Amex Personal Loans – American Express Personal Loans, as the name goes, is one among the many personal loans which dint get to charge for application or origination fees.
Personal Loans are better options when it comes to the choice of getting to take care of expenses such as home renovation, wedding ceremonies, surprise expenses, a funeral, and many more. Personal Loans have excellent and low-interest rates.
When wanting to apply for any financial product, get to do research about such financial product and all you want to know, so as you can be comfortable with terms associated with such product.
American Express is one of the many options that you can get to seek for when looking for where to borrow money. Being among the notable loan providers, you have a choice of repayment terms and rates depending on your personal credit score.
To be eligible for the application, you must be an American Express cardholder in other to apply.
Amex Personal Loans – APR
For American Express Personal Loans, APR ranges from 6.91% – 19.97%. Like other loan providers, interest rate discount isn’t included in the Amex personal loan. When you get to sign up using Autopay, you get a 0.25% discount which instantly is applied to your balance.
American Express Personal Loans doesn’t get to disclose the minimum credit score that is required for users to be able to be eligible for the personal loan product.
Remember that the higher the credit score the lower the interest rate.
Amex Personal Loans – Loan Amount
The Loan Amounts vary from $3,500 to $40,000, which makes the person lending an appealing option for individuals with the need for mid-sized loans.
Lenders who give out money as a personal loan place their limit on $100,000. Even s high as the maximum amount may be, not everyone who applies for the loan will have to qualify for its maximum. Factors such as creditworthiness will also be taken into consideration.
Applications for most loans can be made within a matter of seconds which is a nice hope giver especially when it is needed urgently. Once the application gets to be approved, you can get to receive the money in your account after three to five working days. You will also get to decide if funds should be sent to your personal four creditors (If choosing this option, you will be required to have an American Express credit card numbers in which you want the money to be disbursed.
American Express Personal Loan can be used for many purposes such as repairing homemade equipment or paying for debt.
However, there are some things that you can’t use the American Express Personal Loan for such as post-secondary education expenses, break estate, business expenses, vehicle purchases, and others.
Amex Personal Loans – Term Length
Those who want to apply for the loan can get to choose term lengths that range from 12 to 36 months.
How To Apply For Amex Personal Loans
Only American Express Cardholders can be eligible for the Amex Loans. However, if you’re not eligible, you can get to apply for preapproval directly through your online account. You will get to answer some questions once you get to log in and decisions are taken immediately.
Note that being preapproved doesn’t mean that you have been approved for the actual loans in any way. It all means that you’ll have to fill out an application form to decide if you are eligible.
How To Login To American Express Personal Loans
Below is a step-by-step procedure on how to login to Amex Account:
- Go to the American Express Personal Loan Website
- On the top right corner of the page, you will see the Sign In
- Click on the Login option
- Provide your User ID in the space provided
- Input your password
- Click on Login to continue
You can choose to click on the Remember me option in case of other logins
Amex Personal Loans – Advantages Of Amex Personal Loans
- Receival of Funds Quickly: Once an applicant gets to apply and it is approved, it could take as little as three to five working days to receive funds directly into your account.
- No Fees Apply: Origination fees aren’t available on the Amex Personal Loans, as is found on other competitors.
- Amex Gets To Pay Off Credit Card Debt For You: You can get to supply information concerning your card issuers and Amex will directly send the money to them.
- Interest Rates Are Competitive: Starting APRs for such a personal loan is 6.98%, which makes it competitive when compared to competitors.
- The Impact Won’t Be Made On Your Credit By Applying: Most lenders get to Inquire very hard which can stay on a report for as long as two years. Inquiries can get to lower your credit score.
Amex Personal Loans – Disadvantages Of Amex Personal Loans
- You Only Get To Borrow $40,000: If in need of more, you can get to borrow from other lenders available.
- Repayment Terms Are Short: The Longest range of repayment available on the Amex Personal Loans is 48 months. Upgrades are placed as alternatives to extend the repayment periods to at least 84 months.
- Qualification Won’t Be Accepted Except If You’re A Pre-approved Amex Cardholder: This requirement makes many borrowers not eligible to borrow funds from Amex.
Conclusion & FAQs:
What Are American Express Personal Loans?
American Express Personal Loans care is unsecured loans, used for expenses such as home renovation, wedding ceremonies, surprise expenses, a funeral, and many more. Personal Loans have excellent and low-interest rates.
What Can I Not Use My Loan Funds For?
Personal Loans may not be used for purposes such as post-secondary education expenses, real estate, or vehicle purchases (other than as a down payment for a vehicle) to pay down balances on American Express-issued cards or for any illegal purposes.
How Much Do I Get To Borrow?
You can get to apply for the Personal Loan for at least $3,500, up to the eligible loan amount, depending on your creditworthiness and other factors that apply at your time of application.
How Long Will I Have To Pay Off My Personal Loan?
You can get to choose the repayment period from the options displayed on your application. Bear in mind that the longer the repayment period, the lower the monthly payment but more total interest is involved if you choose a shorter repayment period for the same loan amount.