- American Express Personal Loans Overview: American Express offers invitation-only personal loans to existing cardholders, with competitive rates and high customer satisfaction, but limited accessibility.
- Pros of American Express Personal Loans: They feature the lowest APR ceiling in the series at 19.97%, a low starting rate of 6.99%, no origination or prepayment fees, and top satisfaction scores, along with fast digital processing.
- Cons of American Express Personal Loans: Access is limited to pre-approved cardholders, loans cannot pay off Amex debt, and the product lacks features like rate discounts, co-borrowers, secured options, and longer repayment terms.
- Rates and Fees Details: APR ranges from 6.99% to 19.97% depending on creditworthiness, with no origination or prepayment fees, but late payments incur a $39 fee; no discounts are offered.
- Eligibility, Application, and Borrower Suitability: Only existing Amex cardholders with pre-approval can apply, requiring good credit (around 660+), and the process involves a quick decision with funds typically available within a day; ideal for those who qualify and need up to $40,000.
- Check your rates with American Express.
American Express Personal Loans Overview
American Express Company (NYSE: AXP) is a global financial services corporation headquartered in New York City. Founded in 1850, American Express is one of the 30 components of the Dow Jones Industrial Average, employs over 75,000 people worldwide, and operates in more than 110 countries. The company reported record revenues of $65.9 billion for the full year 2024, with net income of $10.1 billion. American Express is best known for its credit and charge card business, which serves over 140 million cards in force globally.
American Express launched its personal loan product in 2017 as an extension of its card member services. Unlike most personal loan lenders, Amex personal loans are available exclusively by invitation to existing American Express consumer credit card holders who meet internal creditworthiness criteria. This invitation-only model means that borrowers cannot apply proactively; instead, they must wait for a pre-approved offer to appear in their Amex account or arrive by email. Once offered, eligible cardholders can borrow $3,500 to $40,000 at fixed APRs ranging from 6.99% to 19.97%, with no origination fee and no prepayment penalty.
The editorial angle for this review: American Express offers one of the most cost-effective personal loan products in our series, with the lowest APR ceiling (19.97%) and among the lowest floor rates (6.99%). It also ranks #1 in J.D. Power’s 2025 U.S. Consumer Lending Satisfaction Study, the only lender in our series to hold that position. However, the invitation-only access model, the $40,000 maximum, and the absence of co-borrower, secured, or rate discount options limit the product’s flexibility and accessibility compared to competitors. This is a premium product behind a velvet rope.
Pros and Cons of American Express Personal Loans
Pros
- Lowest APR ceiling in the series: The maximum APR of 19.97% is the lowest among all 15 lenders in our review series. By comparison, Citibank caps at 19.49%, Discover at 24.99%, and most fintechs at 35.99%. This means even borrowers who do not qualify for the lowest rate still avoid the highest-cost outcomes.
- Competitive floor rate: The 6.99% floor APR is among the lowest in our series, below U.S. Bank (7.74%), Discover (7.99%), and Citibank (9.99%). Only LightStream (6.94%) offers a lower starting rate.
- No origination fee and no prepayment penalty: Borrowers receive the full loan amount with no upfront deduction. Early payoff incurs no penalty, enabling interest savings.
- #1 in J.D. Power 2025 Consumer Lending Satisfaction: American Express scored 768 out of 1,000, the highest rating in the study and 64 points above the industry average of 704. This is the strongest borrower satisfaction signal in our series.
- Fully digital process with fast decisions: Pre-approved cardholders can apply online and receive a decision in seconds. The application is seamless within the existing Amex account or app.
- Next-business-day funding: Once loan documents are signed, funds are typically deposited into the borrower’s linked bank account within one business day.
Cons
- Invitation-only access: Only existing American Express consumer credit card holders who receive a pre-approved offer can apply. New cardholders typically wait 6 to 12 months before receiving an offer. There is no guarantee an offer will be extended.
- No rate discounts: American Express does not offer an autopay discount, loyalty discount, or any other APR reduction. Most bank competitors (U.S. Bank, Citibank, LightStream) offer at least an autopay discount of 0.25% to 0.50%.
- No co-borrower, co-signer, or secured option: The product is limited to individual unsecured loans. Borrowers cannot improve their rate or approval odds by adding a co-applicant or pledging collateral.
- $40,000 maximum: The loan cap is below SoFi and LightStream ($100,000), U.S. Bank ($50,000), and several fintech competitors. Borrowers needing more than $40,000 must look elsewhere.
- Cannot pay off Amex credit card debt: Loan proceeds cannot be used to pay down existing American Express credit card balances. This is a notable restriction for cardholders whose primary consolidation target is Amex debt.
- No direct payment to creditors: Borrowers using the loan for debt consolidation must receive funds and pay creditors themselves. Competitors like Happy Money, Achieve, and Upgrade handle creditor payments directly.
- $39 late fee: American Express charges $39 for late payments and $39 for insufficient funds. Citibank charges no late fees; LightStream charges no late fees.
American Express Personal Loans Rates and Fees
American Express personal loan APRs range from 6.99% to 19.97%, fixed for the life of the loan. Rates are determined by the borrower’s creditworthiness, income, existing debts, loan amount, and repayment term selected. The APR shown in the pre-approved offer reflects the maximum rate for that borrower; the actual APR may be lower depending on the loan amount and term chosen.
The 6.99% floor is well below the Federal Reserve’s reported average of 11.65% for 24-month personal loans at commercial banks (November 2025). The 19.97% ceiling is the most borrower-friendly cap in our review series. For comparison, most fintech lenders cap at 35.99%, and even bank competitors like Discover (24.99%) and U.S. Bank (24.99%) have significantly higher maximums. This compressed APR range means the worst-case cost at American Express is still better than the midrange rate at many competitors.
American Express charges no origination fee and no prepayment penalty. The only fees are a $39 late payment fee and a $39 insufficient funds fee. There are no rate discounts available; American Express does not offer autopay reductions, relationship discounts, or direct-pay discounts. This is an unusual absence for a bank lender and a missed opportunity for borrowers who want to reduce their rate by a fraction of a percentage point.
Scenario | Monthly Payment | Total Interest | Total Cost |
$15,000 at 8% APR, 36 mo. | $470 | $1,920 | $16,920 |
$15,000 at 8% APR, 60 mo. | $304 | $3,240 | $18,240 |
$15,000 at 13% APR, 36 mo. | $505 | $3,180 | $18,180 |
$15,000 at 13% APR, 60 mo. | $341 | $5,460 | $20,460 |
Note: Figures are approximate. No origination fee is deducted; borrower receives the full loan amount.
American Express Personal Loans Terms and Options
American Express personal loans range from $3,500 to $40,000. The minimum is higher than LendingClub ($1,000), U.S. Bank ($1,000), and Upgrade ($1,000), which may exclude borrowers with very small financing needs. The $40,000 maximum is competitive for mid-size loans but below SoFi and LightStream ($100,000), U.S. Bank ($50,000), and Upgrade ($50,000).
Repayment terms are 12, 24, 36, 48, or 60 months. This is a standard range with five options, matching Citibank and covering most borrower needs. However, it lacks the extended terms available at U.S. Bank (84 months), Discover (84 months), or LightStream (up to 144 months). Borrowers who want to minimize their monthly payment with a longer term will need to look elsewhere.
American Express does not offer co-borrower, co-signer, or secured loan options. It does not offer direct payment to creditors for debt consolidation. Borrowers may not use loan proceeds to pay off American Express credit card debt, purchase a vehicle (except as a down payment), pay for post-secondary education, make real estate purchases, or fund business expenses. Cardholders may hold a maximum of two active American Express personal loans and/or business loans at any time, and must wait at least 60 days after signing a loan agreement before applying for another.
Eligibility and Application for American Express Personal Loans
American Express personal loans are available exclusively to existing American Express consumer credit card holders who receive a pre-approved offer. The company does not publicly disclose minimum credit score, income, or debt-to-income requirements. Third-party sources estimate a minimum credit score of approximately 660, though the invitation-only model means that the effective threshold may be higher since Amex controls which cardholders receive offers.
Borrowers must be at least 18 years of age, a U.S. citizen or permanent resident, and must have a Social Security number (ITIN is accepted for credit cards but not for personal loans). New cardholders typically wait 6 to 12 months before receiving a personal loan offer. Pre-approved offers appear in the cardholder’s online account or Amex mobile app, or arrive by email. The pre-approval itself does not involve a hard credit inquiry.
Once the borrower accepts the offer and submits a formal application, American Express may perform a credit inquiry and review updated financial information. The company reserves the right to decline the application if there has been a material change in creditworthiness since the pre-approval. If approved, the borrower has three days to review and electronically sign the loan agreement. If the borrower does not sign within three days, the approval is withdrawn. Personal loans are available in all 50 states and Washington, D.C.
American Express Personal Loans Funding Speed
After signing the loan agreement, American Express typically deposits funds into the borrower’s linked bank account within one business day. The borrower can select or add a bank account during the application process. The account must be in the borrower’s name and may be verified upon submission.
The one-business-day timeline is competitive with Discover and faster than the 3 to 5 business-day range reported by some sources for Amex in prior years. However, it is slower than SoFi (same-day for certain disbursements), LightStream (same-day), and U.S. Bank (within 2 hours for account holders). Loan approval decisions are typically delivered in seconds after application submission.
Customer Experience
American Express ranked #1 in J.D. Power’s 2025 U.S. Consumer Lending Satisfaction Study with a score of 768 out of 1,000, 64 points above the industry average of 704. This is the highest borrower satisfaction ranking in our entire 15-lender review series. The next closest is Citibank at #2 with 751.
The CFPB received 39 personal-loan-related complaints about American Express in 2024. The most common complaint categories were obtaining a line of credit and issues with making payments. American Express provided a timely response to all 39 complaints; 31 were closed with an explanation, 6 with monetary relief, and 2 with nonmonetary relief. The 39-complaint volume is low relative to the company’s size and matches the 39 complaints received by U.S. Bancorp in the same period.
The American Express mobile app is rated approximately 4.9 on the Apple App Store and 4.5 on Google Play, among the highest in the financial services industry. Personal loan management (balance, payments, statements) is integrated into the existing Amex app. Customer support for personal loans is available by phone at 1-844-273-1384, Monday through Friday, 9 a.m. to 8 p.m. ET. There is no in-person branch network, as American Express operates as a digital-first financial services company.
American Express Personal Loans Financial Strength and Reputation
American Express Company (NYSE: AXP) is a Dow Jones Industrial Average component with a market capitalization exceeding $200 billion. The company reported record revenues of $65.9 billion and net income of $10.1 billion for the full year 2024. Total assets were approximately $271 billion as of year-end 2024. Warren Buffett’s Berkshire Hathaway is the largest shareholder. American Express National Bank and American Express Centurion Bank are both FDIC-insured.
American Express is not accredited by the BBB and holds an F rating, driven primarily by government actions related to its credit card business. In January 2025, the company agreed to pay $230 million ($108.7 million in civil penalties plus $138.4 million in criminal fines and forfeiture) to resolve DOJ allegations that employees engaged in deceptive marketing of small business credit cards and wire transfer products between 2014 and 2021. The company fired approximately 200 employees and updated its compliance practices. On Trustpilot, American Express has a “bad” rating of approximately 1.6 out of 5 based on nearly 5,000 reviews, though the majority of complaints relate to credit card services rather than personal loans. These regulatory and reputational issues are significant but are concentrated in the card business, not the personal loan product.
Who Are American Express Personal Loans Best For?
American Express personal loans are a good fit for:
- Existing Amex cardholders with good to excellent credit: If you already hold an Amex consumer card and have received a pre-approved offer, this is one of the most cost-effective personal loans available, with a 6.99% floor and 19.97% ceiling.
- Borrowers who prioritize low worst-case cost: The 19.97% APR ceiling means that even if you do not qualify for the lowest rate, your cost is still below the midrange APR at most fintech lenders.
- Debt consolidation (non-Amex debt): Strong rates for consolidating credit card balances from other issuers. The APR floor of 6.99% is well below the average credit card rate of approximately 21%.
- Borrowers who value customer service: The #1 J.D. Power ranking and integrated app experience make this the best-rated lender for post-origination borrower satisfaction.
American Express personal loans may not be the best fit for:
- Non-cardholders: You must hold an American Express consumer credit card and receive an invitation. There is no path to apply without this prerequisite.
- Borrowers consolidating Amex credit card debt: Loan proceeds cannot be used to pay off American Express credit card balances.
- Large-loan borrowers ($40K+): The $40,000 maximum is below SoFi, LightStream, and U.S. Bank.
- Borrowers who need a co-signer or secured option: U.S. Bank is the better choice for joint applications or CD-secured personal loans.
- Borrowers who want rate discounts: Amex offers no autopay or loyalty discount. Citibank, U.S. Bank, and LightStream all offer autopay reductions.
How to Apply for American Express Personal Loans
- Check for your offer: Log in to your American Express online account or mobile app and look for a personal loan offer. If you have a pre-approved offer, it will display your maximum loan amount and estimated APR.
- Customize your loan: Select your desired loan amount (within the pre-approved maximum) and choose a repayment term of 12, 24, 36, 48, or 60 months. The APR may adjust based on the amount and term selected.
- Confirm your bank account: Select or add the bank account where you want loan funds deposited. The account must be in your name.
- Submit the application: Provide income, asset, and loan purpose information. American Express typically delivers a decision in seconds.
- Review and sign: If approved, review the final loan terms (APR, total interest, monthly payment, and repayment schedule). You have three days to electronically sign the loan agreement.
- Receive funds: After signing, funds are typically deposited into your bank account within one business day.
How American Express Personal Loans Compare
The table below compares American Express to three bank competitors that also charge no origination fee. Note that American Express and Citibank are both limited to existing customers, while Discover and U.S. Bank accept applications from non-customers.
Feature | American Express | Citibank | Discover | U.S. Bank |
APR Range | 6.99–19.97% | 9.99–19.49% | 7.99–24.99% | 7.74–24.99% |
Loan Amounts | $3.5K–$40K | $2K–$30K | $2.5K–$40K | $1K–$50K |
Origination Fee | None | None | None | None |
Min. Credit Score | ~660 (invite) | ~720 | ~660 | ~680 |
Terms | 12–60 mo. | 12–60 mo. | 36–84 mo. | 12–84 mo. |
Funding Speed | Next biz day | Same day (Citi acct) | Next biz day | Within 2 hrs (USB acct) |
Co-borrower | No | No | No | Yes |
Secured Option | No | No | No | Yes (CD) |
Late Fee | $39 | None | $39 | Varies |
Rate Discounts | None | Autopay + Citi Priority | None | Autopay from USB acct |
Open to All? | No (Amex cardholders only) | No (Citi customers) | Yes | Yes |
Final Verdict
American Express earns a 3.5 out of 5.0, with exceptional strengths in rates and customer experience offset by significant limitations in accessibility and loan flexibility. The 6.99% to 19.97% APR range is the most borrower-friendly in our series from a worst-case-cost perspective, and the #1 J.D. Power ranking confirms that borrowers who do get this product are highly satisfied.
The fundamental trade-off is access. The invitation-only model means that many borrowers, including those with excellent credit, simply cannot apply. There is no way to accelerate or guarantee an offer. And once inside, the product lacks features that competitors provide: no co-borrower option, no secured pathway, no rate discounts, no direct creditor payments, no extended terms beyond 60 months, and a restriction on paying off Amex card debt. These limitations place American Express behind U.S. Bank and Discover in overall flexibility.
If you are an existing American Express cardholder with a pre-approved offer and need $3,500 to $40,000 for a non-Amex debt consolidation, home improvement, or major purchase, this is one of the best personal loans available. Compare the offered APR against quotes from LightStream, U.S. Bank, and Discover before committing, and factor in that Amex offers no autopay discount while those competitors do.
Methodology
This review is part of a 15-lender personal loan review series. Each lender is scored across six weighted categories: Rates & Fees (25%), Loan Terms & Flexibility (20%), Eligibility & Accessibility (20%), Speed & Application Process (15%), Customer Experience (10%), and Transparency & Reputation (10%). The weighted score formula produces a single rating out of 5.0, rounded to the nearest 0.5. Data sources include lender websites and terms disclosures, the CFPB Consumer Complaint Database, J.D. Power’s 2025 U.S. Consumer Lending Satisfaction Study, Federal Reserve interest rate data, BBB and Trustpilot profiles, app store ratings, SEC filings, and the DOJ settlement announcement of January 2025.
Frequently Asked Questions
Answers to your questions about American Express Personal Loans.
Only existing American Express consumer credit card holders who receive a pre-approved offer through their online account, app, or email can apply. New cardholders typically wait 6 to 12 months before receiving an offer.
American Express does not publicly disclose a minimum credit score. Third-party sources estimate approximately 660 or above. However, because offers are invitation-only, the effective threshold may be higher.
Checking your pre-approved offer does not affect your credit score. Submitting a formal application may trigger a credit inquiry that could have a minor impact.
No. American Express specifically prohibits using personal loan proceeds to pay off existing American Express credit card balances.
Funds are typically deposited into your linked bank account within one business day after you sign the loan agreement.
Yes. There is no prepayment penalty. You can make additional payments or pay off the full balance at any time.
You may hold a maximum of two active American Express personal loans and/or business loans at any time. You must wait at least 60 days after signing a loan agreement before applying for another.
No. American Express does not offer any rate discounts on personal loans.
