American Express Personal Loans Review 2024

Pros Explained

• Excellent customer satisfaction ratings: American Express received top customer satisfaction ratings in recent surveys by J.D. Power, including being ranked as the top national credit card issuer in 2021, 2022, and 2023. Amex was also the top-ranked personal loan lender in the 2023 U.S. Consumer Lending Satisfaction Study, beating out 19 other lenders. You must be an eligible cardholder to get a personal loan from American Express, making the credit card ratings especially relevant.
• No origination fees: Many lenders charge origination fees, an upfront fee that some lenders charge to cover the cost of handling your application and disbursing funds. With some personal loan lenders, the fee can be as much as 9.99% of the loan amount. But American Express's loans don't have origination fees, so you don't have to worry about that added cost. 
• Lower-than-average rates available: If you're an Amex cardholder and have good credit, you could qualify for a personal loan with lower-than-average rates. American Express' APRs tend to be quite competitive, so you could get a lower rate from Amex than from other lenders. 

Cons Explained

• Only available to eligible cardholders: You can only get an American Express personal loan if you’re an eligible cardholder who has received a pre-approval offer. Otherwise, you're ineligible for a loan. 
• Credit and income requirements not disclosed: American Express uses a pre-approval process to identify cardholders eligible for a personal loan. If you decide to apply for a loan, the company will review your financial situation and creditworthiness to confirm that you qualify. Unfortunately, the specific qualifications it uses in these evaluations, such as the company's minimum income or credit requirements, aren't disclosed. 
• Some restrictions on loan use: Although you can use an American Express personal loan for a variety of purposes, there are some unique restrictions on loan use. For example, you cannot use the loan to pay off the balance of an American Express credit card, purchase real estate, or open a business.

Types of Personal Loans Offered by American Express

American Express offers an unsecured personal loan that can be used for several purposes. Some of the eligible uses of American Express personal loans include: 

• Consolidating high-interest credit card debt (only for non-Amex credit cards)
• Home renovations
• Travel
• New appliances
• Other significant purchases

You can't use a personal loan from American Express for business purposes, vehicle purchases (besides making a down payment), real estate, post-secondary education expenses, or buying securities. You also can't use the proceeds from your personal loan to pay off or refinance an existing American Express credit card debt.

You can apply for a personal loan if you receive a pre-approval from American Express, which has no impact on your credit score. However, if you later accept the loan and are approved, your credit score may be impacted by a hard inquiry. 

Time to Receive Funds

It can take American Express three to five business days to disburse your personal loan funds after you sign the loan agreement. The funds will be electronically deposited to your bank account through an ACH transfer.

If you don’t have a bank account on record with American Express or want the funds deposited to a different bank account, you’ll first need to verify your bank account, which can take a couple of days. After that, it can take three to five days until funds are disbursed. This timeline is typical for the industry, but some lenders boast quicker disbursement times and can fund your loan as soon as the same day you apply.

Borrower Requirements

To qualify for a personal loan from American Express, you must meet the following requirements: 

• Be at least 18
• Be a U.S. citizen or permanent resident

Only current American Express cardholders who receive pre-approval offers are eligible for American Express personal loans. If you don't have an Amex card or don't have a current offer, you aren't eligible for a loan.

If you're a current cardholder and receive a pre-approval, that offer is not a guarantee you'll qualify for a loan. If there have been significant changes to your finances or credit since the pre-approval offer was generated, your application may be denied. 

American Express doesn't disclose its minimum credit score or income requirements. However, you typically need good credit—meaning a score of 670 or better—to qualify for an American Express credit card, and having a card is a requirement for getting an Amex personal loan. 

American Express Personal Loan Features

One of the key features of an American Express personal loan is that you can use the proceeds to consolidate debt. Plus, you won’t pay any origination fees, something that’s often charged by other providers.

• Debt consolidation: When you're approved for an American Express personal loan, you can use the loan proceeds to consolidate credit cards or other debt into a single monthly payment (as long as you meet the loan minimum of $3,500). And because Amex personal loans have competitive rates, you could save money through debt consolidation. 
• No origination fees: Unlike many other personal loan providers, American Express doesn’t charge any origination fees on its personal loans. Considering that some lenders charge fees as high as 9.99%, the lack of an origination fee can result in significant savings. 

Co-Signers and Co-Applicants

American Express doesn't allow applicants to apply with co-signers or co-applicants; you must qualify for a loan solely based on your own income and credit. 

Can You Refinance a Personal Loan With American Express?

You can’t refinance a personal loan with American Express. You also can’t change the due date for your payment, which will be set when you are approved for your personal loan. However, you can repay it early without being charged a prepayment penalty.

Customer Service

American Express has created a comprehensive help center you can reference if you have questions. If you can’t get your question answered with this resource, you can chat with a customer service agent by logging into your account or calling customer support. 

Customer Satisfaction

American Express was ranked first for personal loans out of 20 lenders in J.D. Power's 2023 U.S. Consumer Lending Satisfaction Study. The company scored 775, which was much higher than the industry average score of 744. American Express personal loans are only offered to cardholders, so there is possibly some bias in the customer satisfaction findings for loans.

Notably, American Express was also ranked first among national card issuers in the J.D. Power U.S. Credit Card Satisfaction Study in 2021, 2022, and 2023.

How to Qualify For and Apply For an American Express Personal Loan

To apply for a personal loan with American Express, you'll need to:

1. Log in to your account to see if you're pre-approved: Personal loans from American Express are only available to eligible cardholders. So, the first step is to log into your American Express card member account to see if you're pre-approved for a personal loan. If you're pre-approved, you'll be able to see how much you can borrow—potentially up to $40,000—and an estimate of the interest rate you'll pay.
2. Apply online: You'll complete a quick application online. Besides providing basic personal information—including the loan's purpose and your total income—you'll select how much you want to borrow (up to the pre-approved amount), the loan term you desire, and where you want the funds sent. It usually takes seconds after applying to see if you're approved.
3. Review the loan terms, accept the offer, and sign the loan documents: Once your loan is approved, you'll receive an offer and will need to review the loan terms. If the terms work for you, you'll then accept the offer and digitally sign the loan documents. You have three days to complete this process, or the offer will be withdrawn, and you'll need to reapply. You'll need to wait at least 60 days from when your loan agreement was signed to apply for another American Express personal loan if you've already accepted a loan offer.
4. Receive your loan funds: Your loan funds will generally be sent to the bank or credit card accounts specified in your application within three to five business days of signing the loan documents. If American Express hasn't previously verified the bank account, it will want to do so before transferring your funds. Take care when entering this information, as your loan will be canceled if your account can't be verified.

Other Banking Services and Loans Offered by American Express

Although American Express is primarily known for its credit cards and charge cards, it offers a variety of other products too, including: 

• Checking accounts
• High-yield savings accounts
• Certificates of deposit (CDs)
• Business checking accounts
• Business lines of credit

Compare American Express With Other Personal Loan Lenders

The Bottom Line

For qualifying cardholders, an American Express personal loan offers a convenient way to borrow money at competitive rates. You can apply within seconds and receive loan funds to consolidate debt or finance a major purchase.

The biggest drawback is that Amex personal loans aren't open to everyone; only eligible cardholders who have been pre-approved can qualify for a loan. Other borrowers will have to search for personal loans from other lenders instead.

Does American Express Do Personal Loans?

American Express offers unsecured personal loans to eligible cardholders. Applicants can borrow up to $40,000 to consolidate debt or finance home renovations.

Is It Easy to Get a Personal Loan From American Express? 

If you're a cardholder with a current Amex personal loan pre-approval offer, it's easy to get an American Express personal loan; you can complete the application within minutes and receive a decision right away.

However, if you aren't a current cardholder, you aren't eligible for a loan and will have to work with another lender.

How Long Does Amex Personal Loan Approval Take?

Because American Express personal loans are only offered to pre-approved cardholders, getting approved is a quick process. You could be approved within seconds of submitting your application.

Does American Express Do a Hard Pull for Personal Loan?

Amex personal loans are only available to current cardholders who have been pre-approved, so there's no need for a hard credit pull, and there's no impact on your credit score when you apply. However, your credit score could be affected if you're approved and you accept the loan. 

What Credit Score Is Needed for American Express Personal Loan?

American Express doesn't disclose the credit score required to qualify for its personal loans.  However, you must have an Amex credit card to qualify, and its cards generally require good credit, meaning a credit score of 670 or better. 

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across more than 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRS, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.