You probably know American Express as one of the premier credit card issuers, but its financial services also include personal loans. Amex offers very competitive rates on unsecured personal loans, with fast funding and no upfront fees. However, you’ll need to have an eligible American Express Credit Card to apply.
Learn more about the pros and cons of American Express personal loans, who is a good fit for Amex loans, and how to qualify.
- No origination fee or prepayment penalties | |
- Borrowers with excellent credit |
Compare personal loan rates
Who are American Express personal loans best for?
Best for American Express cardholders
American Express personal loans are best if you have a credit card with the company, since only eligible cardholders can get an Amex personal loan. If you meet Amex’s lending requirements, their loans provide excellent rates, a variety of repayment terms, and no origination fees or prepayment penalties.
Great for borrowers with excellent credit
American Express’s lowest interest rates are reserved for customers with the highest credit scores (as is the case with most personal loan lenders). Because Amex’s best interest rate is among the lowest rates available from well-known personal loan lenders, borrowers with excellent credit are likely to get a competitive personal loan rate.
Good to know
You can have a maximum of two American Express personal loans at one time.
Pros and cons
Pros
- Competitive rates
- No origination fees or prepayment penalties
- Multiple loan purposes
Cons
- Eligibility limits
- Wait time for new cardholders
- Late fee and insufficient funds fee
Pros
- Competitive rates: American Express’s APR range (6.90% to 19.97%) is among the best available from top personal loan lenders. If you qualify for an Amex personal loan, you’ll likely get a good rate, comparatively speaking.
- No origination fees or prepayment penalties: American Express doesn’t charge any origination fees — typically a percentage deducted upfront from the loan proceeds — and you won’t pay a prepayment penalty if you pay off your loan before the end of your repayment term.
- Multiple loan purposes: Approved uses include personal, family, and household expenses, consolidating credit card debt, life events, and financing home repairs and improvements.
Cons
- Eligibility limits: You must have an American Express consumer credit card account and receive an offer to apply for an Amex personal loan. Typically, non-bank personal loan lenders don’t require you to be an existing customer or limit your ability to apply based on whether you’ve received an invitation.
- Wait time for new cardholders: Once you’ve become an Amex cardholder, it could be 6-12 months before you receive an offer to apply. A customer service representative says the 6-12 month window is typical, although you could receive an offer sooner. If you need a personal loan with fast funding, American Express probably isn’t a good option (unless you already have a card and received an offer).
- Late fee and insufficient funds fee: American Express is one of the few top personal lenders that charges late fees. American Express charges a $39 late fee for loan payments received after the due date, as well as a $39 non-sufficient funds (NSF) fee.
How to qualify for an American Express personal loan
If you don’t already have an American Express consumer credit card, the first step in the personal loan application process is becoming a cardholder — and then receiving an offer to apply. Basic eligibility requirements also include being age 18 or older and a U.S. citizen or resident of the U.S. or its territories.
In addition, the following factors influence whether American Express approves your personal loan application and what terms you receive if approved:
Your credit score and financial history
When you apply for a loan, American Express looks at your creditworthiness and financial history. Its minimum credit score requirement isn’t publicly disclosed. Generally speaking, a record of on-time payments, a healthy debt-to-income ratio, and other factors reflect well on your creditworthiness by showing that you can borrow responsibly, which is the most important factor in your credit score.
Good to know
Personal loan lenders typically prefer that you have a debt-to-income ratio below 36%.
Your income and employment
American Express considers your income and employment status when you apply for a personal loan, although it doesn’t disclose a minimum income requirement. In general, employment and steady income show lenders that you’ll likely have the financial resources to repay a personal loan.
Expert editor insight: “Although American Express offers competitive personal loan rates, one of its eligibility requirements could eat into your potential savings. You need an American Express consumer credit card to be eligible for an Amex personal loan, and only three of the 14 cards don’t charge an annual fee. Annual fees on the rest range from $95 (Blue Cash Preferred Card, waived for the first year) to $695 (The Platinum Card).”
— Barry Bridges, Personal Loans Editor, Credible
American Express personal loan purposes
American Express’ personal loan terms and conditions allow you to use your personal loan funds for purposes including:
- Personal, family, and household expenses
- Credit card debt consolidation
- Home repairs and improvements
- Vehicle down payments
- Life events, such as weddings or the arrival of a new baby
However, there are specific things that you cannot use your loan for:
- Amex credit card balances
- Illegal activity
- Post-secondary education expenses
- Real estate
- Business
- Securities (stocks, mutual funds, etc.)
- Buying a vehicle (other than a down payment)
- Any other limitations listed in your loan’s terms and conditions
American Express personal loan fees and penalties
American Express personal loans have a borrower-friendly fee structure:
Loan origination fees
You won’t pay any origination fees to get a personal loan from American Express.
Early repayment penalties
American Express will not charge you a fee if you pay your loan off before your repayment term ends.
Other fees
American Express charges a $39 late fee for payments received after the due date and a $39 fee for insufficient funds.
How American Express compares to other lenders
How American Express compares to more lenders: Best Personal Loans
How to contact American Express
- By phone: (844)-273-1384 from 9 a.m. to 8 p.m. EST Monday through Friday
- Live chat: Existing customers can log into their account to chat with customer service.
About American Express personal loans
American Express was founded in 1850 as an express delivery company. The company made its foray into financial services in 1891 with the introduction of the Travelers Cheque, and introduced its first Charge Card in 1958. American Express would later expand its financial services to corporate and business credit cards, its Membership Rewards program, and debit-card services for small and mid-sized businesses. The company began offering personal loans in 2017.
Rating American Express personal loans
Credible evaluates personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible’s team of experts gathered information from each lender’s website, customer service department, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication.
Learn more about how Credible rates lenders by exploring our personal loans lender rating methodology.
FAQ
Is it easy to get a personal loan from American Express?
Open
What credit score is needed for an American Express personal loan?
Open
How long does it take to get an American Express personal loan?
Open
How can you use an American Express personal loan?
Open
Does applying for an American Express personal loan hurt your credit?
Open
