How Can You Use an American Express® Personal Loan?

9 Min Read | Published: April 12, 2024

A man and woman seated at a table, engaged with a laptop, discussing personal loan options together.

An American Express^® Personal Loan provides financing for Card Members. Gain access to the funds that you need with competitive rates.

At-A-Glance

An American Express Personal Loan^® gives Card Members access to the funds that they need and offers competitive rates.
The American Express Personal Loan application process is streamlined and user-friendly, with clear steps to determine eligibility.
An American Express Personal Loan gives you flexibility to use your money in a number of different ways, including major purchases or debt consolidation. However, there are restrictions on certain uses.

Are you facing a large planned or unexpected expense? An American Express^® Personal Loan is one option that you’ll want to consider. These loans are designed to give eligible Card Members access to funding, which can be used a number of different ways.

Why Choose an American Express Personal Loan?

There are a number of reasons to consider choosing an American Express Personal Loan.

An American Express Personal Loan offers a great deal of flexibility and can provide funding when you need it most. These loans are designed for eligible Card Members, and the application process is straightforward. You can find out whether you are approved in seconds, and once approved, funds can end up in your bank account in as little as one day, making them a good option when you need quick access to funds.¹

These loans also come with a fixed interest rate and repayment terms, making it easier to plan and budget to stick to your repayment schedule.²

American Express Personal Loans also have no origination fees or pre-payment penalties, making them a good option to consider when covering a significant life expense.³

Application Process: Steps to Apply for a Personal Loan with American Express.

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.⁴

Here are some tips to consider for a successful application:

Become a Card Member. Only eligible American Express Card Members can apply for an American Express Personal Loan. American Express selects Card Members for pre-approval based on their creditworthiness and other factors.
Decide How Much You Need: You could be eligible for a loan ranging from $3,500 to $40,000.
Check for an Offer: You can check to see if you have an offer by logging into your American Express account online. You can only apply if you receive an offer to apply and continue to meet the eligibility requirements.

How Can You Use an American Express Personal Loan?

From consolidating high-interest debt to financing a dream wedding, an American Express Personal Loan can provide financing for some of life’s big purchases.

Here are some examples of different ways that you can use an American Express Personal Loan:

Unexpected Expenses
Life is unpredictable. If you’re faced with sudden expenses or unforeseen costs, an American Express Personal Loan can act as a safety net. Just make sure your expense qualifies for loan use before applying.
Home Improvement Projects
Whether you’re looking to renovate your kitchen, update a bathroom, or undertake another type of home makeover, taking out a personal loan with American Express could provide the necessary funds to bring your vision to life.
Debt Consolidation
Another way to use a personal loan is to consolidate high-interest debt into a single loan. This could help simplify your finances and, in some cases, could help you save on interest costs over time.
A Dream Vacation
Go on that dream vacation, honeymoon, or once-in-a-lifetime trip with upfront funding, rather than needing to gradually save for an extended period of time. Or use a personal loan to jumpstart your savings so that you can get there quicker.
Life Events
You can also use the loan to pay for an upcoming wedding, moving costs, and other major life event.

Non-Qualified American Express Personal Loan Uses

When you secure a personal loan with American Express, it’s crucial to be aware of the restrictions on how you can use the funds as there are certain prohibited uses for the loan money that you must adhere to. You cannot use the loan:

To finance a new vehicle (except for a downpayment)
For post-secondary educational expenses
For real estate transactions, including the purchase of property

See more prohibited uses here.

Other American Express Products

American Express offers a range of different financial products to give you flexibility and help you reach your financial goals. In addition to credit cards and personal loans, other products from American Express include Certificate of Deposit (CD) accounts to earn interest on unused savings as well as American Express Rewards Checking and High Yield Savings Accounts.

Frequently Asked Questions

You can get a decision in seconds. Just enter in the amount you’d like to borrow, select a monthly payment option, and enter some info about yourself. The application process is fast and easy.

If you are approved, the disbursement process is swift and efficient. You could see the funds in your bank account as fast as one day.

Interest rates for American Express personal loans vary based on creditworthiness and other factors. Rates are competitive and fixed, so you know what to expect.

The Takeaway

Whether you’re looking to consolidate debt, finance a large purchase, or simply explore financial options, obtaining an American Express Personal Loan could be a good option. Just be sure to review the terms and conditions carefully before you apply, and make sure you are aligned with the repayment plan.

^1,2,3,4 To learn more about offer & benefit terms for American Express personal loans, click here.

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Thomas Short is a San Diego-based writer and editor. Thomas earned a degree in economics from Gonzaga University and covers personal finance, technology, and education.

All Credit Intel content is written by freelance authors and commissioned and paid for by American Express.

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