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General Questions

What are American Express® Personal Loans?

American Express Personal Loans are unsecured loans that are only offered to pre-approved American Express Card Members. Personal Loans can be used for personal, family or household purposes, such as to consolidate existing credit card debt or for major purchases, home renovations or significant life events. Some Card Members will only be pre-approved to use their Personal Loan for credit card debt consolidation.

What are the minimum eligibility requirements to be pre-approved for a Personal Loan?

At a minimum, you must meet the following requirements to apply for a Personal Loan:

  1. Be a US Citizen or a resident of the US or its territories
  2. Be at least 18 years old
  3. Be the basic Card Member on an eligible Consumer American Express Card, and be in good status with American Express at the time of application

How do I apply for a Personal Loan?

At this time, only pre-approved Card Members may apply for a Personal Loan. If you are pre-approved, we’ll let you know the maximum amount you can borrow, as well as the maximum annual percentage rate that will apply to your loan.

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. Some Card Members will only be pre-approved to use their Personal Loan for credit card debt consolidation.

If you choose the credit card payment option for your Personal Loan, you will need to provide the credit card account number(s) and the amount you want us to send to each credit card account directly. If you choose the direct deposit payment option for your Personal Loan, we will send your loan funds directly to a valid personal checking account that we have on file for you.

Please keep in mind that if you are pre-approved for a Personal 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 financial condition or creditworthiness or for other reasons as required by law. If we approve your application, you will have an opportunity to review and accept the terms of your loan.

How do I receive my loan funds?

If you are approved to use your Personal Loan, to pay down credit cards, we will send your loan funds directly to the credit card account(s) you designate in your application, in the amount(s) you requested for each credit card account.

If you are approved and choose to deposit your Personal Loan directly into your bank account, we will send your loan funds to an eligible 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 personal checking account in your 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. Not all Card Members will be pre-approved to receive a Personal Loan directly to their bank account.

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

If we do not have an eligible bank account for you on file and you are required to add a new personal checking account to receive your loan funds, we may need to verify your account by asking you for personal 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 Personal Loan.

How long do I have to review my loan agreement?

You have three days from when you are approved for your loan to review and sign your loan agreement. If you do not sign your loan agreement within that three day period, we will withdraw our approval and you will not be able to obtain your loan. In addition, you will not be able to apply again for at least 60 days and only if we pre-approve you for another Personal Loan.

Can I apply by phone or mail?

At this time, you can only apply for a loan and agree to your loan terms online. To apply, you must agree to receive communications and other documents in electronic form. You must also have an American Express online account and valid email address.

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 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 creditworthiness and other factors at the time you receive an offer. As a result, the pre-approved offer you receive may be different from an earlier offer you received due to changes in your creditworthiness or other eligibility factors since the time of the earlier offer.

Application

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

No, your credit score will not be impacted when you apply for a Personal Loan. However, if you are approved for and agree to the terms of the loan, we will provide information about your loan to credit reporting agencies. This may impact your credit score.

Will I receive the loan funds directly?

You can apply to receive your Personal Loan directly into your designated bank account only if you are pre-approved to do so. Some Card Members will only be pre-approved to apply for a Personal Loan for credit card debt consolidation and may not receive their loan funds directly. We do not currently issue loan funds by check or other non-electronic means.

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 loan agreement to the bank or credit card account you designated 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 three to five business days after we verify your 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. If any loan funds do not post to your bank or credit card account within two weeks, please contact your bank or credit card issuer.

How much can I borrow?

Pre-approved Card Members can apply for a loan of at least $3,500, up to their pre-approved amount, which depends on creditworthiness and other factors. Not all borrowers will be pre-approved for the highest loan amount.

If you use your Personal loan to pay down a credit card balance(s), you must request at least $1,000 for each credit card account and a minimum total of $3,500 for all credit card accounts.

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 paid on your loan (based on the interest rate that we apply).

How long will I have to pay off my Personal 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 a Personal Loan to pay a balance with any credit card issuer?

If you use your Personal Loan to pay down a credit card balance(s), we will send your loan funds directly to up to four personal credit card accounts issued by most major credit card banks, 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 payments directly from us.

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

No. Personal Loans do not provide Membership Rewards, cash back, or other benefits that are available on American Express Card products.

Fund Disbursement

Can I make additional payments or pay off my 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 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, otherwise you will 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 Personal Loan?

Yes. For your convenience, we offer AutoPay, which can help avoid late payments on your account. You can enroll in AutoPay when you apply for a Personal Loan or 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 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 loan. This may have a negative impact on your credit report.

What are the fees associated with a Personal Loan?

With Personal Loans, there are no application or origination fees. In addition, there are no prepayment penalties if you decide to pay your loan off early. We will charge a fee if your payment is late or if you do not have sufficient funds to make your monthly payment in full.

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. However, to ensure that 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 account.

How do I review information about my Personal Loan?

You can access information about your loan, including the outstanding balance due, monthly payment amounts, payment due dates, and 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 loan repayment period (for example, the 15th of each month). You will not be able to change this date.

Can I use a Personal Loan to pay a balance on an existing American Express Card?

If you use your Personal Loan to pay down a credit card balance(s) directly, we can only make payments on credit cards issued by a credit card bank other than American Express.

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

You can find your 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.

Can I apply for an American Express Business Loan?

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. An 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. To learn more, visit americanexpress.com/us/business-loans/.