Question 1

What are American Express® Business Loans?

Accepted Answer

American Express® Business Loans are unsecured loans offered to select American Express Business Cardmembers or merchants through a digital-only application. Ranging from $5,000 to $300,000, these loans must be used for business purposes, such as funding inventory purchases, expanding operations or increasing working capital. They should not be used for consumer, personal, family or household purposes, to repay any indebtedness to American Express, or for any purpose prohibited by law. The loans themselves come with fixed weekly payments and their terms can be either 6, 12, 18, or 24 months.

Question 2

What are the minimum eligibility requirements to apply for an American Express® Business Loan?

Accepted Answer

At a minimum, you must meet the following requirements to be eligible for an American Express® Business Loan:

You must have an American Express Business Card or be an existing American Express merchant with a minimum tenure of one year.
Your business must be incorporated in Canada. Please note that this product is not available to Quebec-based businesses.
Your business tenure should be more than one year and should be in good standing.

Question 3

How do I apply for an American Express® Business Loan?

Accepted Answer

At this time, only select American Express Business Cardmembers and merchants have been invited to apply for an American Express® Business Loan. Once you complete your application, we'll let you know the maximum amount you can borrow and the Annual Percentage Rate that will apply to your business loan.
During the application process, you'll need to provide some basic information about yourself and your business, as well as the business' three most recent bank statements. We may also require additional information and we'll let you know if that's the case.
We will send the loan funds directly to a valid business bank account provided by you in your application.

Question 4

What are the application requirements for American Express® Business Loans?

Accepted Answer

To begin applying for an American Express® Business Loan, you'll need a valid email address. During the application process, we may ask for some or all of the following documents, or such additional documentation as we feel is necessary:

Monthly statements from your business bank account
Proof of business address (example: business lease)
Information about business partners (example: other shareholders)

Question 5

Can I apply by phone or mail?

Accepted Answer

At this time customers can only apply online. But you are welcome to call the number provided during the application process if you have any questions.

Question 6

How long does it take to receive a decision?

Accepted Answer

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

Question 7

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

Accepted Answer

Your credit score is not negatively impacted when checking to see what loan offer is available to your company. However, if you choose to apply after the offer is presented to you, we will report this to the credit bureaus, which may have an impact on your credit score and the credit score of your business.

Question 8

How will my business receive the loan funds?

Accepted Answer

The funds will be directly deposited in the business' bank account

Question 9

How long does it take for American Express to disburse the loan funds?

Accepted Answer

Once you have reviewed and accepted the terms of your American Express Business Loan, we'll send the loan funds to the business bank account on file. If the loan funds do not post to your bank within five business days, please call American Express Business Loan customer care at the number in your loan agreement.

Question 10

How much can be borrowed?

Accepted Answer

The American Express® Business Loans program offers loans ranging from $5,000 to $300,000 depending on creditworthiness as well as other factors.

Question 11

How much are the payments?

Accepted Answer

American Express® Business Loans are payable in weekly fixed installments. The amount of the weekly payment will depend on the amount that is borrowed, the repayment period selected, and the total interest paid on the loan (based on the APR we apply).

Question 12

How long will it take to pay off the American Express Business Loan?

Accepted Answer

On the application, you can choose from one of several repayment periods to repay the loan. 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.

Question 13

As an American Express® Business Loan customer, does the loan earn Membership Rewards® points or insurance benefits that are offered as part of Cardmembership?

Accepted Answer

No. American Express® Business Loans do not provide Membership Rewards points, cash back, or other benefits that may be available on American Express Card products.

Question 14

Can additional payments be made to pay off the loan early without any penalties?

Accepted Answer

Yes. With an American Express® Business Loan, there are no pre-payment penalties. In addition to the weekly scheduled payments, you can make as many additional one-time payments as you like. You can also schedule additional payments for future dates.
Please note, if you want to pay the full loan amount, it can't be scheduled for the future and will have to be paid immediately. The loan payment can only be done through pre-authorized debit from the bank account on file. Other modes of payments are not accepted.

Question 15

Can automatic payments be set up for American Express® Business Loans?

Accepted Answer

Yes, automatic payments can be set up through pre-authorized debit from the business bank account during the application stage.

Question 16

What if there is a late payment or the account doesn't have enough funds to make the weekly payment?

Accepted Answer

If your payment is late or there are insufficient funds to pay the weekly payment amount in full, you'll be assessed a fee of $45. Additional interest may also accrue on your loan.

Question 17

What are the fees associated with an American Express® Business Loan?

Accepted Answer

Fees will only be charged if there are insufficient funds to make the weekly payment. There are zero application or origination fees. There are also no prepayment penalties if you decide to pay the loan off early.

Question 18

Can the loan be repaid by cheque?

Accepted Answer

The loan payment can only be done through pre-authorized debit from the bank account on file. Other modes of payments will not be accepted.

Question 19

How do I review information about my American Express® Business Loan?

Accepted Answer

Loan information can be accessed through your American Express® Business Loan Online Account.. You'll find information such as the outstanding balance due, monthly payment amounts, payment due dates, and prior payments and credits.

Question 20

Can payment due dates be changed?

Accepted Answer

No. The payment due date will be set upon approval of the American Express® Business Loan. The due dates will be outlined in your loan agreement and payment schedule.

Question 21

I currently have an American Express® Business Loan for my business. Where can I find the Loan Account Number?

Accepted Answer

The Loan Account Number can be found on the Loan Summary and Loan Agreement, both of which are located in the Account Summary section of your American Express® Business Loan Online Account.

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