topic AMEX Personal Loan Approved in Personal Finance

AMEX Personal Loan Approved

sonicchris8 — Thu, 09 Nov 2017 14:31:15 GMT

Wanted to post about this since I didn't see many post when I was looking. Went to the AMEX personal loan pre-approval page yesterday and saw that I was pre-approved for up to $24.3k at no more than 9.98%. Went ahead and applied because I want to pay off a higher APR loan. I received a message that they needed more time or info. Called in to check status and they just wanted to verify it was me. Instant approved for the $8.5k I asked for at 9.98% for 36 months. Crazy thing was I was approved and signed docs at 5pm EST and had the money in my bank account this morning (the next day). No HP or anything for the loan. I've been loving building my relationship with AMEX and very thankful for the info I've learned here.

Re: AMEX Personal Loan Approved

Anonymous — Thu, 09 Nov 2017 14:33:24 GMT

Outstanding! Good work. It sounds like it was worth leaving the garden for such a good deal.

Re: AMEX Personal Loan Approved

Anonymous — Thu, 09 Nov 2017 14:40:11 GMT

Wow that's crazy fast!

No HP but I assume they soft pull from EX? What are your scores like, number of inquiries, new accounts, etc?

I didn't even realize Amex offered loans, but they are a bank, so naturally it would make sense that they'd do loans, too.

Re: AMEX Personal Loan Approved

sonicchris8 — Thu, 09 Nov 2017 14:52:49 GMT

@Anonymous wrote:
Wow that's crazy fast!

No HP but I assume they soft pull from EX? What are your scores like, number of inquiries, new accounts, etc?

I didn't even realize Amex offered loans, but they are a bank, so naturally it would make sense that they'd do loans, too.

I assumed they did SP. My EXP is 693, TU 716, EQ 714 Inq: Probably 20 on each in last 24 months. New Accounts: Too Many, Been rebuilding Util: 5%

Re: AMEX Personal Loan Approved

Anonymous — Thu, 09 Nov 2017 20:35:47 GMT

Congrats. Good rate. I'd be interested in seeing an offer but I guess they randomly select based on your profile. I'm at a 724EX and have several accounts with them... Maybe in time one will pop up.

Re: AMEX Personal Loan Approved

Aprile421 — Fri, 10 Nov 2017 16:56:26 GMT

I just did this too with Amex. Got a pre approval on my account site. Logged in filled out the form online. No hard pull, no POI and money was in the bank the next day with the stated apr they said on the pre approval. It was the easiest thing I have ever done. This was my first personal loan. I had some home improvement things I wanted to do and the finance charge was less than taking out a project loan.

Re: AMEX Personal Loan Approved

Anonymous — Fri, 10 Nov 2017 16:57:51 GMT

Wow, that amazes me that Amex's credit card wing involves their personal loan wing, which I assume are totally different departments!

How long have you had your Amex account for? Was the offer literally on your account main page, or in a section off the main account page?

Re: AMEX Personal Loan Approved

Aprile421 — Fri, 10 Nov 2017 16:58:26 GMT

Amex told me to go to this site. https://www.americanexpress.com/us/personal-loans/ to check for pre approval. You can also try www.americanexpress.com/apl to see if you have an offer.

Re: AMEX Personal Loan Approved

Aprile421 — Fri, 10 Nov 2017 17:01:30 GMT

@Anonymous wrote:
Wow, that amazes me that Amex's credit card wing involves their personal loan wing, which I assume are totally different departments!

How long have you had your Amex account for? Was the offer literally on your account main page, or in a section off the main account page?

I have had my account a little over a year. I posted recently how they offered me a apr drop, personal loan and a CLI all in one week on the credit card board.

Re: AMEX Personal Loan Approved

Aprile421 — Fri, 10 Nov 2017 17:03:35 GMT

When I called Amex to ask about the offer I saw on my account they told me to go to www.americanexpress.com/apl to see if I still had the offer.

Re: AMEX Personal Loan Approved

Anonymous — Fri, 10 Nov 2017 17:09:07 GMT

Very cool! And rates as low as 6.99% for "excellent" credit is really competitive. Good to know -- I haven't done a personal loan in my entire life, but I can envision taking advantage of a low interest rate versus using a credit card especially if there are no prepayment penalties. Last year's nearly $10,000 emergency boiler replacement hit me at a bad time but thankfully my emergency fund covered the 2 months it took to pay back. If I could have gotten a 10% loan for 4 months I would have done it in a heartbeat!

Nice to know that Amex's other departments reach out to credit card holders in as little as a year.

How many inquiries/new accounts did you have when you applied?

Re: AMEX Personal Loan Approved

Aprile421 — Fri, 10 Nov 2017 17:27:44 GMT

I have about 10 inq most will fall off in Mar of next year because they were mortgage. But I did just take 1 new one to open my USAA limitless account in Sept or Oct forget which month. My scores are in the 720s range now since the new limitless account hit. You can do the process and get your rate and everything on the site with no hard pull just for fun to see if and how much you qualify for it doesn't actually go through until you hit the submit button.

Re: AMEX Personal Loan Approved

Anonymous — Fri, 10 Nov 2017 17:41:11 GMT

I'm holding off on ever prequalifying anything on Amex for now since I literally just got my first Amex with them in 15 years (BCP) and want to get the 61 day 3X CLI lol. Don't want to rock boats, poke bears or put ketchup on hotdogs here.

Re: AMEX Personal Loan Approved

Aprile421 — Fri, 10 Nov 2017 18:22:33 GMT

LOL Gotcha but always nice to know it is there if you ever do feel like poking the bear just a little.

@Anonymous wrote:
I'm holding off on ever prequalifying anything on Amex for now since I literally just got my first Amex with them in 15 years (BCP) and want to get the 61 day 3X CLI lol. Don't want to rock boats, poke bears or put ketchup on hotdogs here.

Re: AMEX Personal Loan Approved

Anonymous — Fri, 10 Nov 2017 18:35:25 GMT

Definitely!

Another reminder that treating Amex well means they'll be able to treat you well in return! Glad they let me back in the door -- I never actually charged off on them but I did let a secured Amex charge card go 120D and they used my secured balance to PIF and close it. This was forever ago, also weird to think that Amex had a secured charge card!

Re: AMEX Personal Loan Approved

rom828 — Fri, 10 Nov 2017 21:17:50 GMT

Congrats on the loan and nice APR!

If I'm understanding correctly from the posts I've been reading, it's a soft pull and docs are handled electronically.

Curious as to what all is needed so I can have my ducks in a row

Re: AMEX Personal Loan Approved

Aprile421 — Sat, 11 Nov 2017 00:20:52 GMT

All docs were online. It was a simple fill out your name, address, SSN and income and then electronic sig hit submit. Boom next day money in the bank that simple. No hp at all.

Re: AMEX Personal Loan Approved

Anonymous — Mon, 27 Nov 2017 22:31:36 GMT

congrats everyone I got the same for 4500 signed online today can take up to 2 weeks it says no rush though as i'm going to pay off a higher loan

Re: AMEX Personal Loan Approved

sonicchris8 — Wed, 29 Nov 2017 17:41:24 GMT

Congrats on your loan approval!

Re: AMEX Personal Loan Approved

Anonymous — Wed, 29 Nov 2017 18:21:49 GMT

appreciate it, now just wished they would give me the spg card lol