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American Express Merchant Financing

in Business Loans from American Express National Bank

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American Express Merchant Financing

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in Business Loans from American Express National Bank

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Highlights
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Community Rating

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Loan Amount $5,000 - $2,000,000
APR  (Fee-Based Product) 7% - 24%
Loan Term 6 - 24 months

American Express Merchant Financing Review

Where does American Express Merchant Financing do business?

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 business loans in 50 states (and Washington, DC).

What are American Express Merchant Financing’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 Merchant Financing offers business loans with a finance charge ranging from 1.75% to 20% of the 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 7% APR up to 24% 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 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 loan?

American Express Merchant Financing considers 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 business loans does American Express Merchant Financing 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 Merchant Financing provides access to the following business loan types:

  • Unsecured term 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 loan off early.

How much can you borrow from American Express Merchant Financing?

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 Merchant Financing?

American Express Merchant Financing 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 American Express Merchant Financing?

American Express Merchant Financing 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 are eligible for American Express Merchant Financing.

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 Merchant Financing. 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 Merchant Financing. 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.

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

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

AMERICAN EXPRESS MERCHANT FINANCING 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
  •   World Financial Center
    200 Vesey Street
    New York, NY 10285 USA
  •   Visit Site

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.

Other Services by American Express National Bank

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 Origination Fee  
No Prepayment Fee  
Late Fee Amount $39
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
Loan Amount $5K - $2M
APR (Fee-Based Product) 7% - 24%
Loan Term 6 - 24 months

American Express Merchant Financing Community Reviews

 

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