American Express Personal Loan Review – If you’re using the Galaxy Fold, consider opening the phone or viewing in full-screen mode to best optimize your experience.
Advertising Disclosure Many of the offers that appear on this site come from companies from which The Motley Fool receives compensation. This compensation may affect how and where products appear on this site (including, for example, the order in which they appear), but our reviews and ratings are not affected by compensation. We do not cover every company or every offer on the market.
American Express Personal Loan Review
Many or all of the products here are from our partners who provide us with a fee. This is how we make money. But our editorial integrity ensures that compensation does not influence the opinions of our experts. Terms and conditions may apply to offers listed on this page.
Bread Rewards™ American Express® Credit Card
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.
3.0/5 circle with letter I Our ratings are based on a 5-star scale. 5 stars is the best. 4 stars is great. 3 stars is good. 2 stars is fair. 1 star is bad. We want your money to work harder for you. Because of this, our ratings are biased toward offers that provide variety and lower out-of-pocket costs. = best = excellent = good = decent = bad
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.
American Express Gold Card Review: Impressive Rewards For Foodies And Travelers
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.
American Express Airpoints Platinum Card Review
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.
Best Credit Cards In India For 2023 [detailed Reviews]
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.
American Express Platinum Card Review (2023)
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.
Share this page Facebook icon This icon shares the page you are on via Facebook Blue Twitter icon Share this webpage on Twitter LinkedIn icon. Email icon Share this web page by email
We strongly believe in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, endorsed or approved by advertisers. Ascent does not include all offers on the market. The Ascent’s editorial content is separate from The Motley Fool’s editorial content and is created by a different team of analysts.
Best Low Interest Personal Loans For November 2023
Ascent is a Motley Fool service that rates and reviews must-have products for your everyday money needs. A white circle with a black border surrounding an upward facing chevron. It means “Click here to return to the top of the page”.
Many or all of the quotes on this page are from companies from which the insider receives compensation (see the full list here). Advertising considerations may affect how and where products appear on this site (including, for example, the order in which they appear), but do not affect editorial decisions such as which products we write about and how we rate them. Personal Finance Insider researches a wide range of offers when making recommendations; However, we do not guarantee that such information is representative of all available products or offerings on the market.
The main Chevron icon indicates an expandable section or menu, or sometimes previous/next navigation options. A personal finance chevron icon indicates an expandable section or menu, or sometimes previous/next navigation options. A chevron credit icon indicates an expandable section or menu, or sometimes previous/next navigation options. A chevron icon indicates an expandable section or menu, or sometimes previous/next navigation options. Personal loans
Twitter Icon Stylized bird with open mouth in Twitter. Twitter LinkedIn Icon The word “in”. LinkedIn Flipboard Icon Stylized Letter F. Flipboard Facebook Icon Letter F. Facebook Email Icon Envelope. Indicates the ability to send e-mail. Email link icon Chain link image. Symbols are url links on a web page. Copy the link
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.
Show positive, negative, and other icons with a chevron below a downward-pointing angle icon.
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