Here's a breakdown of some of the benefits and drawbacks of personal loans.


  • Flexible loan amounts ranging from $3,500 to $40,000.
  • Fully online process that can be completed within a few minutes
  • Funding in 1-2 business days
  • No prepayment penalties or origination fees
  • Cons

  • You must be an American Express cardmember to apply
  • You must be pre-approved to apply
  • American Express has been in business since 1850, and strives to “provide the world’s best customer experience every day.” Headquartered in New York City, this lender serves customers across the United States and operates in 175 countries with 2,300 offices across the world.

    American Express was ranked highest in customer satisfaction among personal loan lenders by J.D. Power in June 2021. The application process is simple, fast and has few associated fees. You must be a prequalified card member to be eligible for these loans. American Express assesses your overall financial health and creditworthiness before sending you a personal loan offer. Your APR, eligible loan amount and repayment period depend on this assessment.

    American Express personal loans can be used to consolidate existing debt, for major purchases, home renovations and significant life events. If you are looking for a personal loan to cover an expense like this and you are or plan to become an American Express cardmember, this personal loan lender may be a good fit for you.

    American Express snapshot

    Loan amount $3,500- $40,000
    APR 5.98%
    Minimum credit score Not specified
    Time to receive funds 1-2 business days

    American Express is best for borrowers looking for fast funding

    American Express offers eligible cardmembers personal loans from $3,500 to $40,000 at a minimum APR of 5.98 percent. To apply, you must be an American Express card member and preapproved. You can check to see if you are preapproved by visiting the American Express Personal Loans online page and logging in to check your offer.

    Once you view your offer, you can apply in minutes. American Express even prepopulates your application to make the process faster. Once you have applied, you will receive a decision almost instantly and you can expect to receive funding within one to two business days. The American Express personal loan application and funding process is faster than many of its competitors, making American express a great choice for borrowers who need their funds as soon as possible.

    American Express personal loans might not be right for you if you are not and do not want to become an American Express card member. Borrowers with bad credit may also have trouble getting a loan, as American Express checks borrowers’ creditworthiness before making an offer. The lender does not specify a minimum credit score requirement because eligibility is not based on credit alone, but borrowers with good credit scores have a better chance of receiving minimum APRs, the highest loan amounts and a broader choice of repayment options.

    Lending Terms

    Loan amounts for an American Express personal loan range from $3,500 to $40,000 and start out at APRs as low as 5.98%. American Express offers competitive interest rates and repayment terms of 12, 24 or 36 months. Funds are disbursed in 1 to 2 business days from the time you sign your loan agreement.

    Qualified card members will receive a quote when they log into their American Express account. The quote you receive is based on your overall creditworthiness. American Express does not disclose a minimum credit score or income for eligibility.

    If you choose to have your loan funds sent directly to your American Express credit card account(s), you must request at least $1,000 for each credit card account and a minimum of $3,500 across all accounts. You cannot use your loan funds to pay off American Express credit cards.

    You must be 18 years or older and a U.S. citizen or resident of the U.S. or its territories to be eligible for American Express personal loans. You must also have an active American Express card.

    Fees and penalties

    American Express does not charge origination fees, application fees or prepayment penalties. The only fee associated with the American Express personal loan is a $39 fee for late payments.

    How to apply for a loan with American Express

    In order to apply for a personal loan with American Express, you must be an eligible cardmember. Once you become a cardmember with American Express, your creditworthiness and overall financial health will be evaluated and you will automatically be sent a personal loan offer outlining the terms you are eligible for. Once you have received your offer, you can easily apply for your personal loan online by logging into your account. American Express prepopulates your application in order to make the process even faster.

    The application takes only a few minutes and you will receive a decision almost instantly. Checking your offer and applying for a personal loan will not affect your credit score. You can expect to receive your funds within two business days.

    If you are an American Express cardmember and have any questions about 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 1-844-273-1384 Monday through Friday from 9 AM to 8 PM EST.

    How Bankrate rates American Express

    Bankrate Score 4.6 Scoring factors
    Availability 4.0 Approval within minutes and funding within a few days
    Affordability 4.8 Low minimum APR and no fees except a $39 late fee
    Customer experience 4.4 Online application and account access with Mon-Fri customer support

    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.