cancel
Showing results for 
Search instead for 
Did you mean: 

AMEX Small Business Loan Pre-Approval

Regular Contributor

AMEX Small Business Loan Pre-Approval

Does anyone have any experience with these loans? I got a pre-approval email today stating was pre-approved for < $50k @ 6%.

Not in the market but I am curious what if any downsides to these types of loans.

Amex Biz Plat | Amex Biz Gold | Amex Biz Plus | Amex BCP | Amex PRG | Chase Sapphire Reserve | Chase Freedom Unl | BoA 123 Sig | Delta Biz Gold | Discover IT | Macy's Amex | PayPal Extras MC | and a couple store cards | Starting Score 618 EX (2/2014) - Today All 3 above 815 | MyFico Rocks |
4 REPLIES
New Member

Re: AMEX Small Business Loan Pre-Approval

I have no experience with amex loans but i also wohld like to know... i am sure they would want all the docs and reports before they approve..
Super Contributor

Re: AMEX Small Business Loan Pre-Approval


jodysmithavl wrote:
Does anyone have any experience with these loans? I got a pre-approval email today stating was pre-approved for < $50k @ 6%.

Not in the market but I am curious what if any downsides to these types of loans.


I got an offer, was a little wary, didn't really need a loan, but wanted to see how it works. So I tried a $5k loan just to see how it works and see if it was as good as it sounded. It was; it was great. Very low interest, user friendly, no fees. Application process was 1-2-3.

 

The problem is, I haven't gotten another offer since. So my advice would be, if you could use the loan, ask for the amount that would be really useful, rather than just play around with it, because you don't know when another such offer will come along.

FICO8 EQ 721 TU 747 EX 732 Total revolving credit 454000
Regular Contributor

Re: AMEX Small Business Loan Pre-Approval


SouthJamaica wrote:

jodysmithavl wrote:
Does anyone have any experience with these loans? I got a pre-approval email today stating was pre-approved for < $50k @ 6%.

Not in the market but I am curious what if any downsides to these types of loans.


I got an offer, was a little wary, didn't really need a loan, but wanted to see how it works. So I tried a $5k loan just to see how it works and see if it was as good as it sounded. It was; it was great. Very low interest, user friendly, no fees. Application process was 1-2-3.

 

The problem is, I haven't gotten another offer since. So my advice would be, if you could use the loan, ask for the amount that would be really useful, rather than just play around with it, because you don't know when another such offer will come along.


I dont NEED the loan, but there are always projects to fund. Frankly, I am mostly concerned with the CRA reporting. Do these types of loans report to personal, or are they "hidden" like the business credit cards? 

 

 

Amex Biz Plat | Amex Biz Gold | Amex Biz Plus | Amex BCP | Amex PRG | Chase Sapphire Reserve | Chase Freedom Unl | BoA 123 Sig | Delta Biz Gold | Discover IT | Macy's Amex | PayPal Extras MC | and a couple store cards | Starting Score 618 EX (2/2014) - Today All 3 above 815 | MyFico Rocks |
Super Contributor

Re: AMEX Small Business Loan Pre-Approval


jodysmithavl wrote:

SouthJamaica wrote:

jodysmithavl wrote:
Does anyone have any experience with these loans? I got a pre-approval email today stating was pre-approved for < $50k @ 6%.

Not in the market but I am curious what if any downsides to these types of loans.


I got an offer, was a little wary, didn't really need a loan, but wanted to see how it works. So I tried a $5k loan just to see how it works and see if it was as good as it sounded. It was; it was great. Very low interest, user friendly, no fees. Application process was 1-2-3.

 

The problem is, I haven't gotten another offer since. So my advice would be, if you could use the loan, ask for the amount that would be really useful, rather than just play around with it, because you don't know when another such offer will come along.


I dont NEED the loan, but there are always projects to fund. Frankly, I am mostly concerned with the CRA reporting. Do these types of loans report to personal, or are they "hidden" like the business credit cards? 

 

 


It's "hidden"... i.e. pure business.

FICO8 EQ 721 TU 747 EX 732 Total revolving credit 454000