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  American Express Personal Loan

American Express Personal Loan

in Personal Loans from American Express National Bank

Claimed

American Express Personal Loan

Claimed

in Personal Loans from American Express National Bank

Net Recommendation Score +33%

SUPERMONEY NET RECOMMENDATION SCORE

+33%

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.

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2 users recommend
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1 user doesn't recommend
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Highlights
Community Rating

Rating not yet determined  

APR  (Fixed APR) 6.9% - 19.98%
Loan Amount $3,500 - $40,000
Loan Term (Months) 12 - 48 months

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.
  • Prequalifed 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
  • Low APRs available to qualified borrowers.
  • $0 prepayment fee.
  • $0 origination fee.
  • Only considers applicants with good credit.
  • Charges a late fee of up to $39.
American Express Personal Loan FAQ

What rates and terms does American Express Personal Loan offer?

American Express Personal Loan has lower interest rates than the average for lenders reviewed on SuperMoney.

What APR rate 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.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

How much can you borrow via American Express Personal Loan?

Loan amounts start at $3,500 and go up to $40,000

What can a personal loan from American Express Personal Loan be used for?

Personal loans from American Express Personal Loan are typically used for special purchases or similar purposes.

What is the maximum loan term you can get with American Express Personal Loan?

American Express Personal Loan offers personal loans with terms ranging from 12 to 48 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.

American Express Personal Loan Rates & Terms
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 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.

Does American Express Personal Loan charge a late fee?

Yes, American Express Personal Loan may charge borrowers a late payment fee 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 loan off early.

American Express Personal Loan Fees
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
American Express Personal Loan Eligibility Criteria
Minimum Age 18
Bank Account Required? Yes
Application Types Accepted
  • Individual Applications
  • 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 personal 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.

    American Express Personal Loan Disclosure: You must be the basic Card Member on an eligible Consumer American Express Card, and be in good status with American Express at the time of application.
    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.

    Availability

      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  
    Origination Fee ($) $0
    Origination Fee (%) 0%
    Late Fee Amount Up to $39
    Checking Account Required  
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Joint Loan Applications Accepted Individual Applications
    Military Status
    • Active Duty Military
    • Non-Military
    • Veterans
    • Military Dependent
    Minimum Age 18
    Verification Documents Required
    • Proof of Income
    • Proof of Identity
    • Government Issued Photo ID
    Credit Score Range 700 - 850
    Approval Speed 1 hour
    Credit Bureau Reporting
    • Experian
    • Equifax
    • TransUnion
    Funding Time Range 3 - 5 days
    Payment Options
    • Automatic Payments
    • Check by mail
    Pre-Approved Soft Credit Inquiry  
    Loan Amount $3,500 - $40,000
    APR (Fixed APR) 6.9% - 19.98%
    Loan Term 12 - 48 months

    American Express Personal Loan Community Reviews

     

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    SUPERMONEY NET RECOMMENDATION SCORE

    +33%

    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.

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