How do American Express Personal Loans work?

Keep reading to find out: How it works, fees, loan amounts, and much more.

On personal loan page

How do American Express loans work?

The AMEX loan is flexible and offers one of the lowest interest rates on the market. Furthermore, it is possible to get a very attractive value that can reach up to $40,000.

In addition to having no prepayment or origination fee, the loan can be requested online through the bank’s website.

Regarding the payment term, AMEX offers the possibility of repayment terms from one to three years.

How much can I borrow with an American Express Personal loan?

It is possible to apply for loans ranging from $3,500 to $40,000.

Does it have fees?

• Loan amounts: $3,500 to $40,000.
• APR range: 5.99% – 19.97%.
• Minimum credit score: None.
• Loan terms: 12 to 72 months.
• Fees: No origination or prepayment fees.

How to qualify for an American Express personal loan?

First of all, it is essential to be an AMEX cardholder, in this way, it is possible to have a chance of getting it.

However, American Express does not guarantee other requirements as the customer must comply.

The bank doesn’t specifically tell you what they are, but it’s essential to have a good or excellent credit history and be able to pay off the debt that could last a few years.

How to apply for it?

The request can be made through the bank’s website. Firstly, it is necessary to undergo an analysis, which will be necessary to inform: the purpose of the loan, the desired amount, and personal information.

If you receive pre-approval from American Express, you will be able to apply for the loan. See below for some of the necessary information.

• Personal information: name, date of birth, social security number, citizenship status.
• Contact information: address, telephone number, email address, etc.
• Employment and income information: gross monthly income, name of your employer, and mortgage or rent payment.

How long does it take to be approved by American Express?

American Express does not offer instant approval, however, it is possible to be approved on the same day as the request. However, if the bank needs to verify any of your information, the result may take up to 5 business days.

Frequently asked question:

What are the types of Personal Loans Offered by American Express?

Amex for several purposes, but the main ones are personal loans, home loans, auto loans, and student loans.

Is American Express a hard inquiry?

Yes, AMEX does a hard inquiry when you apply for a loan.

Does American Express do debt consolidation?

Sure! American Express offers a loan for you to pay off your debts, in addition, the interest rate is very low.