What are American Express® Business Loans?
American Express® Business Loans are unsecured loans that are only offered to pre-approved American Express Business Card Members. American Express® Business Loans must be used for business purposes, such as to consolidate existing business card debt or to fund inventory purchases, expand operations or increase working capital. Your American Express® Business Loans cannot be used for consumer, personal, family or household purposes, to repay any indebtedness to American Express or any purpose prohibited by law.
What are the minimum eligibility requirements to be pre-approved for an American Express® Business Loan?
At a minimum, you must meet the following requirements to be pre-approved for an American Express® Business Loan:
- Be the Basic Card Member on an eligible American Express Business Card, and be in good standing with American Express
- Be a US Citizen or Permanent Resident
- Be at least 18 years old
How do I apply for an American Express® Business Loan?
At this time, only pre-approved Business Card Members may apply for an American Express® Business Loan. If you’re pre-approved, we’ll let you know the maximum amount you can borrow and the maximum Annual Percentage Rate that will apply to your business loan.
You’ll need to provide some basic information, such as the amount you wish to borrow, your desired repayment period and the purpose for requesting a loan. You may be required to provide additional basic contact information, your income, and your business’ revenue.
To use this loan for business card debt consolidation, you’ll need to provide the business card account number(s) and the amount you want us to send to each business card’s bank account directly. For other loan purposes, we will send your loan funds directly to a valid business purpose bank account that we have on file for you.
Please keep in mind that if you are pre-approved for an American Express® Business Loan, it does not guarantee that we will approve you for the loan. We may require additional information from you or we may deny your application if there is any material change to your and/or your business’ financial condition or creditworthiness, or for other reasons as required by law. If we approve your application, you’ll have an opportunity to review and accept the terms of your business loan.
What are the application requirements for American Express® Business Loans?
To apply for an American Express® Business Loan, you’ll need an American Express online account and a valid email address.
For loans used for business card debt consolidation, you’ll need at least one (but not more than four) eligible business card account(s) issued by a US bank. You must request at least $1,000 for each business card account and a minimum total of $3,500 for all business card accounts.
For other loan purposes, we’ll send your loan funds directly to a valid business purpose bank account that we have on file for you.
Can I apply by phone or mail?
At this time, you can only apply for a business loan and agree to your loan terms online. In the future, we may allow applicants to apply by phone or by mail.
How long does it take to get a decision?
Most borrowers will receive a decision within minutes. However, our decision may be delayed if we require additional information from you. We may also decline your application if there is any material change to your and/or your business’ financial condition or creditworthiness, or for other reasons as required by law.
I’m seeing a different pre-approved offer today compared to one I saw earlier. Why?
Pre-approved offers are based on your and your business’ creditworthiness and other factors at the time you receive an offer. This means the pre-approved offer shown may be different from an earlier offer you received because of changes in your and/or your business’ creditworthiness, or other eligibility factors.
Will my credit scores be impacted if I apply for a loan?
No, your credit scores will not be impacted when you apply for an American Express® Business Loan. However, if you’re approved for and accept an American Express® Business Loan, we’ll report the loan information to credit bureaus, which may have an impact on your credit score and the credit score of your business.
Will I receive the funds directly?
You can choose to receive your loan funds directly to a valid business purpose bank account we have on file for you.
You may also use this loan for business card debt consolidation and have us send your loan funds directly to your business card issuers.
How long does it take for American Express to disburse my loan funds?
Once you’ve reviewed and accepted the terms of your American Express® Business Loan, American Express will send your loan funds typically within 3 to 5 business days to the bank or business card bank account(s) identified in your application.
Please know that your bank or business card issuer(s) may take additional time to post your loan funds to your account. If any loan funds do not post to your bank or business card account within 2 weeks, please contact your bank or business card issuer(s).
How much can I borrow?
Pre-approved Business Card Members can apply for a business loan of at least $3,500, up to their pre-approved amount. The American Express® Business Loans program offers amounts ranging from $3,500 to as high as $50,000, depending on creditworthiness and other factors. Not all borrowers will be pre-approved for the highest loan amount.
How much do I have to pay each month?
American Express® Business Loans are payable in fixed monthly installments. The amount of your monthly payment will depend on the amount you borrow, the repayment period you select and the total interest paid on your loan (based on the interest rate that we apply).
How long will I have to pay off my American Express® Business Loan?
On your application, you can choose from one of three repayment periods to repay your loan. Keep in mind that a longer repayment period may result in a lower monthly payment, but more total interest than if you choose a shorter repayment period for the same loan amount.
Can I use an American Express® Business Loan to pay a balance with any business card issuer?
For loans used for business card debt consolidation, we can send your loan funds directly to accounts issued by most major credit card banks, though there are exceptions. For example, we are unable to send loan funds to any business card issuer that cannot accept electronic funds transfers from American Express. When you enter your business card account information on your application, we’ll tell you if that business card account is eligible to receive loan payments directly from us.
Please know that business card debt consolidation only applies to credit card accounts used for business purposes and cannot be used to repay any indebtedness to American Express.
As an American Express® Business Loan customer, will I receive Membership Rewards® or insurance benefits that are offered on American Express Cards?
No. American Express® Business Loans do not provide Membership Rewards, cash back or other benefits that are available on American Express Card products.
Can I make additional payments or pay off my loan early without any penalties?
Yes. There are no pre-payment penalties with an American Express® Business Loan. You can also make as many payments as you wish with no associated penalties.
To pay off your American Express® Business Loan early, you can pay the Outstanding Loan Balance that appears in your online account or on your current loan invoice. Payment must be received before the Next Invoice Date shown on your loan invoice for your account to be deemed paid in full. If the payment is not received before that date, you’ll owe any additional interest or fees that may post to your account after the Next Invoice Date.
Can I set up automatic payments for my American Express® Business Loan?
Yes. We offer AutoPay, which can help avoid late payments on your loan. After you accept your loan terms, you can enroll in AutoPay through your American Express online account.
Payment & Account Management
What if I am late on a payment or don’t have enough funds to make my monthly payment?
If your payment is late or you have insufficient funds to pay your monthly payment amount in full, you’ll be assessed a fee of $39. You may also accrue additional interest on your loan.
What are the fees associated with an American Express® Business Loan?
With American Express® Business Loans, we’ll only charge a fee if your payment is late or if you don’t have sufficient funds to make your monthly payment in full. There are no application or origination fees. There are also no prepayment penalties if you decide to pay your loan off early.
Can I repay my loan by check?
Yes. We accept check payments via postal mail to repay your loan. Please follow the instructions on your loan invoice to send check payments to us.
To ensure we receive your payment on time, we suggest that you log into your American Express online account and make an electronic payment each month, or set up AutoPay to help you automatically make payments on your loan.
How do I review information about my American Express® Business Loan?
You can access information about your loan through your American Express online account. You’ll find information such as the outstanding balance due, monthly payment amounts, payment due dates, and prior payments and credits.
Can I change my payment due date?
No. Your payment due date will be set at the time you’re approved for your American Express® Business Loan. The payment due date will also be the same date of each month during your loan repayment period (for example, the 15th of each month). You will not be able to change this date.
Can I use an American Express® Business Loan to pay a balance on an existing American Express Card?
For loans used for business card debt consolidation, we can only pay balances on credit cards issued by a credit card bank other than American Express.
I currently have an American Express® Business Loan. Where can I find my Loan Account Number?
You can find your Loan Account Number on your Loan Summary and your Loan Agreement, which are located in the Account Summary section of your American Express online account.