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FREQUENTLY ASKED QUESTIONS

General Questions



Application



Payment



Account Management


GENERAL QUESTIONS

What are American Express® Personal Loans?

American Express Personal Loans are unsecured loans that can be used
for personal, family or household expenses. You can use them for consolidating
existing credit card debt, making major purchases, home repair and remodelling,
or big life events like a new baby or a wedding.



Is there anything I can't use my loan funds for?

Personal Loans may not be used for post-secondary education expenses, real
estate, business, securities, vehicle purchases (other than as down payment for
a vehicle), to pay down balances on American Express-issued Cards or any purpose
prohibited by law or not otherwise permitted by the Terms and Conditions or your
Personal Loan agreement.

 



Why am I seeing a different offer today compared to one I saw earlier?

Offers are based on your creditworthiness and other factors at the time you
check for an offer. If there are changes in your creditworthiness or other
eligibility factors since the last time you checked, your current offer may be
different from the one you saw earlier.




As a Personal Loan customer, will I receive Membership Rewards® points or other
benefits that are offered on American Express® Cards?

No. Personal Loans are not eligible for Membership Rewards points, cash back,
or other benefits that are available with American Express Card products.



Am I eligible to apply for a Personal Loan?

American Express Personal Loans are available to eligible Card Members. You can
only apply if you receive an offer to apply and continue to meet the eligibility
requirements. You must be 18 years or older, a U.S. citizen or resident of the
U.S. or its territories, and have an active American Express Consumer Card.





APPLICATION

How do I apply for a Personal Loan?

You can apply online or by phone. To apply online, simply log in to your
American Express account to check your eligibility. Before you apply, we'll let
you know the maximum amount you can borrow, the maximum annual percentage
rate(s) (APR) and your repayment period options. To apply by phone, call us at
1-844-273-1384.

 

During the application process, you'll need to provide some basic information
such as the amount you wish to borrow, the repayment period, your income, and
what you'll be using the loan for. You may also be asked to provide additional
basic contact information.

 

It's important to know that even if you are eligible to apply for a Personal
Loan, it does not guarantee that you'll be approved. At any point during the
process, we may require additional information from you. We may also deny your
application if there is any material change to your financial situation or
creditworthiness, or for other reasons as required by law.



How much can I borrow?

You can apply for a Personal Loan of at least $3,500, up to your maximum
eligible loan amount, which depends on your creditworthiness and other factors
at the time of applying. Your maximum eligible loan amount will be displayed
when you view your offer on the application page.



How long does it take to get a decision?

Most applicants will receive a decision within seconds. However, our decision
may be delayed if we require additional information from you. We may also
decline your application if there is any material change to your
financial situation or creditworthiness or for other reasons as required by law.



How will I receive my Personal Loan funds?

Funds will be deposited directly into your bank account on file. If you don’t
have an existing bank account on file with us, you'll be prompted to add the
routing and account numbers of your bank account. If we are unable to verify
your bank account for any reason, we will not be able to send any loan funds to
you and your Personal Loan agreement will be void and unenforceable.



How much time do I have to review and sign my Personal Loan agreement before it
expires?

You will have three days from when you are approved to review and sign your
Personal Loan agreement. We'll send you an email with a direct link to your
Personal Loan agreement. Please note that the Personal Loan agreement must be
signed before the expiration date noted in the email. If you don't sign your
Personal Loan agreement within that three-day period, we will withdraw our
approval and the application is cancelled. You may be able to re-apply if you
continue to meet the eligibility requirements and receive another pre-approved
offer.



How quickly will I receive my loan funds?

We will typically send your loan funds to your bank account on file within 3-5
business days after you’ve signed your Personal Loan agreement. It’s important
to know that your bank may take additional time to post your loan funds to your
account(s). If any loan funds do not post to your bank within two weeks, please
contact us or your bank.



Can I increase my existing Personal Loan amount?

No, you cannot increase your existing Personal Loan amount. The loan amount will
remain fixed for the full duration of the Personal Loan agreement.




PAYMENT

How much do I have to pay each month?

Personal Loans are payable in fixed monthly installments. The amount of your
monthly payment will depend on the amount you borrow, the repayment period you
select, and the total interest charged on your Personal Loan (based on
the interest rate that applies).




How long will I have to pay off my Personal Loan?

On your application, you can choose your repayment period from the options
shown. Keep in mind that a longer repayment period may result in a lower monthly
payment but more total interest than if you choose a shorter repayment period
for the same loan amount.



Can I make additional payments or pay off my Personal Loan early without any
penalties?

Yes, there are no pre-payment penalties with a Personal Loan, and you can make
as many payments as you like with no related penalties.

 

To pay off your Personal Loan early, you can pay the Outstanding Personal Loan
Balance that appears in your online account or on your current Personal Loan
invoice. Payment must be received before the Next Invoice Date shown on your
Personal Loan invoice for your account to be deemed paid in full; otherwise, you
will owe any additional interest that may post to your account after the Next
Invoice Date.



What if I'm late on a payment or don’t have enough funds to make my monthly
payment?

If your payment is late or you have insufficient funds to pay your monthly
payment amount in full, you will be assessed a fee of $39. We may also inform a
credit reporting agency if you fail to make a payment or otherwise fail to
comply with the terms of your Personal Loan. This may have a negative impact on
your credit report.



What are the fees associated with a Personal Loan?

With American Express Personal Loans, there are no application or origination
fees. In addition, there are no pre-payment penalties if you decide to pay your
Personal Loan off early. We will charge a $39 fee for any month that we receive
your payment after the due date listed on your invoice or if you make any
payment that is returned due to insufficient funds.



Can I repay my Personal Loan by check?

Yes, we accept check payments via the U.S. Postal Service to repay your
Personal Loan. Please follow the instructions on your Personal Loan invoice to
send check payments to us. To make sure we receive your payment on time, we
suggest that you log into your American Express online account and make
an electronic payment each month or set up AutoPay to help you automatically
make payments on your account. There is no charge to make payments, including
via AutoPay, from your American Express online account.



Can I change my payment due date?

No, you will not be able to change your payment due date. This date will be set
at the time you are approved for your Personal Loan and will be the same date of
each month during your Personal Loan repayment period (for example, the 15th of
each month).



Is Autopay available? How do I enroll in Autopay?

Yes, you can enroll in Autopay by logging into your American Express online
account and updating your Autopay settings under Payments.




ACCOUNT MANAGEMENT

How do I review information about my Personal Loan?

You can access information about your Personal Loan through your American
Express online account. You'll have access to the outstanding balance, monthly
payment amounts, payment due dates, prior payments, credits and more.



I currently have a Personal Loan. Where can I find my Personal Loan Account
Number?

To find your Personal Loan Account Number on your Truth in Lending Disclosure
Statement and your Personal Loan agreement, log into your American Express
online account and follow these steps:

 

 1. Click the Card icon at the top right of the account home page and choose the
    loan account.
 2. On the account home page, scroll down to the Useful Links box and click View
    Loan Documents on the right side.
 3. Click the American Express Loan Agreement message.
 4. Click Download to view or print the PDF Loan Document with the full loan
    number.



How do I contact American Express if I have any additional questions about my
Personal Loan?

We are here for you. You can contact our Support & Help Center via online chat
by logging into your American Express online account or by calling us at
1-844-273-1384, Monday through Friday, 9AM – 8PM EST. 






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 * Do Not Sell or Share My Personal Information
   
   
   DO NOT SELL OR SHARE MY PERSONAL INFORMATION
   
   California residents have the right to opt out of the “sale” and “sharing” of
   their personal information as defined by the California Consumer Privacy Act.
   American Express does not sell your personal information. However, we may
   share personal information with third parties to serve you advertisements
   that are relevant to you, based on your interests inferred from activity
   across other sites (“cross-context behavioral advertising”). Please note that
   if you opt out of sharing, you may still see advertising about American
   Express products and services, but it will not be personalized based on your
   interests.
   
   To opt out of sharing for cross-context behavioral advertising, toggle to
   “Opt-Out of Sharing” and select “Confirm.” Please note that if you clear your
   cookies or access our website from a different browser/device, you will need
   to opt out again. Additionally, we ask for your email address in order to
   identify you and process your request to opt out. Please note that we will
   not use, disclose, or retain the information you provide for any purpose
   other than to process your request. To learn more, please see our California
   Privacy Notice available on our Privacy Center
   
   OPT-OUT OF SHARING
   EMAIL ADDRESS
   
   Please enter a valid email address. Correct formatting is:
   yourname@domain.com.
   
   Confirm
   
   A system failure occurred while saving your consent to Opt-out. Please try
   again by clicking on the confirm button.

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