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American Express Personal Loan Review
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A personal loan can come in handy when the time comes to pay for a home renovation, finance a wedding, bury a loved one or cover any number of expenses. In many cases, using a personal loan is cheaper than using a credit card, especially if you have a good credit score. This is because borrowers with the best credit scores are offered the lowest interest rates on personal loans. One of the best things about American Express personal loans is that they are offered by a company we all know. However, before applying for any loan, it’s worth doing your homework to make sure it’s right for you. Here, we’ll share the pros and cons of an American Express personal loan and give you an idea of whether or not it’s the loan you want.
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This loan is good for: Qualified American Express customers who prefer to work with a lender they know and trust.
No Maturity Fees or Prepayment Penalties: Some lenders charge silver and coin borrowers with unwanted fees that end up making the loan more expensive than it needs to be. American Express personal loans come with no origination fees, and the company won’t penalize you with a prepayment penalty if you decide to pay off the loan early.
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Highest Customer Satisfaction: In both 2020 and 2021, American Express ranked No. 1 in customer satisfaction among credit card users. Why is this important since we are talking about personal loans? Because personal loan borrowers must be American Express credit card users in the first place, the level of service you receive from the company can improve your lending experience.
Can be used to pay off high-interest debt: For borrowers with other types of high-interest debt, an American Express loan can help. If the interest rate on a personal loan is low, the combination of a low interest rate and a fixed repayment period will help the borrower pay off the debt faster, saving him money.
Fast approval times in most cases: Unless the company asks for additional information, applicants usually know if they qualify for a loan within seconds.
Available only to American Express cardholders: You must already be an American Express cardholder to apply for a personal loan, a fact that excludes a large number of potential applicants.
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Necessary Qualifications Are Vague: It’s almost impossible to learn more about the criteria American Express uses to determine whether an applicant is creditworthy.
No clear idea of the interest rate: Given that the interest rates offered by American Express vary, but are up to 13%, it would be good for the applicant to have an idea of how expensive the loan will be before applying.
Relatively slow funding times: After an applicant signs a personal loan agreement, it can take three to five business days for funds to be deposited directly into their bank account. Let’s say someone signs a loan agreement on Friday. This can be from Wednesday to Friday, until the funds arrive the following week. While this is fine for those who can wait, if someone needs cash sooner rather than later for an emergency, like a broken down car on the side of the road, an American Express personal loan won’t be a good option.
Short repayment term: Loan terms range from 12 to 36 months, which means that the borrower has a maximum of three years to repay the loan. Many of the best personal lenders offer repayment terms of up to 84 months.
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American Express does not disclose the qualifications required to obtain a personal loan. However, here’s what we do know:
As we mentioned, taking a personal loan is a serious business. The best step is always to comparison shop for personal loans. If you’re not an American Express cardholder, here are two other financial institutions to consider:
SoFi offers loans up to $100,000, making it easy to finance large projects. SoFi also gives you up to 84 months to repay the loan.
Upstart offers loans for as little as $1,000, ideal for small emergencies. In addition, Upstart accepts borrowers with low credit scores, allowing them to build their score.
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Dana George holds a BA in Management and Organizational Development from Spring Arbor University. He has been writing and reporting on business and finance for over 25 years and continues to be passionate about what he does. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And while he thinks most people find the color orange off-putting, he thinks he’ll enjoy champagne endlessly.
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American Express is an advertising partner of The Ascent, a Motley Company. Dana George has no position in any of the listed stocks. Motley has positions and recommends Upstart. The Motley Fool has a privacy policy.
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Is The Amex Platinum Worth The $695 Annual Fee?
Our experts answer readers’ personal loan questions and write unbiased product reviews (here’s how we rate personal loans). In some cases, we receive commissions from our partners; However, our opinions are our own.
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Bottom line: American Express offers low-interest personal loans for people with excellent credit. However, coverage is limited and you must be a cardmember to apply. Whether or not American Express offers the best personal loan for you depends largely on your credit score, which determines what you qualify for and may lower your rate.
American Express is best for borrowers who value a superior customer experience, as the company is highly rated by JD Power and the Better Business Bureau. It is also the best lender for low interest rates. You will be able to get your money fast with an American Express personal loan and you can
