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Where does American Express do business?
American Express is a direct lender based in New York, NY. It was founded in 1850 and offers access to business loans in 50 states (and Washington, DC).
What are American Express’s rates?
This is a fee-based loan. This means borrowers pay a percentage of the loan balance as a fixed-fee instead of an ongoing APR. American Express offers business loans with a finance charge ranging from 1.75% to 20% of the loan's amount.
What is the APR equivalent? The equivalent APR will vary depending on the terms. SuperMoney ran the numbers and a typical APR for this product ranges from 7% and up to 24%.
Does American Express charge an origination fee?
No, American Express does not charge a loan origination fee. A loan origination fee is what some lenders charge for processing, underwriting, and funding a 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 set on the purpose of the loan?
American Express considers loan applications for business purposes, such as:
- Business Debt Refinance
- Equipment Purchase
- Product or Service Expansion
- Technology Investment
- Working capital
What types of business loans does American Express offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. American Express provides access to the following business loan types:
- Unsecured term loans
- Merchant Cash Advances
Does American Express charge a late fee?Yes, American Express 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 charge prepayment fees?
No, American Express does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow from American Express?Loan amounts start at $5,000 and go up to $2,000,000.
What is the maximum loan term you can get with American Express?
American Express offers business loans with terms ranging from 6 to 24 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 a loan with American Express?
Applicants with a credit score of at least 625 can apply for a loan via American Express. American Express requires companies to be in business for at least 24 months. Businesses must have a minimum annual revenue of $50,000. Your business must also have a minimum of $12,000 in credit and debit receivables. .
What is the estimated funding time for a business loan via American Express?
American Express can approve (or deny) a loan application within 168 hours and fund business loans within 7 business days of approval.
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