topic Re: Question About AMEX Personel Loan in Personal Finance

Question About AMEX Personel Loan

Anonymous — Fri, 26 Nov 2021 19:43:09 GMT

Hello,

Today I was checking on my amex accounts and I got an immediate pop-up for the personal loan , my offer is $25k and 6.98 APR

My question is let's say If I make a huge payment worth 6 months of payments today do you still have a payment due next month ?

Thank you

Re: Question About AMEX Personel Loan

tcbofade — Fri, 26 Nov 2021 20:52:25 GMT

Yes.

Making a larger payment on an Amex loan does reduce your principal, but does NOT extend your next payment due date, you still have to make a payment next month.

Re: Question About AMEX Personel Loan

CreditInspired — Sat, 27 Nov 2021 20:13:21 GMT

@tcbofade wrote:
Yes.

Making a larger payment on an Amex loan does reduce your principal, but does NOT extend your next payment due date, you still have to make a payment next month.

And it also reduces the amount of interest paid over the life of the loan. Hopefully, the AmX PL works like Discover PL. The amount paid above the monthly payment is first applied to that month's interest and the remainder is applied to principal unless you have any outstanding fees.

Re: Question About AMEX Personel Loan

Anonymous — Tue, 30 Nov 2021 05:33:28 GMT

yes, monthly payments dont go away until the balance is 0. the monthly payment may be reduced drastically due to less amount owed, but you still need to pay monthly.