American Express also allows you to set up automatic payments. If you make a late payment or a payment bounces, you’ll be charged a $39 fee. And Amex may report it to the major credit bureaus — Equifax, Experian and TransUnion.
Once you repay your loan, you won’t be able to borrow again for at least 60 days and will need a new preapproval offer to apply again.
Not sure American Express is right for you? Compare even more lenders with our guide to personal loans.
American Express personal loans is not currently available on Finder
Have you considered Upstart personal loans?
This service looks beyond your credit score to get you a competitive-rate personal loan.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
October 15, 2018
I am a personal loan with Amex. I am trying to make a payment, but I don’t have a website separate from my Amex card website. I cannot access the personal loan a/c from the card a/c. What is the website I should use to make an online payment? Thanks. Darryl
October 15, 2018
Thanks for leaving a question on finder.
You can access information about your loan, including the outstanding balance due, monthly payment amounts, payment due dates, and prior payments and credits, through your American Express online account. If you are having issues accessing it, you can contact AMEX directly at 1-800-528-4800.
Please send me a message if you need anything else. :)