American Express 2026 Personal Loan Review
American Express personal loans have low APRs and no origination fees, but you can only apply if you’re a cardholder with an offer.
- Are an AmEx cardholder with a loan offer.
- Have good credit.
- Want to avoid an origination fee.
- Need a midsize to larger loan.
- Want to pay off an AmEx card.
- Don't want to wait for a pre-selected loan offer.
- Want a joint, co-signed or secured loan.
- Prefer to send payments directly to creditors.
What to know about American Express personal loans
American Express has some of the most affordable personal loans we’ve seen, but you can only apply if you’re a cardholder who’s been pre-selected for a loan offer.
American Express says that offers are extended to customers based on their creditworthiness and other eligibility factors, but it gives few specifics on its criteria. I’d like to see more transparency, given that most other lenders we survey share helpful details about their minimum credit score, debt-to-income ratio and credit history requirements.
That said, if you are pre-selected for an Amex offer — and you need the funds — I’d take a close look at it. The lender’s annual percentage rates are low, starting at 6.99% and going up to 19.99%. Many lenders have maximum APRs of nearly 36% — which personal finance experts say is the highest rate a loan can have and still be considered affordable.
Loan amounts are $3,500 to $50,000, with repayment terms of one to five years. That range makes AmEx a good option for financing midrange to large expenses, like a home improvement project or a wedding. If you’re financing a smaller expense, like a car repair or a dental bill, consider lender that offer smaller loans.
American Express also allows you to use its loans for debt consolidation, but it doesn’t send funds directly to creditors. I don’t see that as a major issue if you qualify for a low rate.
A more important consideration is that you can’t use loan funds to pay off an AmEx card. If you’re consolidating credit card debt and have American Express accounts with significant balances, look at other debt consolidation loans.
Whether or not AmEx is a fit for you — and even if you receive an offer — I suggest pre-qualifying with a bank or credit union where you have an account. Pre-qualify for a couple online lenders, too, to ensure you get the best rate.
» MORE: Compare the best personal loans
What we like most about American Express
- APRs are competitive: The best personal loan is usually the one with the lowest APR, and American Express has some of the lowest rates we’ve seen. Still, even if you have an AmEx loan offer, it doesn’t hurt to pre-qualify with a few other lenders since doing so won’t impact your credit score.
- You won’t pay an origination fee: One of my favorite things about American Express personal loans is that they don’t have an origination fee. This charge is common among online lenders and typically ranges from 1% to 10% of the loan amount. Many lenders deduct their origination fee from loan funds, leaving you with less money than you actually borrowed.
- You can get your funds as soon as the next day: Amex says it typically sends funds to your bank account as soon as the day after you sign the loan agreement and verify any information the lender requests, though some banks may take longer to post the deposit. Overall, that’s a pretty fast funding timeline. A handful of lenders can send funds the same day you accept the loan, but some bank and credit union loans take up to a week to fund.
Why American Express may not be right for you
- You need to be an AmEx cardholder with a loan offer. You can only apply for an American Express personal loan if you’re a cardholder with a pre-approved loan offer. The lender says offers are based on your creditworthiness and other eligibility factors, but it doesn’t offer much information about its actual requirements.
- You can’t use your loan to pay down an American Express card. If you’re consolidating debt, you can’t use your loan funds to pay down an American Express account. A few other major banks also prohibit you from using their loans to pay off a credit card they also issued.
- You don’t get a grace period if you pay late. AmEx doesn’t provide a grace period for late payments, so if you pay after the due date, you’ll get hit with a $39 fee. Many lenders offer a grace period of 10 to 15 days before imposing a late fee, and several don’t charge late fees at all. AmEx also charges a $39 fee if you don’t have enough funds in your account to cover your payment.
- You can’t get a joint, co-signed or secured loan: American Express only offers unsecured personal loans, which are backed by your creditworthiness and ability to repay. Some lenders let you apply with a co-borrower or co-signer who has good credit to boost your odds of approval. Others offer secured personal loans backed by an asset, often a savings account or vehicle, which can help you qualify for a loan or a better rate.
How much does an American Express loan cost?
The total cost of your American Express loan depends on the amount borrowed, annual percentage rate and loan term. Here's an example of how different rates affect the cost of a $20,000 loan with a 3-year term. American Express didn’t disclose the APR range for its typical borrower, so these examples are based on its general APR range.
APR | 10%. | 18%. |
|---|---|---|
Monthly payment | $645. | $723. |
Total interest cost | $3,232. | $6,030. |
Total loan cost | $23,232. | $26,030. |
» MORE: Use our personal loan calculator to estimate your costs
Do you qualify for an American Express personal loan?
You’ll probably need good to excellent credit to qualify for an AmEx personal loan, though the lender says it doesn’t have specific requirements for credit scores, income or debt-to-income ratio.
AmEx only lets you apply for a loan if you’re a current cardholder who’s been pre-selected for an offer. The lender didn’t give NerdWallet specifics on its pre-selection criteria, but says its offers are “based on your creditworthiness and other factors.”
Loans are available in all 50 states and Washington, D.C. To check for an offer, you’ll need to log in to your American Express account.
If you have an offer, you’ll be able to see your maximum loan amount and APR, along with repayment term options before you apply. You’ll need to provide the amount you want to borrow, your income, the repayment term you’re seeking and the loan’s purpose when you apply. The lender says it may deny your application if your financial situation or creditworthiness have changed since its pre-approval.
American Express’s borrowing requirements
- Minimum credit score: None.
- Minimum annual income: None.
- Maximum debt-to-income ratio: None.
- Minimum credit history: None.
- Must have an American Express card and a loan offer.
- Must be at least 18 years old.
- Must be a U.S. citizen or resident.
- Must have a valid Social Security number, U.S. bank account and email address.
The lender didn’t provide details about its typical borrower, such as average credit score, income or DTI ratio.
» MORE: How to get a personal loan
Frequently asked questions
What credit bureaus does American Express report to?
American Express reports loan payments to all three credit bureaus: Equifax, Experian and TransUnion. Consistent, on-time payments can help your credit, while missed payments can hurt it — and incur late payment fees.
Does American Express let me choose my payment date?
No, American Express doesn’t let you choose your payment date, nor can you change when payments are due.
What’s the difference between the APR and interest rate on a personal loan?
A personal loan annual percentage rate (APR) is the combined total of the interest rate plus the origination fee, calculated on a yearly basis and expressed as a percentage.
APR is important because it shows you the full cost of borrowing over one year. It’s usually the best point of comparison if you’re comparing multiple personal loan offers.
How does American Express compare to the best lenders?
 |  |  |  |  |
|---|---|---|---|---|
Est. APRFrom 6.99% to 19.99% | Est. APRFrom 6.99% to 35.49% | Est. APRFrom 5.96% to 35.99% | Est. APRFrom 7.24% to 24.89% | Est. APRFrom 7.74% to 35.99% |
Loan amountFrom $3,500 to $50,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 |
Min. credit scoreNaN | Min. credit scoreNaN | Min. credit score600 | Min. credit score660 | Min. credit score600 |
How we rated this lender
NerdWallet’s editorial team rates lenders using a rubric with five weighted categories and 29 subcategories. Here are the factors we prioritized, plus why this lender received each score.
American Express has competitive APRs and no origination fees, but it doesn’t offer rate discounts.
Our Method: We review lenders’ rates and fees, plus any opportunities for rate discounts.
The lender offers a mobile app, reports payments to all three credit bureaus and offers hardship accommodations to borrowers in financial distress, but customer service is only available five days a week.
Our Method: We look at factors such as customer service availability, monthly payment flexibility and whether the lender reports on-time payments to major credit bureaus.
AmEx has a wide range of loan amounts and repayment terms, but only unsecured loans are available. The lender doesn’t directly pay creditors for debt consolidation loans.
Our Method: We assess loan amount and term ranges and whether lenders offer multiple loan types or direct payment to creditors on debt consolidation loans.
AmEx loans are available in all 50 states and Washington, D.C., but you need to be a cardholder with a loan offer to apply.
Our Method: We consider how widely available and accessible the loans are and how lenders review applicants’ credit.
The lender says it approves most applications within seconds and offers next-day funding.
Our Method: We evaluate loan approval and funding times and the lender’s transparency throughout the application process.
Read more about our ratings methodologies for personal loans.
Learn more about personal loans
