American Express is most well-known for its credit card products but also provides many other financial services and products, including personal loans. If you already have an American Express card, you may be eligible for a personal loan; if this is an option, you will notice it when you log into your credit card account. You will not be eligible for a personal loan if you do not already have an American Express card.

Types of Personal Loans

American Express allows customers to obtain an unsecured personal loan that may be used for various uses. Personal loans from American Express may be used for a variety of purposes, including the following:

• Home renovations
• Existing credit card debt consolidation
• Other significant purchases

You are not permitted to utilize a personal loan from American Express for commercial purposes, purchase a car (other than to make a down payment), acquire real estate, pay post-secondary education expenditures, or purchase stocks. In addition, you are not permitted to use the money from your personal loan towards paying off or refinancing an existing credit card held by American Express.

This personal loan is only available to American Express customers who meet the eligibility requirements. To be eligible, you need to demonstrate a satisfactory level of creditworthiness. While the particular criteria are not released, this generally indicates that you have a strong credit history and sufficient income to repay the debts you have taken out.

If American Express grants you a pre-approval, which does not impact your credit score, you can apply for a personal loan. On the other hand, if you decide to go through with the loan and have it approved, a hard inquiry can affect your credit score. You only need to check the offers section of your American Express card member account to see whether you've already been preapproved for anything.

Soft Credit Check Only

Neither the preapproval nor the application procedure for an American Express card involves thoroughly investigating the applicant's credit history. This is a very uncommon benefit. When you apply for credit, most lenders will do a rigorous credit check, which might temporarily reduce your score.

No Origination Fee

There is no up-front cost associated with acquiring an American Express personal loan. These costs are more frequent among internet lenders and vary from 1% to 10% of the total loan amount. Online lenders are becoming more popular.

Free Credit Monitoring

MyCreditGuide is a service provided by American Express that gives you access to your TransUnion credit report, warns you about the possibility of identity theft, and offers advice on improving your credit score. You may also use the program to determine how reducing your debt would impact your credit score.

Funding Time

When you have signed all the necessary paperwork for the loan, American Express can often distribute the cash within three to five business days. Although this isn't as quick as lenders guaranteeing to finance the same or the next business day, you may still expect to get the money within a week after being authorized for the loan.

Exclusive To Preapproved Cardholders

To be eligible for a personal loan via American Express, you must first have a credit card issued by that company, and then the lender needs to provide a loan offer to you. Logging into your American Express account will allow you to see whether or not you have been preapproved.

No Rate Discount

American Express, in contrast to most other lenders, does not give a reduction in the annual percentage rate that is charged. This discount, which normally runs from 0.25 to 0.5 percentage points, reduces the interest you are responsible for paying on loan.

Customer Service

If you have any questions, consult the extensive help center that American Express has developed for its customers. If you are unable to find the answer to your question using this resource, you can also chat with a customer service agent by login into your account, or you can speak with a customer service representative by calling 1-800-528-4800 24 hours a day, seven days a week. Both options are available to you regardless of the day or time.

Customer Satisfaction

In the 2022 U.S. Consumer Lending Satisfaction Survey, J.D. Power placed American Express as the third-best lender overall for personal loans out of 22 lenders. A score of 754 was reached by the firm, which was much higher than the standard score of 730.

Incidentally, American Express was also rated top among national card issuers in the 2021 and 2022 iterations of the J.D. Power U.S. Credit Card Satisfaction Survey. These customer satisfaction statistics connected to credit card concerns are also crucial since American Express members are the only people eligible for personal loans from the company.