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Amex Personal Loans Review

Types of Personal Loans Offered by American Express

Are you in need of a loan but not sure where to turn? Well, American Express (Amex) is a great option for personal loans. Amex offers competitive interest rates and flexible repayment plans. In this article, we’ll take an in-depth look at Amex’s personal loan offering and provide an Amex personal loan review so you can make an informed decision. 

We will also analyze different aspects of the loan process and cover topics such as credit score requirements, eligibility criteria, fees and rates, the application process, repayment options, customer service, and more. If you’re considering taking out a personal loan from American Express, read our in-depth review first. 

American Express is a well-known financial institution, but you may not be aware that they offer personal loans. Personal loans from American Express can be a great way to consolidate debt, finance a large purchase, or cover unexpected expenses.

One of the advantages of an Amex personal loan is that there are no origination fees or prepayment penalties. You’ll also benefit from a fixed interest rate, which means your monthly payments will stay the same for the life of the loan.

The maximum loan amount you can qualify for will depend on your creditworthiness and income. However, Amex personal loans typically range from $3,500 to $40,000.

Loan Amount From $3,500 to $40,000
Loan Terms From 12 to 36 months
APRs From 6.91% to 19.97%
Origination Fee No
Prepayment Fee No
Immigration Status Considered No, only US citizens 
Employment Statuses Considered    Full time employed and self employed 
Intended Use Weddings, consolidate debt, vacations, home improvements and moving costs 
Joint Loan Applications Accepted No
Verification Documents Required  N/A
Late Fee $39
Minimum Credit Score N/A
Minimum Income N/A
Loan Purpose Personal use
Supported Income Types N/A
How Long To Get Funds Three to five days after signing the loan documents
Other Prerequisites N/A

American Express Overview

American Express, also known as Amex, is a financial services corporation headquartered in New York City. Amex offers personal loans, credit cards, and other financial products to consumers and businesses worldwide.

They were founded in 1850 as an express mail service provider. In 1882, Amex began offering money orders and traveler’s checks. Amex later diversified into financial services such as loans and credit cards. Today, Amex is one of the largest financial services companies in the world with over $33 billion in assets and over 150 million customers globally.

Amex’s personal loans are unsecured, fixed-rate loans that can be used for a variety of purposes including debt consolidation, home improvement projects, and major purchases. Loans are available from $3,500 to $40,000 with terms of 12 to 36 months. Interest rates range from 6.91% to 19.97% APR depending on creditworthiness and loan terms. There is no origination fee or prepayment penalty with Amex personal loans.

American Express Personal Loan Rates, Terms, and Fees

If you’re considering an American Express personal loan, it’s important to understand the rates, terms, and fees associated with the loan. Here’s a breakdown of what you can expect:

American Express personal loans have fixed interest rates that range from 6.91% to 19.97% APR. The actual rate you’ll receive depends on factors like your credit score and income.

On top of that, American Express personal loans have terms of 12 to 36 months. This means that you’ll have 1 to 3 years to repay the loan in full.

And lastly, there are no origination fees or prepayment penalties with American Express personal loans. However, there is a $39 late fee if you make a payment that’s more than 10 days late.

Types of Personal Loans Offered by American Express

American Express offers several different types of personal loans. Here’s a look at the different types of Amex personal loans:

  • Existing credit card debt consolidation 
  • Home renovations 
  • Other significant purchases 

Who is Eligible for An American Express Personal Loan?

There are a few eligibility requirements you’ll need to meet in order to qualify for an American Express Personal Loan. First, you must be a U.S. citizen or permanent resident with a valid Social Security number. 

You also need to have a good credit history, which Amex defines as having no recent bankruptcies, foreclosures, or charge-offs. Finally, you must be employed or have some other source of regular income.

If you meet all of the above criteria, you should be eligible for an American Express Personal Loan.

How to Apply for American Express Personal Loans

If you’re looking for a personal loan, American Express has a few options available. You can apply for a loan through Amex by visiting their website or by calling their customer service number.

Here is step by step how to apply:

  • Check for a pre approval offer
  • You can see if you’re pre-approved for a personal loan by logging in to your American Express account.
  • Submit your application
  • Once you’ve confirmed you’re pre approved, you can select your desired loan amount and repayment term and submit
  • Make a plan to repay the loan
  • American Express reports payments to the three main credit bureaus, so on-time payments will help build your credit score, but missed payments will hurt it.

Pros and Cons of American Express Personal Loans

If you’re considering an American Express personal loan, it’s important to understand the pros and cons of this type of financing. 

One of the biggest pros of getting a personal loan with Amex is that they do a soft credit check and you can get approved for a loan very fast. It’s as easy as just filling out a form from the comfort of your home. 

Another great thing with personal loans from Amex is that they don’t have any origination or prepayment fees. 

On the other hand, there are no disclosed credit score requirements, which can present a problem for many since they don’t know if they are eligible or not until they apply. Also, they do charge you a $39 late fee in case you miss your payment by 10 days.

Pros Cons
No prepayment fees No credit check disclosed 
No origination fees  Late fee of $39
Funds could be deposited via direct deposit  Can apply only if you are Amex user 
Option to pay creditors directly No cosigner or joint application

Is American Express a Legitimate Lender?

Yes, American Express is a legitimate lender. It is a subsidiary of American Express Company, which is one of the 30 largest companies in the United States. 

American Express has been in business for over 160 years and has an excellent reputation. It offers personal loans with competitive interest rates and terms.

Overall, they are a reputable and trustworthy lender, but you can get a loan from them only if you are an Amex user. In case you are not an Amex user, feel free to reach us, we would gladly help you find another reputable lender suited for your needs.

Summary of American Express Personal Loans

  • American Express personal loans allow all eligible bank clients to get from $3,500 to $40,000.
  • The repayment terms can vary from 1 to 3 years.
  • The bank does not charge any origination fees or prepayment fees, but there is a late payment fee of $39 if you miss your payment by 10 days.
  • They’ve been in business for over 160 years and are widely recognized as a reputable and trustworthy bank.
  • These loans are only meant for personal expenses such as weddings, vacations, medical expenses, unexpected expenses, or home renovation. Due to this, they cannot be used for purchasing a home or a car. 

American Express Personal Loans FAQs

  1. How much can I borrow with an American Express personal loan? With an American Express personal loan, you can borrow anywhere from $3,500 to $40,000.
  1. How long does it take to get approved for a loan? It only takes a few hours to get approved for an Amex loan.
  1. Can I prepay my American Express Personal Loan? Yes, you can prepay your personal loan with no additional charges for doing so.
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