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Our experts answer readers’ questions about personal loans and write unbiased product reviews (here’s how we rate personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.

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Bottom line: American Express offers personal loans with low initial interest rates for people with excellent credit. However, there are a limited number of repayment periods and you must be a card member to apply. Whether or not American Express offers the best personal loan for you depends largely on your credit score, which will determine what you qualify for and may lower your rate.

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American Express is best suited for borrowers who value a first-class customer experience, as the company is highly rated by JD Power and the Better Business Bureau. It is also the best lender with low interest rates. You can get your money fast with an American Express personal loan and you can find out what your rates will be without damaging your credit score.

However, American Express may not be the right choice if you want a longer repayment term or if you only need to take out a small amount of money. You may find another online lender that suits your needs better.

American Express allows borrowers to take out personal loans from $3,500 to $40,000. You can get a personal loan in all 50 states and Washington, DC, and you must have an American Express card to apply for a loan.

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The annual interest rate on American Express loans ranges from 5.91% to 17.97%, which is a lower starting point than similar competitors. For example, Discover’s APR ranges from 6.99% to 24.99% APR, and Citibank’s APR ranges from 9.49% to 20.49% APR.

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American Express offers unsecured personal loans that borrowers can use for a variety of purposes, including home improvement loans, medical bills, and even vacation financing. You must have an American Express card to qualify.

You pay no startup fees or prepayment penalties to the company, but you may be charged a late payment fee of $39. After the loan is approved, it will take one to two business days for us to receive your money.

Customer support is available by phone from 9:00 a.m. to 8:00 p.m. ET, Monday through Friday. Help is also available via online chat or through the Amex app. The program is well rated on both Google Play and the Apple Store.

There are no early repayment penalties or initial fees. American Express will not penalize you for early repayment of the loan. You will not be charged an origination fee, which is a percentage of the loan amount deducted from your gross income when you take out the loan.

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Limited maturity. With American Express personal loans, you can choose between 12-month, 24-month or 36-month repayment terms. Other lenders offer more options if you want to spread payments over a longer period.

Low initial APR. You can get a loan from American Express with an APR of 5.91% to 17.97%, which is comparable to those of similar lenders.

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High minimum loan amount. You’ll need to borrow at least $3,500 when you borrow from American Express, while other small personal lenders may let you borrow as little as $250.

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JD Power received high customer satisfaction ratings. American Express, along with Discover, ranked first in JD Power’s 2021 Personal Loan Consumer Satisfaction Survey. The study measured satisfaction by analyzing companies’ offers and terms, credit management, and the application and approval process.

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You must be a card member to sign up. You must have a relationship with the company outside of the personal loan, which may be an extra step you want to avoid.

Big delay. If you make a late payment, it will cost you a $39 fee. Some lenders charge a lower late payment fee or no fee at all.

Possibility of pre-qualification for a loan. You’ll be able to apply and review your rates without damaging your credit score. Not all lenders allow this, as some require a detailed credit inquiry to get your rates, which can affect your score.

Since an American Express credit card account is required to qualify, applying for a personal loan is easy. You will find the application online.

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1. Check the offer. Sign in to your American Express account. Your data will already be saved and you will immediately know if you have been pre-approved and what your price is.

2. Get instant solutions. Enter the amount you want to borrow and the monthly repayment option. You can choose between a 12-month, 24-month or 36-month repayment term. You should receive a decision as soon as this information is in the system.

3. Take your money. If you’re approved, American Express will fund your loan after you’ve read and accepted the terms and conditions. Funds will be transferred directly to your bank account.

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Is it hard to get a personal loan from American Express? Chevron icon Indicates a section or drop-down menu or sometimes previous/next navigation options.

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You can log into your American Express account to see if you are pre-approved for a personal loan and apply. If you apply and are approved, American Express may charge large amounts on your credit, which will likely result in a temporary decrease in your credit score.

What credit score do you need for an American Express personal loan? Chevron icon Indicates a section or drop-down menu or sometimes previous/next navigation options.

American Express does not disclose the minimum credit score required to obtain a personal loan. If you have an American Express credit card account, you can check your account online to see if you are pre-approved for a personal loan.

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American Express has an A+ rating from the Better Business Bureau, a nonprofit organization that focuses on consumer protection and trust.

How long does an American Express personal loan last? Chevron icon Indicates a section or drop-down menu or sometimes previous/next navigation options.

The application process for an American Express personal loan is simplified because you must already have a credit card account with the company to qualify. Once the loan is approved and you agree to the terms, you will receive the money within a few days.

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American Express has a minimum loan amount of $3,500, and you can borrow up to $40,000, depending on your creditworthiness and other factors.

Both American, Express and Discover will receive your money relatively quickly after your personal loan is approved. With Discover personal loans, you can get your money the next day, and with American Express, you’ll almost always have it within two days. You must have an American Express credit card account to qualify for a personal loan. Discover has no connection requirements.

Neither American Express nor Discover charge prepayment penalties or origination fees. However, both will incur a $39 late fee. A unique feature of Discover is the 30-day money-back guarantee. If within 30 days of receiving the loan you decide that you no longer need it, you can return the funds by check and you will not be charged interest.

Other personal loans have a longer waiting time for your money. It can take up to five working days for the bank to receive the loan funds, while you can expect access to the funds from American Express within two days.

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