American Express Personal Loans:
American Express Personal Loans are unsecured personal loans, which means that there is no security required. You must be an Amex holder in good standing with at least a decent credit rating of at least 680 to qualify for a loan. You must also have a linked checking account of American Express Personal Loans for your Amex account to make a loan payment to the lender. Read the terms and conditions outlined on the application closely before submitting it for approval. Before you proceed, make sure you understand the terms of the loan agreement.
Types of Loans:
There are three types of American Express Personal Loans namely.
- Single Product Line
- Low Rate Personal loans
- Secured Loans
Single Product Line:
To apply for a single product line, you need to open a new account with the same financial institution where you have opened the original account. For applying for these loans, you need to meet the following requirements: you are eighteen years of age or older; you are a United States citizen or a legal resident of the United States who is in good standing; you are a responsible citizen who has not bounced checks or committed fraud within the last five years.
Low Rate Personal loans:
For applying for low-rate personal loans and meeting the eligibility requirements, you should open a checking or savings account with a US bank that is linked to the Amex cardholder’s account. You should have a stable job or monthly income that meets the requirements of the lender. It is a good option for borrowers who do not have much money to offer as collateral. The interest rates offered are low and affordable and repayment options are feasible and easy.
American Express Payday Loan and Cash Advance loans are similarly designed. For both, you need to have a regular source of income, such as salary or income from other sources. The requirements are the same for both – you need to have a checking or savings account linked to the Amex card. You need to meet basic eligibility requirements for both loans. However, borrowers who have retired from their jobs or who have children who are in school, or those who are currently enrolled in college are given priority in terms of receiving these loans.
The loans are provided by the banks where you have an existing account. American Express, Discover. And MasterCard is the participating financial institution in this program. To apply for a personal loan from these financial institutions, you can visit their websites or call the customer service hotline to apply. They will ask you to fill out an application form.
Low-Cost Unsecured Loans:
To receive low-cost unsecured loans and to qualify for competitive interest rates, you need to have a decent credit score. A credit score means that your debts are paid on time as agree and that you do not have too many late payments. The credit score also indicates your ability to repay the borrowed amount. So if you have low credit scores, you can still get these American Express personal loans.
Before you go for these personal loans, check with your lenders. Some lenders will charge you extra money just because you have a low credit score. They may increase your interest rate or reduce your credit limit. So always shop around before agreeing to the terms of American Express personal loans. It would be better if you negotiate with your lenders about the payment terms and repayment options.
All the information you need to apply for these loans is available online. You can search for information using a search engine or you can contact your bank directly. If you don’t know how to fill out the application forms. you can simply call their customer service hotline for assistance. Once you have all the required information, you can apply online and wait to receive your approval.
