Learn How to Apply for American Express Personal Loans

What do I need to know before applying for a loan with American Express Personal Loans?

American Express offers personal loan plans for its clients of up to $40,000 with repayment terms of up to 5 years and fixed monthly installments!

The primary requirement to access the personal loan is to be a cardholder of any American Express credit line, one of the most traditional companies in the American market.

In this regard, personal loans range from $3,500 to $40,000, and repayment options span from 12 to 60 months, equating to 1 to 5 years.

In terms of rates, fixed interest rates range from 5.91% to 19.97% APR, with clients with the highest credit scores gaining access to the lowest possible rates.

American Express personal loans can be used for various purposes, such as home improvements, paying off overdue debts, significant purchases (like TVs and trips), and covering immediate expenses.

However, borrowers cannot use Amex for vehicle purchases, business expansion, or post-secondary education expenses.

American Express provides a highly efficient application process directly through online platforms, with no impact on credit scores, to explore loan possibilities.

Therefore, if you believe Amex could be a good option, keep reading the article.

Who can Apply?

Amex outlines clear terms for personal loans through its financial services. The primary requirement is to be an Amex customer with any of their credit cards.

Consequently, loans are exclusively available to Amex cardholders. Moreover, applicants must be either U.S. citizens or foreign residents with valid work visas and be at least 18 years old.

Apart from these, there are no major prerequisites. Although income and credit score, already managed by Amex, are considered,.

In any case, all requests are subject to Amex availability, especially when the company extends an invitation for the opportunity.

An important factor is that you can make a preliminary inquiry without any impact on your credit or any commitment.

How do I Apply for the American Express Personal Loans?

Amex clients have various methods to apply for loans, with receiving a bank offer being the most secure. Customers can directly access the platform to request a loan.

In this regard, you may receive contact from the company through various channels to be invited to receive a personal loan with the brand.

In addition to card ownership and eligibility, updating the online account for document verification is necessary. During the application, confirming banking details, especially income, is essential.

Other contact updates are important, such as your full address and email, in addition to your phone number, especially if you have changed any information.

Furthermore, you may need to provide additional information about income and expenses, especially for housing in the United States.

Amex may request documentation like a driver’s license copy, proof of income, or bank statements. Following submission, the bank evaluates and provides a response, positive or negative.

In the event of a negative response, customers can only apply with a pre-approved offer. For inquiries, customers can contact Amex through its customer service channels.

More Details

American Express Personal Loans offers highly competitive rates, with a minimum of 5.91% APR! Moreover, there are no origination fees or prepayment penalties.

Therefore, you will know exactly how much you will pay in the next month’s installment and its rates.

The application process for American Express is quite fast, promising a decision in just a few seconds and funds sent within 1 day after contract signing.

With the support of Amex’s digital platforms, borrowers have good assistance in managing the loan.

Therefore, even though obtaining a personal loan may not be the primary goal for applying for an Amex card, it could be one of the factors that weigh in on the decision.

Want to learn about another option?

BHG Money is a division of the financial company that provides personal loan plans of up to $200,000 for the American public.

The service offers favorable rates and benefits for those who opt for automatic debit payments, and you can learn how to apply.

Written by

Gabriel Gonçalves