SuperMoney
  American Express Business Loans

American Express Business Loans

in Business Loans from American Express National Bank

Claimed

American Express Business Loans

Claimed

in Business Loans from American Express National Bank

Net Recommendation Score -50

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -50, equating to 2 on a 5 point rating scale.

-50

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Rating not yet determined  

1 user recommends
0 users are unsure
3 users don't recommend
Cast your vote

Would you recommend American Express Business Loans to your friends?

Thanks for your vote!

You voted: May or may not recommend

Highlights
Community Rating

Rating not yet determined  

Loan Amount $3,500 - $75,000
APR  (Fee or Charge Based Product) 6.98% - 19.97%
Loan Term (Months) 6 - 36 months

American Express Business Loans Review

American Express Merchant financing is a business financing offering by American Express National Bank, based in New York, NY. Founded in 1850, American Express National Bank offers access to small business loans in 50 states (and Washington, DC).

American Express Merchant financing FAQ

What are American Express Merchant financing’s rates?

This is a fee-based business loan. This means borrowers pay a percentage of the business loan balance as a fixed-fee instead of an ongoing APR. American Express Merchant financing offers small business loans with a finance charge ranging from 1.75% to 20% of the business loan's amount.

The equivalent APR will vary depending on the terms. SuperMoney tried to run the numbers and a typical APR for this product ranges from 6.98% APR up to 19.97% APR.

Does American Express Merchant financing charge an origination fee?

No, American Express Merchant financing does not charge a loan origination fee. A loan origination fee is what some lenders charge for processing, underwriting, and funding a business loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

What limitations does American Express Merchant financing set on the purpose of the business loan?

American Express Merchant financing considers business loan applications for business purposes, such as:

  • Business Debt Refinance
  • Equipment Purchase
  • Hiring
  • Inventory
  • Lease Improvement
  • Payroll
  • Product or Service Expansion
  • Technology Investment
  • Working capital

What types of small business loans does American Express Merchant financing offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. American Express Merchant financing provides access to the following business loan types:

  • Unsecured Term Business Loans
  • Merchant Cash Advances

Does American Express Merchant financing charge a late fee?

Yes, American Express Merchant financing charges borrowers with a late payment fee of up to $39 or 2.99% of the past due amount, whichever is greater.

Does American Express Merchant financing charge prepayment fees?

No, American Express Merchant financing does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the business loan off early.

How much can you borrow from American Express Merchant financing?

Business loan amounts start at $3,500 and go up to $75,000.

What is the maximum business loan term you can get with American Express Merchant financing?

American Express Merchant financing offers small business loans with terms ranging from 6 to 36 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for American Express Business Loans?

American Express Business Loans requires companies to be in business for at least 24 months. Businesses must have a minimum annual revenue of $50,000 to be considered. Your business must also have a minimum of $12,000 in credit and debit receivables.

Applicants with a credit score of at least 625 and up to 850 may be eligible for American Express Business Loans.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via American Express Business Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by American Express Business Loans. Permanent resident / green card holders are also eligible to apply. An uncommon feature is for lenders to offer their services to non-residents. American Express National Bank is one of the few that does.

To qualify, applicants may need to provide the following documentation:

  • Business formation documents
  • Driver's license
  • Government issued photo ID
  • Proof of identity
  • Proof of citizenship or residence permit
  • U.S. tax identification number

What is the estimated funding time for a business loan via American Express Merchant financing?

American Express Merchant financing can approve (or deny) a business loan application within 168 hours and fund small business loans within 7 business days of approval.

American Express Business Loans Disclosure: Must be a qualified American Express accepting Merchant. Because Merchant Financing is a commercial loan, proceeds may only be used for business purposes. In addition, these funds may not be used to pay dividends to principals or pay off debts to an American Express affiliate, to purchase real estate or fund construction, or for personal, family or household purposes. If you pay the loan off early, your business could qualify for a rebate on up to 25% of your fixed fee so long as there’s been no default on your loan and the following criteria are met: •6-month term: 25% rebate if paid in full within 90 days of disbursement; 10% rebate if paid in full within 135 days. •12-month term: 25% rebate if paid in full within 180 days of disbursement; 10% rebate if paid in full within 270 days. •24-month term: 25% rebate if paid in full within 360 days of disbursement; 10% rebate if paid in full within 540 days.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From American Express National Bank

American Express' Merchant Financing offers greater capacity than our business loans product that can be used for any purpose to invest and grow a client's business: equipment, direct expenses, debt. We offer a fixed fee, not an interest rate, with no hidden costs at a highly competitive rate and daily automatic payments.

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

No Origination Fee
No Prepayment Fee
Late Fee Amount $39
Business Financing Requirements
  • Business Certificate
  • Business License
  • Business Bank Account
Credit Score Range 625 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
  • Non-Resident
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Months in Business 24
Minimum Revenue $50,000
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Proof of Identity
  • Business Formation Documents
  • Government Issued Photo ID
  • U.S. Tax Identification Number
  • Social Security Number
  • Employer Identification Number
Approval Speed 168 hours
Funding Time Range 7 - 21 days
Payment Options Automatic Payments
Loan Amount $3,500 - $75,000
APR (Fee or Charge Based Product) 6.98% - 19.97%
Loan Term 6 - 36 months

American Express Business Loans Community Reviews

 

Would you recommend American Express Business Loans to your friends?

Before we publish your vote:

Please explain your vote by sharing your experience.

Writing a review increases the credibility of your vote and helps your fellow users make a better-informed decision.

Please write a review to submit your vote
(will require moderator approval)

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -50, equating to 2 on a 5 point rating scale.

-50

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

sorted by

Other Business Loans