American Express Personal loan offer gives you the liberty to consolidate all the credit card debts, for any significant upcoming purchases, home renovations, or upcoming life events.
You can get a loan between $3,500 to $40,000 depending on approval.
This loan offer gives you the option to repay the loan in 36 months. You also get a very competitive interest rate along with great satisfaction which American Express is known for.
Offer Details in Nutshell
| APR Range | 5.99% to 19.77% |
| Average Origination fee | No Fee |
| Approved Loan Amount | $3,500 to $40,000 |
| Loan Eligibility | Eligible Card Holders |
| Loan Term | 12 months to 36 months |
| Late Fee | Upto $39 each time |
| Fund Release Time | 3-5 Business days. |
Personal Loan from American Express offer includes
Fixed Interest rate
It offers a Locked interest rate. Once the interest rate is locked, you no longer have to worry about a change in interest rate as that is fixed for the life of the loan.
No pre-payment fee
At any point in time, you feel like making an additional payment above the loan installment, you can do that without worrying about any fee or a penalty for paying the loan in advance.
No Credit Score Impact
You always can check the loan amount you are approved for or the APR which would be charged on the loan without impacting your credit score as there is no credit check done for reviewing the APR or approved loan amount.
Fixed Monthly Payment
The Personal Loan from American Express offers also assures you of a fixed monthly payment towards the loan amount. That will help you pre-planning your monthly budget in advance. However, once you select the loan term, you would not be able to make a change to that time duration or loan amount.
No Origination fee
There is no application fee for applying for the loan. So, the loan application or rejection will have no additional fee towards it.
Application Process
You must be an active American Express cardmember to be eligible for the personal loan. You can click on the Personal loan from American Express offer to check your eligibility.
You can find out if you’re pre-approved for the personal loan from the American Express offer by logging in to your American Express account.
Once logged in, you will be able to see the loan amount you are approved for along with the interest rate which you would be charged for.
The loan approval depends on several factors like your Creditworthiness, your financial status, and your capability to repay the loan installment. After logging into the loan page for the application. most of the details are pre-filled to process the loan quicker and make your experience smooth.
Once you get the offer details, you can select the amount upto which you would need and after that, you can then select a monthly payment option.
Once all the details are entered, you will get the confirmation of approval or rejection within a few seconds.
The decision after applying for the loan is almost immediate and you can expect the funds to be transferred to you after the approval within3-5 business days.
At any time during or after the loan processing, if you have any issue, query, or concerns related to the loan account please free to contact the American Express customer support dedicated for loan account members. Y
ou can reach them through, chat or over the phone. You can call the loan team at 1-844-273-1384 Monday through Friday anytime between 9 AM to 8 PM EST.
APR and Fees
The APR on the personal loan depends on your creditworthiness and that may range between 5.99%-19.97%. Once the APR is fixed, that does not change.
There is no Origination fee for the loan. However, the late payment fee would be up to $40 if the installment is not being paid on time monthly.
Time and Process to Receive Funds
After getting approved, the fund settlement can take upto 3-5 business days once you agree to the loan terms and sign all the terms and agreements. The funds will be transferred electronically via ACH and would be posted by the bank within a maximum of 14 days.
In case you do not have a bank account linked with American Express, you will need to set up a checking or savings account.
As the American Express Personal checking account is also live, you can apply for that to receive the funds there instead. As it would be an internal transfer, the process would be very fast like just a couple of days.
Conclusion
An American Express personal loan offer is nothing less than a huge relief when we have some unavoidable expenditure like Home renovation, marriages, or any Major purchases which can not be put on a credit card as that would need full payment.
If you are an American Express cardmember for a long time and have a good payment and credit history, you should be eligible for this offer.
There are a lot of lenders who would be charging a pre-payment fee or force closure fee for paying the loan in advance which can certainly be avoided with American Express as they do not charge any fee for that and it makes them the best in this industry.
However, the only drawback of the Personal loan from American Express offer would be that you need to be an active member and should have credit cards to be eligible for pre-approval/
However, if you receive an offer then you must explore it once as you get enough time upto 36months to repay the loan. A
s the APR is also competitive in the market with the American Express brand, it ensures that you are getting the best of services pre and post loan approval.
