American Express Personal Loan
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| Community Rating | Mostly recommended |
| APR (Fixed APR) | 6.9% - 19.98% |
| Loan Amount | $3,500 - $40,000 |
| Loan Term (Months) | 12 - 48 months |
| Number of Reviews | 8 |
American Express Personal Loan Review
American Express Personal Loan is offered by American Express National Bank, a bank founded in 1850 and based in New York, NY. American Express Personal Loan is available in 50 states (and Washington, DC).
Key Takeaways
- APRs starting at 6.9%. Personal loan interest rates typically range between 5% and 36%. The starting rates for American Express Personal Loan are on the lower end of the spectrum.
- Prequalified rate. You can check your prequalified rate at American Express National Bank with a soft pull that will not affect your credit score.
- No origination fee. American Express Personal Loan does not charge a loan origination fee.
American Express Personal Loan Pros & Cons
| Pros | Cons |
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American Express Personal Loan FAQ
What interest rates and personal loan terms does American Express Personal Loan offer?
American Express Personal Loan has lower than average interest rates for lenders reviewed on SuperMoney.
What interest rates does American Express Personal Loan offer?
American Express Personal Loan offers a fixed APR personal loan product that ranges from 6.9% APR up to 19.98% APR.
How much can you borrow via American Express Personal Loan?
Business loan amounts start at $3,500 and go up to $40,000.
What is the maximum loan term you can get with American Express Personal Loan?
American Express Personal Loan offers loans with terms of up to 48 months.
| Personal Loan Amount | $3500 - $40000 |
| Loan Term | 12 - 48 months |
| APR | 6.9% - 19.98% |
What fees does American Express Personal Loan charge?
Does American Express Personal Loan charge an origination fee?
American Express Personal Loan does not charge a personal loan origination fee.
A personal loan origination fee is what some lenders charge for processing, underwriting, and funding a personal loan. Typically origination fees range from 0.5% to 5% of the personal loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does American Express Personal Loan charge a late fee?
No, American Express Personal Loan will not charge you a late fee if you miss one of the monthly payments of up to $39.
Does American Express Personal Loan charge prepayment fees?
No, American Express Personal Loan does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.
| Origination Fee | 0% |
| Prepayment Fee | No |
| Late Payment Fee | up to $39 |
What do you need to qualify for American Express Personal Loan?
Applicants with a credit score of at least 700 and up to 850 may be eligible for American Express Personal Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.American Express Personal Loan does not have or does not disclose a minimum annual income eligibility requirement. American Express Personal Loan only considers borrowers who are employed.
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 Personal Loan. 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 Personal Loan. Permanent resident / green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid personal checking account
- Proof of income
- Government issued photo ID
- Proof of identity
| Minimum Age | 18 |
| Bank Account Required? | Yes |
| Application Types Accepted |
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| Credit Score | 700 - 850 |
What is the estimated funding time for a personal loan via American Express Personal Loan?
American Express Personal Loan will typically approve (or deny) a loan application within 1 hour and fund loans within 5 business days of approval.
Does American Express Personal Loan report your account activity to credit bureaus?
Yes, American Express Personal Loan reports your account activity to the following credit reporting agencies:
- Equifax
- Experian
- Transunion
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.
Is American Express National Bank a legit company?
American Express National Bank was founded in 1850, it is a well-established company that has been in business for 172 years. Based on their "mostly recommended" SuperMoney community rating, they seem to be a reputable company.
Contact
- Headquarters
-
World Financial Center
200 Vesey Street
New York, NY 10285 USA - (800) 528-4800
- Visit Site
- Email Support
Other Services by American Express National Bank
Availability
- 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
| Late Fee Amount | Up to $39 |
| No Origination Fee | |
| No Prepayment Fee | |
| Origination Fee ($) | $0 |
| Origination Fee (%) | 0% |
American Express Personal Loan Community Reviews
Would you recommend American Express Personal Loan to your friends?
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