Q: What are the application requirements for American Express&#174 Business Loans?

To apply for an American Express&#174 Business Loan, you'll need 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. If you do not have an eligible bank account on file with us, after you sign your loan agreement we will ask you to designate a business purpose bank account in your or your business' name. You will have three (3) days from the date you sign your loan agreement to add a bank account, otherwise you will not receive your loan funds and your loan agreement will be void and unenforceable.

Question 1

What are American Express&#174 Business Loans?

Accepted Answer

American Express&#174 Business Loans are unsecured loans that are only offered to pre-approved American Express Business Card Members. American Express&#174 Business Loans must be used for business purposes, such as to consolidate existing non-American Express&#174 business card debt or to fund inventory purchases, expand operations or increase working capital. Your American Express&#174 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.

Question 2

What are the minimum eligibility requirements to be pre-approved for an American Express&#174 Business Loan?

Accepted Answer

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 resident of the US or its territories
Be at least 18 years old

Question 3

How do I apply for an American Express&#174 Business Loan?

Accepted Answer

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. If you do not have an eligible bank account on file with us, after you sign your loan agreement we will ask you to designate a business purpose bank account in your or your business' name. You will have three (3) days from the date you sign your loan agreement to add a bank account, otherwise you will not receive your loan funds and your loan agreement will be void and unenforceable.

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.

Question 4

What are the application requirements for American Express&#174 Business Loans?

Accepted Answer

To apply for an American Express® Business Loan, you'll need 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. If you do not have an eligible bank account on file with us, after you sign your loan agreement we will ask you to designate a business purpose bank account in your or your business' name. You will have three (3) days from the date you sign your loan agreement to add a bank account, otherwise you will not receive your loan funds and your loan agreement will be void and unenforceable.

Question 5

Can I apply by phone or mail?

Accepted Answer

At this time, you can apply for a business loan over the phone or online. However, you must agree to your loan terms online (not over the phone). In the future, we may allow applicants to apply by mail.

Question 6

How long does it take to get a decision?

Accepted Answer

Most borrowers will receive a decision within seconds. 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.

Question 7

I'm seeing a different pre-approved offer today compared to one I saw earlier. Why?

Accepted Answer

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.

Question 8

Will my credit scores be impacted if I apply for a loan?

Accepted Answer

No, your credit scores will not be impacted when you apply for an American Express&#174 Business Loan. However, if you're approved for and accept an American Express&#174 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.

Question 9

Will I receive the funds directly?

Accepted Answer

You can choose to receive your loan funds directly to your designated business purpose bank account.

You may also use this loan for business card debt consolidation and have us send your loan funds directly to your non-American Express business card issuers.

Question 10

What do you need in order to verify my bank account?

Accepted Answer

If we do not have an eligible bank account for you on file and you are required to add a new business purpose bank account to receive your loan funds, we may need to verify your account by asking you for personal and/or business information. If we are unable to verify the account for any reason, we will cancel your loan and you will not receive your loan funds. In addition, you will not be able to apply again for at least 60 days and only if we pre-approve you for another Business Loan.

Question 11

How long does it take for American Express to disburse my loan funds?

Accepted Answer

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. If you are required to add a new bank account to receive your loan funds, we will typically send your loan funds to that bank account within 3 to 5 business days after we verify your account. If we are unable to verify the account for any reason, we will cancel your loan and you will not receive your loan funds. In addition, you will not be able to apply again for at least 60 days and only if we pre-approve you for another Business Loan.

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).

Question 12

How much can I borrow?

Accepted Answer

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&#174 Business Loans program offers amounts ranging from $3,500 to as high as $75,000, depending on creditworthiness and other factors. Not all borrowers will be pre-approved for the highest loan amount.

Question 13

How much do I have to pay each month?

Accepted Answer

American Express&#174 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 APR that we apply).

Question 14

How long will I have to pay off my American Express&#174 Business Loan?

Accepted Answer

On your application, you can choose from one of four 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.

Question 15

Can I use an American Express&#174 Business Loan to pay a balance with any business card issuer?

Accepted Answer

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.

Question 16

As an American Express&#174 Business Loan customer, will I receive Membership Rewards Points‡ or insurance benefits that are offered as part of Card Membership?

Accepted Answer

No. American Express&#174 Business Loans do not provide Membership Reward Points, cash back or other benefits that are available on American Express Card products.

Question 17

Can I make additional payments or pay off my loan early without any penalties?

Accepted Answer

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.

Question 18

Can I set up automatic payments for my American Express&#174 Business Loan?

Accepted Answer

Yes. We offer AutoPay, which can help avoid late payments on your loan. You can enroll in AutoPay when you apply for a Business Loan or through your American Express online account.

Question 19

What if I am late on a payment or don’t have enough funds to make my monthly payment?‡

Accepted Answer

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.

Question 20

What are the fees associated with an American Express&#174 Business Loan?

Accepted Answer

With American Express&#174 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.

Question 21

Can I repay my loan by check?

Accepted Answer

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.

Question 22

How do I review information about my American Express&#174 Business Loan?

Accepted Answer

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.

Question 23

Can I change my payment due date?

Accepted Answer

No. Your payment due date will be set at the time you're approved for your American Express&#174 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.

Question 24

Can I use an American Express&#174 Business Loan to pay a balance on an existing American Express Card?

Accepted Answer

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.

Question 25

I currently have an American Express&#174 Business Loan. Where can I find my Loan Account Number?

Accepted Answer

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.

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