Amex Personal Loans Login (2024)

FAQs

How long does it take for Amex to approve personal loan? ›

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.

Amex personal loans are only available to current cardholders who have been pre-approved, so there's no need for a hard credit pull, and there's no impact on your credit score when you apply.

Reasons for personal loan rejections

High DTI: If you have a DTI — or debt-to-income — ratio of 50 percent or higher, you might have too much debt for a lender to give you a new loan. If that's the case, it's best to apply after reducing your overall debt, as this will increase your chances of approval.

An American Express Personal Loan is easy to apply for. Additionally, there is no impact to your credit score if you apply, but your credit score may be impacted if you are approved and opt to accept the loan.

In most cases, you need at least good credit to get approved for an American Express card, which FICO typically defines as a score of 670 or higher. Other banks also issue American Express cards.

American Express gives instant approval on its credit cards, but only some of the time. Instant approval always is possible when applying for an American Express credit card online, though getting approved for an account immediately is never guaranteed.

American Express personal loans are best for eligible Amex cardholders who want to take out a personal loan without paying an origination fee. It may also be a good choice if you want to consolidate non-Amex credit card debt.

Personal Loans up to $40,000: Check Offers & Apply. Amex US.

Yes, American Express does a hard inquiry on your credit report when you apply for a card, but it only takes place after you are approved for the card and choose to accept the offer. If your application is denied or you are approved but choose not to accept the card, there will only be a soft inquiry.

For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate. A high enough income: Part of the lender's evaluation of your loan application includes determining whether you can afford the payments.

How can I avoid rejection of personal loan application? ›

It is important to know that a pre-approval letter does not guarantee you will get approved for the loan. If you do not qualify for a loan, it will notify you with an adverse letter. It will give a reason on why you were denied, the credit agency it used, and how to get a free copy of your credit report.

Does American Express do a hard pull for personal loan? You can apply for an American Express personal loan if Amex sends you a pre-approval offer. The preapproval doesn't impact your credit score. However, if you decide to accept the offer and get approved, your credit score may see a small ding from a hard inquiry.

You should refinance a personal loan from American Express if it saves you money. Ideally, your new loan or credit card should have a lower APR than your old loan. You can qualify for a lower APR if your credit score and overall financial situation are better than when you got the first loan.

Hard credit checks temporarily lower your credit score by as much as 10 points. But if you have excellent credit, applying for a loan will most likely make your score drop by five points or less.

Getting approved for a personal loan generally takes anywhere from one day to one week. As we mentioned above, how long it takes for a personal loan to go through depends on several factors, like your credit score. However, one of the primary factors that will affect your approval time is where you get your loan from.

It typically takes anywhere from a few hours to a few weeks to get a personal loan, depending on various factors including the lender's processing time and the applicant's preparedness. Recognizing the timeline for obtaining a personal loan can help you plan your finances and ensure a smooth borrowing experience.

Many American Express credit card applications will be approved immediately. However, if your application status is pending it can take up to 60 days to get a decision.

Unlike using a debit card to withdraw money you already have in a bank account or making a purchase with your credit card, a cash advance is a short-term loan that you take against your credit card. An American Express cash advance is easy to access — you'll simply need to find an ATM after enrolling.