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, 2023, and 2024. Amex was also the top-ranked personal loan lender in the 2024 U.S. Consumer Lending Satisfaction Study, beating out 18 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 澳洲幸运5开奖号码历史查询: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 Pers꧃onal Loans Offered by American Express

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

• 澳洲幸运5开奖号码历史ꦑ查询: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 澳洲幸运5开奖号码历史查询:pre-approval from American Express, which has no impact on your credit sco🎃re. However, if you later accept the loan and are approved, your credit score may be impacted by a hard inquiry. 

Time to Receive Personal Loan Funds

It can take American Express as little as one business day to disburse your 澳洲幸运5开奖号码历史查询:personal loan funds after you sign the loan agreement. The funds will be electronically depo🥂sited to your bank account through ꦡan 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. This timeline is typical for the industry, but some lenders boast 澳洲幸运5开奖号码历史查询:quicker disbursement times and can fund your loanᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚඣ 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-applican𒊎ts; you🔜 must qualify for a loan solely based on your own income and credit. 

Can You Refinance a Personal Loan With Amer⛄ican 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 you can reference if you have🌠 questions. If you can’t get your question answered with this resource, you can chat with a customer se🐽rvice agent by logging into your account or calling customer support.

Customer Satisfaction

Our Combined Consumer Review metric, which is calculated by aggregating Trustpilot, Google, and Better Business Bureau (BBB) reviews, gave American Express a score of 1.286 out of 5.

On Trustpilot, American Express has a score of 1.5 out of 5 based on over 4,447 customer reviews. Meanwhile, on the BBB, it has a score of 1.09 out of 5 based on 509 customer reviews.

In the 2024 J.D. Power Consumer Lending Satisfaction Study, American Express was ranked first out of 18 lenders with an above-average score of 781 out of 1,000. Notably, American Express was also ranked first among national card issuers in the 2024 J.D. Power U.S. Credit Card Satisfaction Study.

How to Apply for an American Express Personal L💖oan

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 a business day 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 Servi🌟ces and Loans Offered by American Expressᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ

Although American Express is primarily known for its credit cards and 澳洲幸运5开奖号码历史查询:charge cards, itꦛ offers a variety of other products too, including: 

• Checking accounts
• 澳洲幸运5开奖号码历史查询:High-yield savings accounts
• 澳洲幸运5开奖号码历史查询:Certificates of deposit (CDs)
• 澳洲幸运5开奖号码历史查询:Business checking accounts
• Business lines of credit

Compare American Express With Other Pers📖onal Loan Lenders

The Bottom Line

For qualifying cardholders, an American Express personal loan offers a convenient way to borro🌄w money at competitive rates. You can apply within seconds and receive loan funds to consolidate debt or fina🍒nce 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 澳洲幸运5开奖号码历史查询:personal loans from other lenders instead.

Does American Express Do Personal Loans?

American Express offers 澳洲幸运5开奖号码历史查询:unsecured person꧙al loans to eligible cardholders. Ap꧒plicants can borrow up to $40,000 to consolidate debt or finance home renovations.

🍬Is It Easy to Get a Personal Loan From American ಌExpress? 

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 person🅰al loans are only offered to pre-approved cardholders, getting approved is a qu♚ick process. You could be approved within seconds of submitting your application.

Does Amer❀ican 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 澳洲幸运5开奖号码历史查询:hard credit pull, and there's no impact on your credit score when you apply. However, your credit score couldꦕ be affected if you're approved ♛and you accept the loan. 

What Credit Score Is Needed for American Express Perso🐽🅘nal Loan?

American Express doesn't disclose the credit score required to qualify for its personal loans.  However, you must have an 澳洲幸运5开奖号码历史查询:Amex credit card to qualify, and its cards generally require good credit, meaning a 🅘ಞcredit score of 670 or better. 

Methodology

Investopedia’s list of the best personal loans is based on comprehensive r🐎esearch of 59 lenders. 

To evaluate and rank personal loan providers, we collected and scored over 2,600 data points from 59 lenders, including traditional banks, credit unions, fintechs, and finance companies. We researched and evaluated 45 criteria such as APRs, loan amounts and terms, feesไ, customer experience, and more. Research and data collection occurred from July 23 to Oct. 18, 2024. 

We organಌized the 45 criteria into four categories and weighted 26 (involving more than 1500 data points), using the others for background and editorial richness. We then scored and weighted each criterion to develop our overall star rating for each lender. The categories and their weights for this project are:

• Borrowing Requirements: 24.00%
• Lender Features: 24.00%
• Loan Costs: 30.00%
• Loan Terms: 22.00%

Learn more about how we evaluated personal loans in 澳洲幸运5开奖号码历史查询:our complete methodology.