Frequently Asked Questions

General Questions

What are American Express® Personal Loans?


American Express Personal Loans are unsecured loans that can be used for personal, family or household purposes, such as consolidating existing credit card debt or for major purchases, home renovations or significant life events.

What can I not use my loan funds for?


Personal Loans may not be used for post-secondary education expenses, real estate, business, securities, vehicle purchases (other than as down payment for a vehicle), to pay down balances on American Express-issued Cards or any purpose prohibited by law or not otherwise permitted by these terms and conditions or your Loan Agreement.

Why am I seeing a different offer today compared to one I saw earlier?


Offers are based on your creditworthiness and other factors at the time you check for an offer. If there are changes in your creditworthiness or other eligibility factors since the last time you checked, the offer you receive may be different than the one you saw earlier.

As a Personal Loan customer, will I receive Membership Rewards or insurance benefits that are offered on American Express® Cards?


No. Personal Loans are not eligible for Membership Rewards, cash back, or other benefits that are available with American Express Card products.


How do I apply for a Personal Loan? 


At this time, you can only apply if you receive an offer to apply and continue to meet the eligibility requirements. Before you apply, we will let you know the maximum amount you can borrow, the maximum annual percentage rate(s) (APR) and your repayment period options.


During the application process, you will 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 also be required to provide additional basic contact information and your income.


It's important to know that even if you are eligible to apply for a Personal Loan, it does not guarantee that we will approve you. At any point during the process, we may require additional information from you. We may also deny your application if there is any material change to your financial situation or creditworthiness, or for other reasons as required by law.

How much can I borrow? 


You can apply for a Personal Loan of at least $3,500, up to the maximum eligible loan amount, which depends on your creditworthiness and other factors at the time of applying. Your maximum eligible loan amount will be displayed when you view your offer on the application page.

How long does it take to get a decision?


Most applicants 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 financial situation or creditworthiness or for other reasons as required by law.

How will I receive my Personal Loan funds?


Funds will be deposited directly into your bank account on file. If you don’t have an existing bank account on file with us, you will be prompted to add the routing and account numbers of your bank account. We may also need to verify your bank account by asking you for personal information. If we are unable to verify your bank account for any reason, we will not be able to send any loan funds to you and your loan agreement will be void and unenforceable.

How long do I have to review and sign my Personal Loan agreement?


You will have three days from when you are approved to review and sign your Personal Loan agreement. If you do not sign your Personal Loan agreement within that three-day period, we will withdraw our approval.

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


We will typically send your loan funds within 3-5 business days after you've signed your Personal Loan agreement. The funds will be sent to the bank you designated in your application.


If you are required to add a bank account to receive your loan funds, we will send your loan funds to that bank account within 3-5 business days after we verify that bank account. If we cannot verify your bank account, we will not be able to send your loan funds to you and your loan agreement will be void and unenforceable. It’s important to know that your bank may take additional time to post your loan funds to your account(s). If any loan funds do not post to your bank within two weeks, please contact your bank.

Payment & Account Management

How much do I have to pay each month?


Personal 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 charged on your Personal Loan (based on the interest rate that applies).

How long will I have to pay off my Personal Loan?


On your application, you can choose your repayment period from the options shown. 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 make additional payments or pay off my Personal Loan early without any penalties?


Yes. There are no pre-payment penalties with a Personal Loan. Additionally, you can make as many payments as you wish with no associated penalties.


To pay off your Personal Loan early, you can pay the Outstanding Personal Loan Balance that appears in your online account or on your current Personal Loan invoice. Payment must be received before the Next Invoice Date shown on your Personal Loan invoice for your account to be deemed paid in full; otherwise, you will owe any additional interest that may post to your account after the Next Invoice Date.

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 will be assessed a fee of $39. We may also inform a credit reporting agency if you fail to make a payment or otherwise fail to comply with the terms of your Personal Loan. This may

have a negative impact on your credit report.

What are the fees associated with a Personal Loan?


With American Express Personal Loans, there are no application or origination fees. In addition, there are no prepayment penalties if you decide to pay your Personal Loan off early. We will charge a $39 fee for any month in which we receive your payment after the due date listed on your invoice or if you do not have sufficient funds to make your monthly payment in full.

Can I repay my Personal Loan by check?


Yes. We accept check payments via the U.S. Postal Service to repay your Personal Loan. Please follow the instructions on your Personal Loan invoice to send check payments to us. To ensure that we receive your payment on time, we suggest that you log in to your American Express online account and make an electronic payment each month or set up AutoPay to help you automatically make payments on your account. There is no charge to make payments, including via AutoPay, from your American Express online account.

How do I review information about my Personal Loan?


You can access information about your Personal Loan through your American Express online account. Some of the things you will have access to include the outstanding balance, monthly payment amounts, payment due dates, prior payments, and credits.

Can I change my payment due date?


No, you will not be able to change this date. Your payment due date will be set at the time you are approved for your Personal Loan and will be the same date of each month during your Personal Loan repayment period (for example, the 15th of each month).

I currently have a Personal Loan. Where can I find my Personal Loan Account Number?


You can find your Personal Loan Account Number on your Truth in Lending Disclosure Statement and your Loan Agreement, which is included with your Loan Documents. You can find your Loan Documents in the Account Summary section of your American Express online account.