American Express Personal Loans Review 2023: Is This Loan Option Right for You?

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American Express National Bank
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Quick Take: American Express personal loans have a fast and easy application process, allowing you to qualify within seconds. However, loans are only available for current American Express cardholders, and there are some limits on what loans can be used for.
  • Fees
  • Availability
  • Loan Flexibility
  • Customer Service
How did we calculate this?


  • Prequalify with no hard credit check
  • Loan approval within seconds
  • No origination or prepayment fees
  • Highly-rated customer satisfaction


  • Only available to American Express cardholders
  • Limits on what the loan can be used for
  • Rates and loan qualifications aren't disclosed
  • No co-signers allowed

American Express Personal Loans Overview

American Express®, Member FDIC, offers personal loans ranging from $3,500 to $40,000. Unlike many lenders, American Express loans are only available to eligible card members. This includes those who have been preapproved for an American Express credit card

Loans can be used for nearly any purpose, including debt consolidation, home improvements and large purchases. There are some restrictions though, as loans can’t be used for higher education, real estate, business, vehicles or consolidation of American Express credit card debt.

American Express loans have no origination fees or prepayment penalties, and the lender has one of the top ratings for customer satisfaction.

Key Features

There are a handful of features that make American Express a great option when you’re looking for a personal loan.

Loan Flexibility

American Express personal loans offer you great flexibility in a number of ways. You can use them for nearly any purpose, like making major purchases, home repairs or even weddings. While the amount you can borrow ranges, it can go up to $40,000 which is a decent amount.

When applying, you are offered a number of options for your repayment period. This makes it easier to budget for. They also offer flexibility in the ways you can make your monthly payments. You can set up Autopay, mail a check or make payments online.


American Express has a quick and seamless online application process for its personal loans. Because these loans are only available to preapproved card members, the company already has your information on file. You simply have to log into your account and can see how much you’ve been preapproved for and at what interest rate. 

Loan decisions are usually available in just seconds, and you can have the money in your bank account in just a few days.

Customer Service and Satisfaction

American Express has the third-highest customer satisfaction ranking for consumer lending, according to J.D. Power’s 2022 U.S. Consumer Lending Satisfaction Study. The company has a ranking of 754, falling behind Marcus by Goldman Sachs and U.S. Bank.

American Express is well-known for its customer service and offers several ways to get in contact with them. You can call, chat or send a message online.


American Express stands out among its competitors in terms of loan affordability. Unlike many lenders, American Express doesn’t charge an origination fee on its loans. This can save you hundreds or thousands of dollars on your loan. The company also doesn’t charge prepayment penalties if you pay off your loan early.

American Express does charge a fee for late payments, which is fairly standard in the personal loans industry. The fee for late payments or insufficient funds is $39. American Express doesn’t disclose its interest rates on its website, so it’s difficult to say how that factors into the loan’s affordability.

How the American Express Personal Loan Stands Out

One way American Express stands out is through its seamless online application process. Because you must be an eligible card member to qualify, those applying for these loans typically already have online American Express accounts. You can see instantly whether you’re preapproved for a loan. American Express also stands out because of its highly-rated customer satisfaction.

Comparable American Express Personal Loan Options

American Express is just one of the many personal loan options on the market. Here are a few competitors to consider if you don’t qualify for an American Express loan or simply want more options.


Discover is another credit card issuer that offers personal loans. But unlike American Express, you don’t need a Discover credit card to qualify. Discover personal loan amounts range from $2,500 to $40,000. They also have no origination fee or prepayment penalties.


SoFi is a great option if you need a large personal loan since amounts can go up to $100,000. There are no fees, including origination fees, prepayment fees and late fees. You can get your loan funds as quickly as the same day and will have access to other perks like unemployment protection.

How To Apply

American Express has a simple online application process. Here’s how to get started:

  1. Create an American Express account or log into your existing account.
  2. Check for your preapproval offer to see how much you’re approved for and what rate you’re eligible for.
  3. Complete your application with your desired loan amount and monthly payment option to get a decision within seconds.
  4. Provide your bank account information.
  5. Sign your loan agreement. Your loan funds will be direct deposited within three to five days.

Who the American Express Personal Loan Is Best For

American Express personal loans are best for existing American Express cardholders who have good credit and want to borrow between $3,500 and $40,000. Keep in mind that this loan isn’t right for you if you plan to consolidate American Express credit card debt — for that, you’ll have to use a different lender.

Final Take

An American Express personal loan can be an excellent option for eligible cardholders who want to do everything from consolidate debt to renovate their homes. While you won’t know their rates and minimum borrowing requirements until you apply, you can prequalify without a hard credit inquiry. So there’s no downside to seeing if you approve and what interest rate you can get.


Here are the answers to some of the most frequently asked questions regarding American Express personal loans.
  • How long does it take for an American Express personal loan to be disbursed?
    • According to American Express, most loans are disbursed within three to five days of being approved. Approval often happens within seconds.
  • Does American Express do a hard pull for a loan?
    • No, American Express allows you to prequalify for a personal loan with only a soft inquiry, meaning it won't affect your credit report. However, if you decide to move forward with the loan, it will affect your credit.
  • What credit score is needed for a personal loan?
    • American Express doesn't disclose its minimum score for personal loan eligibility. However, you need to qualify for one of the company's credit cards to get a personal loan. You typically need a good credit score to qualify, meaning one that's 670 or higher.
  • Can I have two personal loans with American Express?
    • Yes, American Express states that you may have up to two personal loans active at the same time.

Data is accurate as of May 10, 2023, and is subject to change.

All information about American Express Personal Loans has been collected independently by GOBankingRates. American Express Personal Loans are not available through GOBankingRates.

Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by American Express. American Express credit card products are not available through

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

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