American Express personal loans: 2025 review

Where American Express personal loans stands out

• Low APRs: The industry average annual percentage rate (APR) for personal loans is above 12 percent. American Express is one of only about a half-dozen personal loan lenders Bankrate has reviewed that’s currently offering a starting rate under 7 percent, and its maximum APR is unusually low, too.
• Fully online process: Applying for an American Express personal loan is completely digital with a nearly instant decision.
• Minimal fees: American Express only charges late and returned payment fees (both are $39). This keeps the cost of borrowing down and means you receive the full amount you’re approved for.

Where American Express personal loans falls short

• Membership requirement: Only existing American Express card members are eligible. Many lenders do not require a prior relationship.
• You must be preapproved to apply: American Express personal loans are available by invitation only. Even if you get an American Express credit card, there’s no guarantee that you’ll receive an offer.
• No opportunity to negotiate: Some lenders will match or beat preapproved terms you receive from other lenders. With American Express, you receive a preapproved offer that states your rate and the maximum amount you can borrow, with no apparent wiggle room.

American Express customer experience

A positive customer experience can make one lender stand out against the competition, especially for those who require extra support. American Express’s application process is fully online, so consider this if you prefer in-person assistance. 

Customer support 

If you have any questions during the personal loan process, you can contact the American Express support and help center over the phone, online chat or through the mobile app. The American Express mobile app is available for both Android and iOS users. 

You can call the personal loan customer service direct line at 844-273-1384 Monday through Friday from 9 a.m. to 8 p.m. ET.

Digital experience 

The American Express personal loan application is part of the same ecosystem that credit card users use to manage their accounts. The application process is fairly simple and is handled directly online. The American Express mobile app is available for both Android and iOS users and can be used to get assistance or for account management.

How this lender compares

Although American Express offers competitive rates for its customers, its loans are available by invitation only. If you are not a current account holder and have received an offer, it is best to compare personal loan rates elsewhere. 

American Express vs. Wells Fargo 

For those who prefer to borrow from well-established financial institutions, Wells Fargo is another strong option. The bank offers a comparable minimum loan of $3,000 but its loans max out at $100,000 — ideal for those looking to finance a large expense. 

Another upside to a loan with Wells Fargo is the ability to visit a local branch for help applying or managing your loan. The latter option also boasts longer term options, up to 84 months versus American Express’ maximum of 60 months.

American Express vs. Discover

Fellow credit card company Discover offers a great personal loan option for those with strong credit. Discover lists a minimum credit score requirement of 660. While this qualification is fairly high, it is a good option for those who fall into that credit score band. However, its starting rate is higher than American Express’ at 7.99 percent.

Additionally, Discover offers borrowers online support that makes it stand out against other bank lender options. Specifically, there are helpful loan calculators that provide a firm idea of how much you’ll spend and what you can afford. 

How Bankrate rates American Express