Who American Express Is Best For
American Express personal loans might be a good fit if you’re:
- Already an Amex cardmember. American Express only offers its personal loans to people who already have an Amex card. If you don’t have an Amex card, you won’t receive an offer.
- Looking for good rates on a loan. If you have good credit, American Express personal loans are some of the most affordable out there. Not only are its starting rates far lower than most other lenders, but there’s no origination fee either.
Who American Express Isn’t Right For
American Express personal loans may not be right if you:
- Don’t have an Amex card. Without an Amex card, American Express won’t send you a preapproved offer with a way to apply.
- Need a longer-term loan. Amex only offers a one-, two- or three-year term. It’s common for personal loan lenders to offer term lengths of up to seven years, but not Amex.
- Want to apply with a co-signer. Amex only allows people who it’s already preapproved to apply for a loan, meaning you won’t need a co-signer if this loan is an option for you. If you’re hoping to apply with someone else—to help them build credit, for example—this isn’t the loan for you either.
American Express Loan Details
Loan Amounts and Terms
- Loan amounts. American Express offers personal loans ranging from $3,500 to $40,000.
- Loan terms. American Express offers a one-, two- or three-year term.
Personal Loan Costs
- APR. American Express’s personal loan rates range from 5.91% to 17.97%, depending on creditworthiness.
- Origination fee. Amex personal loans don’t come with any origination fees.
- Late fee. If you don’t make your payment by the due date, you’ll be charged a $39 late fee.
- Prepayment penalty. American Express doesn’t charge any prepayment penalties.
Perks and Features
- Free VantageScore. American Express allows you to see your VantageScore credit score. This option is available to anyone, not just personal loan applicants.
- Easy preapproval. You don’t need to be proactive about getting preapproved for an Amex personal loan. All you need to do is log into your account to see if you’ve already been preapproved.
How to Qualify for an American Express Personal Loan
Personal loan applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Meeting the requirements below won’t guarantee approval, but they can help you decide if a personal loan is right for you.
Credit Score Requirements
American Express doesn’t disclose what credit score you need to qualify. Instead, log into your Amex account to see if you’re preapproved.
Income Requirements
American Express doesn’t disclose how much income you’ll need to earn for approval.
Co-signers and Co-applicants
American Express does not allow co-signers or co-applicants on any of its loans. You’ll need to qualify on your own merits.
How to Apply for an American Express Personal Loan
Applying for an American Express personal loan works a bit differently than other lenders. Instead of applying, American Express will reach out to you if you’re eligible to apply.
If you receive a preapproval, here’s how the process works:
- Check your account for a preapproval. Log into your Amex account and see if you have a preapproval offer. If so, it’ll have directions for how to apply for the loan, along with the maximum loan amount you’re preapproved for, your term length options and what your maximum rate might be.
- Apply for the loan. American Express will want to know a few more details like your income and the reason you’re borrowing the money. Be prepared to back this up with documents such as your recent pay stubs or tax returns. Keep an eye out for any contact from Amex too, since they may ask for other information.
- Get a loan decision. Most applicants receive a decision within seconds, according to the company. If you’re approved, you’ll have up to three days to sign the final loan contract.
- Amex disburses the loan. After you sign the loan agreement, American Express will deposit your funds into your bank account within three to five business days.
- Repay the loan. It’s a good idea to sign up for autopay as you repay your loan. This will help you never miss a payment, preventing any late fees and damage to your credit report.
Related: Best Personal Loans
Customer Reviews
Parsing apart the reviews for American Express’s personal loans from its other, more popular offerings is a bit tricky. However, in 2022, J.D. Power ranked it as the third-best personal loan lender in a survey of customer satisfaction, which is a fairly reliable marker of good-quality service.
How American Express Personal Loans Stack Up
American Express isn’t the only credit card issuer that also offers personal loans, but it’s one of the most restrictive since they don’t allow the general public to apply. If you’re not preapproved, consider these other lenders.
American Express vs. SoFi
In many ways, SoFi is a better lender than American Express. SoFi offers more loan options and anyone is able to apply. You may be able to borrow between $5,000 and $100,000, with term lengths ranging from two to seven years. However, SoFi charges higher interest rates.
Related: SoFi Personal Loans Review
American Express vs. Wells Fargo
Both American Express and Wells Fargo are banks, but only Wells Fargo has branch locations you can walk into to apply for a loan. Wells Fargo’s rates, term length options and loan amounts tend to be more favorable than American Express. It offers loans from $3,000 to $100,000, with term lengths ranging from one to seven years.
Related: Wells Fargo Personal Loans Review
American Express vs. Upstart
Upstart is an online lender that offers loans ranging from $1,000 to $50,000. Its rates are also competitive with other online lenders like SoFi, but it only offers two term length options: three or five years. Upstart can send the funds your way as soon as the next business day if you sign the final loan agreement before 5 p.m. EST, versus Amex’s three- to five-day timeline.
Related: Upstart Personal Loans Review
Featured Partners
1
LendingPoint Personal Loans
$2,000 to $36,500
7.99% to 35.99%
600
2
SoFi®
650
8.99% to 29.99%
$5,000 to $100,000
3
Avant
$2,000 to $35,000
9.95% to 35.99%
580
4
Upgrade Personal Loans
580
8.49% to 35.99%
$1,000 to $50,000
Methodology
We reviewed American Express based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated American Express based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 20%
- Eligibility and accessibility: 20%
- Customer experience: 15%
- Application process: 10%
Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated American Express’ support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.
