SuperMoney 

American Express

in Business Loans

Claimed Visit Site Find My Best Rate

American Express

Claimed

in Business Loans

SuperMoney Net Recommendation Score +100% 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.

Strongly recommended

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

Would you recommend American Express to your friends?

Thanks for your vote!

Thanks for your vote!

You voted: May or may not recommend

Overview

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
  • Hiring
  • Inventory
  • Payroll
  • 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.

AMERICAN EXPRESS 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...

Contact

  • Headquarters
  •   200 Vesey Street
    World Financial Center
    New York, NY 10128 USA
  •   Visit Site

Message from American Express

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

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

Feature Breakdown

No Fees
No Origination Fee
 
No Prepayment Fee
 
List of Fees
Late Fee Amount
$39
Credit Score Range
625 - 850
850 300 625
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
  • Non-Resident
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Months in Business
24
Minimum Revenue
$50,000
Dollar Amount
Loan Amount
$5K - $2M
    $25 $1M+
Integer
Loan Term (Months)
6 - 24
    1 360
Percentage
APR
(Fee-Based Product)
7% - 24%
    0% 100%+

Reviews

 
 

Would you recommend American Express 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
Cancel my vote
(will require moderator approval)

Other Business Loans