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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. For more information on using your funds to directly pay off a balance with a credit card issuer, please click here

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.

I’m seeing a different offer today compared to one I saw earlier. Why?


Offers are based on your creditworthiness and other factors at the time you check for an offer. As a result, the offer you receive may be different from an earlier offer due to changes in your creditworthiness or other eligibility factors since the time you last checked.

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 eligibility requirements. You’ll know the maximum amount you can borrow, the maximum annual percentage rate(s) (APR) and your repayment period options before you submit an application.


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 be required to provide additional basic contact information and your income.


Please keep in mind that if you are eligible to apply for a Personal Loan, it does not guarantee that we will approve you for a Personal Loan. We may require additional information from you. We may also deny your application if there is any material change to your financial condition or creditworthiness or for other reasons as required by law.

How much can I borrow? 


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


If you are eligible for and choose to have your Personal Loan funds sent directly to your credit card account(s), you must request at least $1,000 for each credit card account and a minimum total of $3,500 across all credit card account(s). You cannot use funds to pay off your American Express Cards.

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 condition or creditworthiness or for other reasons as required by law.

How do I receive my Personal Loan funds?


If you are eligible for and choose the direct deposit payment option, funds will be deposited

directly into your bank account on file. If you do not have an existing bank account on file, you will be prompted to add the routing and account numbers of your bank account. Your checking account must be in your name and may be verified upon submission.


If you are eligible for and choose to have your Personal Loan funds sent directly to your credit card account(s), you will need to provide the credit card account number(s) and designate the amount you want us to send to each credit card account directly in the application. You can have funds sent to up to four personal credit card accounts(s) issued by eligible US banks (including the US territories), though there are exceptions. For example, we are unable to send loan funds to any credit card issuer that cannot accept electronic funds transfers from American Express. When you enter your credit card account information on your application, we will tell you if that credit card account is eligible to receive loan disbursements directly from us. American Express Cards are not eligible for this option.

What do you need to verify my checking account? 


If we do not have an eligible checking account on file for you, and you are required to add a checking account to receive your Personal Loan funds, we may need to verify your checking account by asking you for personal information. If we are unable to verify your checking 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 have three days from when you are approved for your Personal Loan 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?


American Express will typically send your loan funds within three to five business days after you sign your Personal Loan agreement to the bank or credit card account(s) you designated in your application.


If you are required to add a bank account to receive your loan funds, we will typically send your loan funds to that bank account within three to five business days after we verify
your bank account. If we cannot verify your bank account, we will not be able to send your loan funds to you and will cancel your loan. Please note that your bank or credit card issuer may take additional time to post your loan funds to your account(s). If any loan funds do not post to your bank or credit card account(s) within two weeks, please contact us, your bank or credit card issuer.

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 the above mentioned $39 fee 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. However, 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, including the outstanding balance, monthly payment amounts, payment due dates, prior payments, and credits, through your American Express online account.

Can I change my payment due date?


No. 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). You will not be able to change this date.

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.