American Express Personal Loan Review 2022 | Get $3,500 to $40,000 Personal Loan without Credit Check

Editorial Note:  MakeHelpOf does not receive any commission from any website or third-party advertisers. It’s accurate to the best of our knowledge when it’s posted. {alertInfo}


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American Express Personal Loan Overview

American express personal loans are available to pre-approved American Express Credit cardholders. American express offers personal loans with no origination fees or any pre-payment penalty. Most of the funds will be deposited into your bank account within 2 days.

The Loan amount American express offers is from $3,500 to $40,000. Borrowers have to choose the repayment term from one year to three years. However, American Express has some benefits and some cons also, which are discussed in the details in this review. So please read all the information carefully and then only go for the decision of taking a loan or not?

Pros

  • Loan amount starting from $3,500-$40,000
  • Soft Pull Credit check available.
  • American Express offers no pre-payment panalty
  • American Express offer direct payment to creditors with debt consolidation loans..{alertSuccess}

Cons 
  • American Express offers Exclusive to preapproved cardholders.
  • No co-signed, joint or secured loan options.
  • No option to choose or change your payment date. {alertError}

 

Can Be Used as Debt Consolidation Loan

American Express offers personal loans for many purposes such as debt consolidation, home improvements, and big purchases. So if you are looking for a big loan amount then American Express can be the best option for you.

Annual Interest Rate and Fees

American Express has an APR of  4.93-19.97%, which is very less compared to other lenders in the market. The APR mostly depends upon your credit score and your creditworthiness. Although there are some factors that also decide your APR, they vary from lender to lender.

  • American Express does not charge any origination fees.
  • At American Express you don’t have to pay pre-penalty for early payoff. 
  • American Express do charges a late fee. 

Minimum Credit Score Required

American Express does not require a specific credit score as on the Amex website it is not disclosed. So therefore you can apply for the loan whatever credit score you have, but in order to take the loan, you should have the Amex Credit card. 
American Express offers a soft credit check for pre-qualification which will not damage or affect your credit score while the pre-qualification or application process. As other lenders do not provide a soft credit check option they do a hard credit check on your credit report which will lower your credit score. 

Offered Loan Amount

American Express offers a personal loan from $3,500-$40,000. if you have an Amex card then and only then you will be able to get this personal loan. The funds will be sent to your bank account within two business days. 

Eligibility Criteria 

There are some basic requirements you should fulfill before taking a bad credit loan. Here is the list :
  1. You should be at least 18 years old
  2. You must be a United States citizen or have a US Visa.
  3. You must have a valid active US bank checking account
  4. You have to provide a valid email address and a phone number

Required Documents

  • Valid Identity Proof, VISA.
  • Have to provide a DOB.
  • Valid Social Security Number
  • Valid current mobile number and Email id.
  • An active American bank account.

Repayments Terms

The repayment terms for this personal loan are from 1 year to 3 years. American Express also offers the option of paying off your loan early without any pre-payment penalty. A pre-payment penalty is the fine lenders charge when you pay the loan before the loan repayment period. 

Example of the American Express loan

An American Express Personal Loan of $10,000 repaid over 36 months at 7.98% APR will have a monthly payment of $313.32 and the total cost will be $11,279. Actual rates, interest and costs may vary. 

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Who is this loan good for

  • For those who already have an American Express Credit card. 
  • Those who want instant funding. 
  • People who want a personal loan without any fees. 

Editorial Note:  MakeHelpOf does not receive any commission from any website or third-party advertisers. This is just a review article based on consumers’ experiences from the internet. It’s accurate to the best of our knowledge when it’s posted. Please read all the information carefully before you make any decision. {alertInfo}

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