American Express Business Loans

• Annual business revenue of $80,000 or more
• Your business must be registered for GST
• Companies (pty ltd), partnerships, trusts and sole traders are currently eligible
• You have been an American Express Card Member for a minimum of 6 months
• Minimum one (1) year in business
• No bankruptcies
• Your American Express account(s) must be in good standing
• You must be a director of the applying business
• You are over 18 years of age
• You are an Australian citizen or permanent resident

What is an American Express Business Loan?

A business loan is a sum of money lent to your business to be repaid over an agreed period of time. American Express Business Loans range from $5,000 to $300,000 with loan terms of 12, 18, 24, 30 or 36 months. The loan amounts and terms are subject to approval criteria.

Is there any security required?

We require a signed personal guarantee from the individual applying for the loan.

Are there any fees?

Apart from interest, there are no set up fees, monthly fees, or fees for paying off your loan early. There is a $30 missed payment fee applied each time you miss your scheduled weekly repayment.

What is my interest rate?

The interest rate is based on the information we have about your business at the time of the application, including credit history, and the financial information you provide to us.

How is the interest calculated on my loan?

The interest rate on your American Express Business Loan is expressed as an Annual Percentage Rate (APR). The APR calculates the interest based on the reducing balance of your principal component, expressed as an annual rate. Unlike a simple interest rate, this means that as you pay down the initial principal component, the amount of interest you're charged also reduces

We’ve created a Business Loan Calculator which you can use to estimate what your loan repayments could look like.

How much can I borrow?

We offer amounts ranging from $5,000 to $300,000, subject to approval criteria.

How do I apply?

The application is a simple online process and can be completed in as little as 15 minutes.

How long does it take to get approval?

Applicants will typically receive approval within one to three business days of applying. The approval timeframe depends on the information we require from you and your business.

What information do I need to apply?

• The latest total turnover of your business
• Details of your business ownership
• The three most recent bank statements of your business in PDF format
• Depending on your business situation, we may ask you for additional financial documents. For example, your business balance sheet or business profit & loss statement.

How many loans can I have?

Your business can only have one American Express Business Loan at a time.

I don’t have a specific bank account under my business’ name. Can I submit my personal bank account statements instead?

Unfortunately, no. We require all applications to submit business bank account statements. This is defined as a bank account specifically in the applying business’ name.

Who can apply for an American Express Business Loan?

Eligible American Express Business and Consumer Card Members can apply for an American Express Business Loan. Minimum eligibility criteria apply, such as, but not limited to, a minimum $80,000 annual turnover, minimum one (1) year in business, the business must be GST registered and no bankruptcies.

Can I apply by phone?

The application process is only online, but if you have any questions, you can call a customer service specialist on 1800 875 078 between 8:00 am-6:00 pm Australian Eastern Time, Monday – Friday.

How long do I have to review my loan agreement?

Once you are approved and have read the terms and conditions, you’ll be able to see your loan agreement. From then, you’ll have 30 days to review, accept, and sign the agreement. If you don’t take any action within this 30-day period, your application will be cancelled.

Will my credit score be impacted if I apply for a loan?

Applying for an American Express Business Loan may impact your credit score. We reach out to the credit bureau once you’ve submitted an application and enquire on both business bureau and personal bureau files for commercial purposes.

How will I receive the funds?

During the application process, you’ll provide the bank account where you want the funds sent. Once you are approved and have signed the loan agreement, you’ll typically receive your funds within one to three business days depending on your financial institution.

What will my bank details be used for?

This will be the account to which your business loan funds will be disbursed. Your scheduled loan repayments will also be direct debited from this account.

Can I change my nominated bank account?

Yes, if you wish to change your nominated bank account, you can call us on 1800 875 078 between 8:00 am-6:00 pm Australian Eastern Time, Monday – Friday. You can only change your nominated bank account if the existing one has been cancelled and if it has been held on file for at least 30 days.

Will funds be sent directly?

Yes, your loan funds will be deposited directly into your nominated bank account typically within one to three business days from the date you accept your loan offer.

How do I make loan repayments?

Once the loan has been approved, your repayments will be direct debited from your nominated bank account on a weekly basis. You can make additional payments to pay off your loan faster or make up for a missed payment through the Business Loans Online Account or call us on 1800 875 078 between 8:00 am-6:00 pm Australian Eastern Time, Monday – Friday.

How much do I need to pay back each week?

American Express Business Loans are payable in weekly fixed instalments. The amount you pay will depend on how much you’ve borrowed, your repayment term, and the total amount of interest over the life of your loan – which is based on your personalised interest rate.

What if I pay late or don't have enough money to make a payment?

You’ll be charged a $30 missed payment fee if there are insufficient funds in your account or the direct debit fails at the time of your weekly repayment. If you foresee any difficulties in making any upcoming payments, please call us ahead of your next scheduled payment to talk to a Business Loans Representative and discuss the options available.

How long do I have to pay off my business loan?

12, 18, 24, 30 or 36 months. The loan amounts and terms are subject to approval criteria.

Can I make additional payments or pay off my loan early?

Yes – to both. You’re free to make as many payments as you wish, with no fees attached. There are also no penalties for paying off your loan early. If you’d like to pay off your loan early, you’ll be able to see how much is outstanding in your Business Loans Online Account. Or you can call us on 1800 875 078 between 8:00 am-6:00 pm Australian Eastern Time, Monday – Friday.

Where can I find my statement?

You can find your statement online when you log into your Business Loans Online Account. Navigate to the ‘Documents’ tab, and you will be able to view your most recent statements.

Where can I see my business loan details?

Simply log into your Business Loans Online Account to access your loan information. From there, you can see the outstanding balance due, monthly payment amounts, payment due dates, and prior payments and credits.

Where can I find my loan account number?

You’ll see your loan account number in your loan agreement, which is included with your loan documents – and can be found in the account summary section of your Business Loans Online Account.

Can I change my payment due date?

No. Your payment due date will be set once you accept the terms and conditions of your American Express Business Loan. The payment due date will be on the same day of the week for the life of your loan or until it has been paid off. You will not be able to change this date.