Editor’s Rating
4.1 / 5
Bottom Line: American Express personal loans are good for people with fair-to-excellent credit. The company offers large dollar amounts, low minimum APRs and no origination fee.
This review is not provided, commissioned or endorsed by any company. Opinions and ratings are our own.
Pros
Cons
American Express Personal Loans Review Summary
American Express personal loans are only available to people with an American Express credit card account who have received a pre-approved personal loan offer through Amex’s automated system. They also require a credit score of 660 or higher.
People who qualify for American Express personal loans can borrow up to $40,000 with an interest rate as low as 5.91%. That’s ideal for debt consolidation. Amex personal loans also have decent repayment terms, ranging from 12 - 60 months.
Below, you can find more information about American Express personal loans and see how WalletHub rates them in three major categories: Terms, Requirements & Application, and Reviews & Transparency. You can also see how they compare to offers from other lenders.
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American Express Personal Loan Terms
 | |
| APRs | 5.91% - 19.97% |
| Loan Amount | $3,500 - $40,000 |
| Loan Terms | 12 - 60 months |
| Origination Fee | 0% |
| Prepayment Fee | $0 |
| Late Fee | $39 |
| Minimum Credit Score | Fair* |
| Minimum Income | Not disclosed |
| Loan Purpose | Debt Consolidation, Home Improvement, Big Purchase |
| Time to Receive Loan Money | As soon as 1 day after approval |
| Other Requirements |
|
*According to multiple third-party sources
American Express Personal Loan Interest Rates, Fees & Other Terms
Category Rating: 96% (4.8 out of 5)
- Overall APR range: American Express offers fixed-rate personal loans with an APR range of 5.91% - 19.97%.
- How rates are determined: The exact interest rate you might get depends on your credit score, income, and existing debts, among other factors.
- Loan amounts & timelines: American Express personal loan amounts range from $3,500 - $40,000, and their repayment periods are 12 - 60 months.
American Express Personal Loan Requirements
Category Rating: 76% (3.8 out of 5)
- Minimum credit score: According to American Express, you will need a credit score of at least 660 to be approved for a personal loan.
- Citizenship: You must be a U.S. citizen or permanent resident.
- Identification: You must have a Social Security number. Even though you can get an American Express credit card using an ITIN or passport, Amex requires an SSN to get a personal loan offer.
- Pre-qualification: People with an existing Amex account can check their potential rates online.
- Ways to apply: If you have received a pre-approved offer, you can apply for an Amex personal loan online or by phone.
- Joint loans: American Express only extends individual offers. Therefore, they do not accept co-signers or co-applicants.
- Application status: It usually takes up to 3 business days to get a decision and another 3 to 5 business days to receive your funds after approval, according to Amex representatives. You can check your application status any time by logging into your online account.
American Express Personal Loan Reviews & Transparency
Category Rating: 46% (2.3 out of 5)
- Better Business Bureau: American Express has an A+ rating. It has been accredited since 1948.
- Consumer Financial Protection Bureau: The CFPB has recorded only around 46 complaints about American Express personal installment loans. Some of the complaints listed include having trouble receiving funding, while others describe difficulty settling when customers couldn’t keep up with payments. Amex provides consistent “timely” responses to complaints.
- WalletHub: Express has a user rating of 3.9/5. That’s the average of more than 22,000 reviews.
- Transparency: American Express is transparent about some of their personal loan terms on their website. However, the overall APR range was only obtainable through customer service. American Express also could be clearer by stating its minimum income requirements.
American Express has a good reputation, and they score high marks from their own customers. However, they lose some points for their lack of transparency about certain details.
Summary: American Express Personal Loans Score by Review Category
| Category | Score |
|---|---|
| Rates, Fees & Other Terms | 4.8/5 |
| Requirements & Application Info | 3.8/5 |
| Reviews & Transparency | 2.3/5 |
| OVERALL | 10.9/15 |
Other Key Things to Know
- Amex Customer: You must have an American Express credit card account to be eligible for personal loan offers.
- Age: You must be at least 18 years old to receive a personal loan offer.
- Late Fee: There is a $39 late fee for overdue payments.
- Minimum Income: American Express does not disclose minimum income requirements.
- Prepayment Fee: American Express do not charge any fees for paying the loan off early.
American Express Personal Loans vs. Popular Competitors
| American Express | Wells Fargo | Marcus by Goldman Sachs | |
| Reviews | ***** | ***** | ***** |
| APRs | 5.91% - 19.97% | 7.49% - 23.24% | 6.99% - 24.99% |
| Loan Amounts | $3,500 - $40,000 | $3,000 - $100,000 | $3,500 - $40,000 |
| Loan Terms | 12 - 60 months | 12 - 84 months | 36 - 72 months |
| Minimum Credit Score | Fair* | Not disclosed* | Good* |
| Winner | American Express | ||
*According to multiple third-party sources
Methodology
In order to provide the most accurate American Express personal loan review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Amex terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
Questions & Answers(41 questions)
Editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Most Popular
13
Upvotes
How long does it take to get approved for an American Express personal loan?
Reply
13
Grace Enfield, Content Writer
@grace_enfield
American Express may approve you for a personal loan in seconds. After your application is approved and you accept the offer, it takes three to five business days to receive your funds, which American Express will send to you by electronic bank transfer.
Key Things to Know About American Express Personal Loans
- Minimum Credit Score: 660+
- Approval Timeline: 1 business day
- Funding Timeline: 3-5 business days
- Fund Delivery Method: Electronic bank transfer
- Loan Amount: $3,500 - $40,000
- APR: 5.91% - 19.97%
- Repayment Period: 12 - 60 months
- Origination Fee: 0%
If you think an American Express loan is right for you, check out the full American Express personal loan review on WalletHub. You can also estimate your potential rates with our free pre-qualification tool.
12
Upvotes
Does American Express do a hard inquiry for personal loans?
Reply
12
No, American Express does not do a hard inquiry when you apply for a personal loan. There's no need for a hard pull on your credit report because you must already be an American Express cardholder to qualify for a personal loan, and Amex will only perform a soft pull during the approval process. You don't have to worry about the loan application hurting your credit score.
A hard inquiry can drop your credit score...
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1
15
Upvotes
Does American Express verify income for personal loan applications?
Reply
15
Grace Enfield, Content Writer
@grace_enfield
American Express does verify income for personal loan applicants to confirm that people can repay what they borrow, but it does not disclose a minimum income requirement. You also have to meet other American Express requirements to be considered, such as being at least 18 years old and being a U.S. citizen. You have a good chance of getting approved if you meet all of these requirements.
American Express Personal Loan Requirements
- Be...
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12
Upvotes
Is American Express hard to get approved for?
Reply
12
Grace Enfield, Content Writer
@grace_enfield
Yes, a personal loan from American Express is hard to get approved for because you need to be an existing customer of American Express with a credit score of 660+ or higher to qualify. You also need to have enough income to afford the loan, be at least 18+ and have a valid bank account. Even if you meet all the requirements, approval is never guaranteed.
Requirements to Get Approved by American Express
- ...
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14
Upvotes
Does American Express do debt consolidation loans?
Reply
14
Adam McCann, Financial Writer
@adam_mcan
Yes, American Express does offer debt consolidation loans. You can take out a personal loan from American Express and use it to pay off existing debts, thus consolidating those debts into a single new balance with one monthly payment that you must make to American Express. American Express does not specifically refer to their loans as "debt consolidation loans," so you'll need to take out a general-purpose personal loan..
Quick Facts About American Express Debt...
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12
Upvotes
How do I know if American Express approved me for a loan?
Reply
12
Gino Rodriguez, Writer
@gino_rodriguez
You will know if American Express approved you because you will receive an application decision via email. American Express may approve you as early as the same day you apply, or within 1 business day, depending on the type of product you apply for.
You can check your application status online or going into a branch in the meantime. Just keep in mind that approval for a American Express loan or credit card is never...
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12
Upvotes
How can I check my American Express loan status?
Reply
12
Gino Rodriguez, Writer
@gino_rodriguez
You can check your American Express loan status by logging in to your account online or going into a branch. When you check the status of your American Express loan application, you will find out whether you have been approved or denied, or if the application is still pending. You may also learn that more information is needed from you before American Express can make a final decision.
How to Check Your American Express...
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12
Upvotes
Does American Express give instant approval?
Reply
12
Grace Enfield, Content Writer
@grace_enfield
American Express doesn't give instant approval for personal loans, but they may approve you the same day you apply. If they need to verify any of your information, the approval process may take a little longer, but you can expect to get the funds within 3-5 business days after you're approved and you accept the offer.
Key Things to Know About American Express Personal Loan Approval
- Minimum credit score: 660+
- Minimum income: ...
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12
Upvotes
How much can you borrow from American Express with a personal loan?
Reply
12
Grace Enfield, Content Writer
@grace_enfield
You can borrow $3,500 - $40,000 from American Express with a personal loan, depending on your credit score, income, employment status and other factors. American Express personal loans also have APRs of 5.91% - 19.97%, based on your overall creditworthiness, and repayment periods of 12 - 60 months. You will need to have a credit score of 660+ to qualify.
Key Things to Know About American Express Personal Loans
- Loan amounts: $3,500 - $40,000
- APRs: 5.91% - 19.97%
- Repayment periods...
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2
Upvotes
Is it easy to get a personal loan from American Express?
Reply
2
Grace Enfield, Content Writer
@grace_enfield
It is fairly easy to get a personal loan from American Express because you'll need a credit score of just 660+ to qualify. Other requirements to get a loan from American Express include being at least 18 years old, having a bank account and having enough income to afford the loan.
Requirements to Get a Loan from American Express
- Minimum credit score: 660+
- Minimum income: Not disclosed
- Age:...
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