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).

• 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.

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.

What interest rates and personal loan terms does American Express Personal Loan offer?

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

What fees does American Express Personal Loan charge?

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 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.