American Express Personal Loans: Everything You Need to Know Before You Apply
When most people hear “American Express,” they immediately think of premium credit cards. But did you know that American Express also offers unsecured personal loans? In this article, we’ll take a close look at American Express personal loans — including their loan amounts, eligibility requirements, rates, fees, and more — so you can decide if they’re the right choice for you.
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What Are American Express Personal Loans?
American Express personal loans allow eligible cardmembers to borrow between $3,500 and $50,000 for a variety of personal needs. The company is one of the most established names in personal finance, and their personal loans come with competitive rates and a straightforward application process.
American Express doesn’t publish the full range of their maximum loan amounts publicly, but customers can often qualify for up to $40,000 or $50,000. Once you log into your account and check your eligibility, you’ll see the exact amount you can borrow.
American Express Personal Loan Interest Rates and Terms
What Are the Interest Rates on American Express Personal Loans?
American Express is known for low APRs on personal loans, which can be as low as 6.99% for borrowers with good to excellent credit. Rates go up to 19.99%, which is still competitive when compared to many personal loan lenders.
That said, these loans are only available to American Express cardholders with a strong credit profile — so if you already have an American Express account in good standing, you’ll likely receive a better rate.
Who Can Get an American Express Personal Loan?
Credit Score and Eligibility Requirements
American Express personal loans are invitation-only. This means you must already be a current American Express cardholder to even apply. You’ll also need a good to excellent credit score to receive a competitive rate and a substantial loan amount.
If you qualify, you’ll log into your American Express account and check your personal loan offer. You’ll see your maximum loan amount and estimated APR before you submit your application. Once you apply, American Express uses a soft credit check initially, which won’t impact your credit score.
Applying for an American Express Personal Loan: What to Expect
Fast, Easy Application and Funding Timeline
One of the most convenient features of an American Express personal loan is its easy application process. Since American Express already has your account and financial history, they can often give you a decision and firm offer within seconds.
If you accept the terms, your funds could hit your account as soon as one business day after approval. This makes them a great option for borrowers who need quick access to cash.
American Express Personal Loan Fees and Restrictions
No Origination Fees, But Late Fees Apply
Unlike some lenders, American Express does not charge origination fees, so your APR is truly the cost of borrowing. However, they do charge a $39 late fee if you miss a payment or if they attempt to draw your payment and your account has insufficient funds.
Usage Restrictions and Prohibited Loan Uses
While American Express encourages using personal loans for debt consolidation and other personal expenses like home improvements or medical bills, they have some notable restrictions:
- You cannot use the loan to pay off existing American Express credit card debt.
- Loans cannot be used for real estate investments, post-secondary education, business purposes, or purchasing a car (though you may use it as a down payment on a vehicle).
- No cosigners are allowed — these loans are for individual borrowers only.
Pros and Cons of American Express Personal Loans
Benefits of American Express Personal Loans
✅ Competitive interest rates starting at 6.99%
✅ No origination fees or prepayment penalties
✅ Quick funding — often as fast as one business day
✅ Streamlined process for existing American Express customers
Drawbacks of American Express Personal Loans
❌ Available only to current American Express cardholders
❌ Requires good to excellent credit
❌ Cannot use loans for certain purposes like education or business
❌ $39 late payment fee — one of the higher fees in the industry
Should You Get an American Express Personal Loan?
An American Express personal loan can be a smart choice if you already have an American Express card, have good credit, and want a fast, straightforward borrowing process at a competitive rate. However, because there are restrictions and you need to be an existing customer, it may not suit everyone.
If you do receive an offer, be sure to shop around first. Every lender has its own algorithm for rates and approvals, and you might find a better deal elsewhere.
Compare Personal Loans from Multiple Lenders
If you’d like to shop around for the best rates, check out The Yukon Project’s personal loan marketplace. Our site allows you to:
- Get personalized rate estimates from up to 40 lenders
- Check your rates with a soft credit check that won’t impact your score
- See all your approved offers in one place so you can pick the loan that’s best for you
Final Thoughts: American Express Personal Loans Could Be Right for You
If you’re looking for a competitive rate and want a loan process that’s quick and easy, American Express personal loans may be a great fit. Just remember to check the fine print, understand the fees and restrictions, and compare options before making a decision.
Have you ever used an American Express personal loan? Share your experience in the comments — and if you found this article helpful, don’t forget to like, subscribe, and visit The Yukon Project for more personal finance tips and tools.
