American Express personal loans: 2024 review

Name: American Express
Item: American Express
Rating: 4.6
Author: Rebecca Betterton

Written by

Rebecca Betterton

Edited by

Pippin Wilbers

Updated on June 24, 2024

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At a glance

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4.6

Bankrate Score

Availability

4.5

Affordability

4.8

Customer Experience

5.0

Transparency

4.2

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Full methodology

Bankrate’s take: American Express has been in business since 1850 and now serves select cardholders with near-instant approval on personal loans up to $40,000.

Lender Details

Loan amount

$3,500 - $40,000

APR from

5.91%-19.97%

Term lengths

12 to 60 months

American Express is best for current members

To apply for an American Express personal loan, you must have an American Express card and receive a preapproval offer. If approved, you can expect to receive funding in as little as one day after approval. The application process is faster than many of its competitors, but you can easily find other lenders with less strict requirements.

American Express personal loans might not be right for you if you do not want to become an American Express cardholder. Although American Express does not specify a minimum credit score, borrowers with bad credit may have a difficult time qualifying even if they have a preapproval offer.

American Express personal loan purposes

Personal loans from American Express can’t be used toward postsecondary education, business-related costs, real estate, securities or to buy a vehicle (though they can be used as a down payment). Additionally, the funds must not be used for any illegal activity.

Where American Express personal loans stands out

Low APRs: The industry average annual percentage rate (APR) for personal loans is above 12 percent. American Express is one of only two personal loan lenders Bankrate has reviewed that’s currently offering a starting rate under 6 percent, and its maximum APR is unusually low, too.
Fully online process: Applying for an American Express personal loan is completely digital with a nearly instant decision.
Minimal fees: American Express only charges late and returned payment fees. This keeps the cost of borrowing down and means you receive the full amount you’re approved for.

Where American Express personal loans falls short

Membership requirement: Only existing American Express card members are eligible. Many lenders do not require a prior relationship.
You must be preapproved to apply: American Express personal loans are available by invitation only. Even if you get an American Express credit card, there’s no guarantee that you’ll receive an offer.
No opportunity to negotiate: Some lenders will match or beat preapproved terms you receive from other lenders. With American Express, you receive a preapproved offer that states your rate and the maximum amount you can borrow, with no apparent wiggle room.

American Express customer experience

A positive customer experience can make one lender stand out against the competition, especially for those who require extra support. American Express’s application process is fully online, so consider this if you prefer in-person assistance.

Customer support

If you have any questions during the personal loan process, you can contact the American Express support and help center over the phone, online chat or through the mobile app. The American Express mobile app is available for both Android and iOS users.

You can call the personal loan customer service direct line at 844-273-1384 Monday through Friday from 9 a.m. to 8 p.m. ET.

Digital experience

The American Express personal loan application is part of the same ecosystem that credit card users use to manage their accounts. The application process is fairly simple and is handled directly online. The American Express mobile app is available for both Android and iOS users and can be used to get assistance or for account management.

What people are saying about American Express

American Express, on the whole, has poor reviews on Trustpilot, with over 300 reviews averaging 1.9 stars. No reviews specifically mentioned personal loans, but many users complained of frustrating security measures and trouble getting account access.

How this lender compares

Although American Express offers competitive rates for its customers, its loans are available by invitation only. If you are not a current account holder and have received an offer, it is best to compare personal loan rates elsewhere.

4.6

Bankrate Score

APR from

5.91%-19.97%

Loan Amount

$3,500 - $40,000

Term Length

12 to 60 months

Min Credit Score

Not disclosed

Compare rates

on Bankrate

4.5

Bankrate Score

APR from

7.49%-23.24%

Loan Amount

$3,000-$100,000

Term Length

12-84 months

Min Credit Score

Not disclosed

Read our review

on Bankrate

4.8

Bankrate Score

APR from

7.99% to 24.99%

Loan Amount

$2,500 to $40,000

Term Length

36 to 84 months

Min Credit Score

660

Read our review

on Bankrate

American Express vs. Wells Fargo

For those who prefer to borrow from well-established financial institutions, Wells Fargo is another strong option. The bank offers a comparable minimum loan of $3,000 but its loans max out at $100,00 — ideal for those looking to finance a large expense.

Another upside to a loan with Wells Fargo is the ability to visit a local branch for help applying or managing your loan. The latter option also boasts longer term options, up to 84 months versus American Express’ maximum of 60 months.

Read a full comparison of American Express vs. Wells Fargo

American Express vs. Discover

Fellow credit card company Discover offers a great personal loan option for those with strong credit. Discover lists a minimum credit score requirement of 660. While this qualification is fairly high, it is a good option for those who fall into that credit score band. However, its starting rate is higher than American Express’ at 7.99 percent.

Additionally, Discover offers borrowers online support that makes it stand out against other bank lender options. Specifically, there are helpful loan calculators that provide a firm idea of how much you’ll spend and what you can afford.

Read a full comparison of American Express vs. Discover

Do you qualify for an American Express personal loan?

The lender doesn’t publicize a minimum credit score. However, it does state that your financial situation and creditworthiness impact its decision. Generally, a higher credit score helps you qualify for more competitive rates and better terms.

American Express outlines the following requirements:

Be an existing American Express member with an online account.
Have received a preapproval offer.
Must not have signed an American Express personal loan agreement within the last 60 days.
Must have no more than one other current American Express personal loan.
Must be at least 18 years old.
Must be a U.S. citizen or permanent resident.

How to apply for a personal loan with American Express

Applying for a personal loan is straightforward. These steps are completed on a single application page, making it easy to navigate the process. In total, the application for an American Express personal loan takes a few minutes to complete.

If you’re unsure whether you’re preapproved for a personal loan, log in to your American Express online account. On your home dashboard, look at your available “Amex Offers & Benefits'' to see if you’ve been preapproved.
When you start the application, you’ll see the maximum amount you qualify for, your interest rate and available repayment terms. If there is more than one, select the amount you’d like to borrow and your preferred terms.
Choose from the bank accounts that are already linked to your American Express account. Your personal loan funds will be disbursed to that bank if you are approved. You can also select whether you’d like to enroll in autopay and which account to draw payments from.
Confirm that all of the information you’ve provided is accurate and check the box to agree to receive electronic statements. Then submit your application.

How Bankrate rates American Express

Overall Score	4.6	Explanation
Availability	4.5	American Express’ eligibility requirements aren’t transparent — you either receive a preapproved offer or you do not.
Affordability	4.8	American Express offers unusually low APRs and minimum fees.
Customer Experience	5.0	American Express offers 24/7 customer support, an app and online account access.
Transparency	4.2	American Express discloses all possible fees and automatically preapproves eligible customers.

Methodology

Bankrate's trusted personal loans industry expertise

Read our full methodology

years in business

lenders reviewed

loan features weighed

665

data points collected

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

On This Page

Compare Rates

American Express personal loans: 2024 review

The Bankrate promise

At a glance

Lender Details

Loan amount

APR from

Term lengths

American Express is best for current members

American Express personal loan purposes

Where American Express personal loans stands out

Where American Express personal loans falls short

American Express customer experience

Customer support

Digital experience

What people are saying about American Express

How this lender compares

American Express vs. Wells Fargo

American Express vs. Discover

Do you qualify for an American Express personal loan?

How to apply for a personal loan with American Express

1. Log in to your online account

2. Enter your loan amount and select your term

3. Choose bank account

4. Review your details and submit the application

How Bankrate rates American Express

Methodology

Bankrate's trusted personal loans industry expertise

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