AMERICAN EXPRESS® PERSONAL LOANS TERMS AND CONDITIONS
American Express Personal Loans are personal loans issued by American Express Bank, FSB. Personal Loans are not card products. Unlike American Express Credit and Charge Cards, they do not include any Card benefits, rewards programs or insurance. For example, you do not get Membership Rewards® points or Reward Dollars from American Express with your Personal Loan.
Any information American Express collects from you shall be governed by our Privacy Statement (https://www.americanexpress.com/privacy).
You must have a valid offer for a pre-approved loan amount and APR to apply for a Personal Loan. You must be 18 years or older, a U.S. citizen or resident of the U.S. or its territories, and an American Express Basic Card Member (that is, the person responsible for repayment of the account) on an active American Express US consumer Card. You must also have an American Express online account. If you do not, you can create one at Americanexpress.com/Register. When you apply for a Personal Loan, you are representing that all information in your application, including any information we may use from your Card account, is true and accurate.
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), or any purpose prohibited by law or not otherwise permitted by these terms and conditions or your Loan Agreement.
We reserve the right to verify any information you provide to us or that we have on file for you, including your identity and any bank or credit card account information. However, we may also rely on the accuracy, authenticity and completeness of any information that you provide to us. We reserve the right to refuse to make any payment to any of your designated accounts if your request does not meet these terms and conditions or the terms of your Loan Agreement, or violates applicable law.
You may only have one Personal Loan or one American Express Business Loan at any given time. If you currently have a Personal Loan or Business Loan, you may not apply for another Personal Loan or Business Loan until your current loan is paid in full. If you had a Personal Loan or Business Loan in the past, you may not apply for another Personal Loan or Business Loan until at least 60 days after you were approved for your previous loan and only if we pre-approve you for another Personal Loan or Business Loan. If you apply for a Personal Loan or Business Loan and we decline you, or we approve you but you do not sign your loan agreement within three days, you may not apply for another Personal Loan or Business Loan for at least 60 days and only if we pre-approve you for another Personal Loan or Business Loan.
Patriot Act Notice. Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account or applies for a loan, including your name, address, date of birth and other information that will allow us to verify your identity. We may also ask you to provide identifying documents.
Your Pre-Approved Loan Amount and APR
Your pre-approved loan amount and maximum annual percentage rate (APR) are based on your creditworthiness and other factors at the time of pre-approval.
Your pre-approved maximum APR is the highest APR you may receive for any loan amount you request, up to your pre-approved loan amount. Your actual APR may vary based on the amount you borrow and the repayment period you select, but it will not exceed your pre-approved maximum APR.
After you receive your pre-approved offer, you must submit an application to find out if you are approved for a Personal Loan. We may not approve your application if there has been any material change to your financial condition or creditworthiness, as a result of our fraud review or for other reasons under applicable law.
Credit Card Payment Option
If you are approved to use your Personal Loan for credit card debt consolidation, we will pay down balances directly on up to four personal credit cards issued by eligible US banks (including in the US territories) in the amounts that you designate in your application. You must request a minimum loan amount of $1,000 for each credit card you select, with a total requested loan amount for all credit cards of at least $3,500. American Express Cards are not eligible for debt consolidation. After you sign your Loan Agreement, we will send a loan payment directly to each of the credit cards you designated in your application. You will not receive any loan payments directly. In certain cases, your credit card bank may not be able to process the loan payment from us, for example, if the credit card information you provided is not correct or your credit card bank rejects the payment. If this happens, we will reduce the total amount of your loan by the amount of the failed payment and you will not owe any interest on the failed payment.
If any loan payments do not post to your credit card account within two weeks, contact your credit card bank. American Express is not responsible for any disputes you may have with your credit card bank and will not be liable for any loss or injury you may incur for any failed or delayed loan payments. Be sure to make all required payments on your credit cards. We are not liable for your failure to make any required payments to your credit cards.
Direct Deposit Option
If you are approved and choose to deposit your Personal Loan directly into your bank account, we will electronically send a payment in the amount of your approved loan to an eligible bank account we have on file for you. If you do not have a verified physical address, you may not apply for a Personal Loan. Your requested loan amount must be at least $3,500.
If you do not have an eligible bank account on file with us, we will ask you to designate a personal checking account after you sign your loan agreement. 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. In some cases, we may need to verify your account by asking you for personal information. If you are unable or unwilling to satisfy these conditions or we are otherwise unable to verify your new bank account, we will not be able to send any loan funds to you and your loan agreement will be void and unenforceable. In addition, you may not apply again for at least 60 days and only if we pre-approve you for another Personal Loan.
If the loan payment does not post to your bank account within two weeks, contact your bank. American Express is not responsible for any disputes you may have with your bank. We are not liable for any loss or injury resulting from any failure or delay in issuing your loan funds.
Your Loan Agreement
If we approve your application, we will present you with your actual loan terms. These terms will include your APR, total interest charges, amount financed, total payments and repayment schedule (including your monthly payment amount). We will also present you with your Loan Agreement and other required disclosures.
You will have three (3) days from when we show you your loan terms to review and electronically sign your Loan Agreement. If you do not electronically sign your Loan Agreement within these three days, we will withdraw our approval and you will not be able to obtain your loan. In addition, you may not apply for another loan for at least 60 days and only if we pre-approve you for another Personal Loan.
By applying, you agree that we may obtain credit reports and other information about you from other sources, including consumer reporting agencies and our affiliates. You agree that we will use such information for any purposes, subject to applicable law. Upon request, we will tell you if we have received a consumer report and the name and address of the agency that provided it. You authorize us and our affiliates and subsidiaries to share information we have about you at any time for marketing and administrative purposes, subject to applicable law.
Consent to Electronic Communications
To apply for a Personal Loan, you must agree to receive communications and other documents in electronic form pursuant to the Consent Statement. If you do not agree to the Consent Statement, you will not be able to apply for your loan.
Notice to California Residents: A married applicant may apply for a separate account.
Notice to Ohio Residents: The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.
Notice to Married Wisconsin Residents: No provision of any marital property agreement, unilateral agreement, or court decree under Wisconsin’s Marital Property Act will adversely affect a creditor’s interest unless, prior to the time credit is granted, the creditor is furnished a copy of that agreement or decree or is given complete information about the agreement or decree.