AMEX Business Line Of Credit....Process questions?

[cashorcharge]

I continue to receive preapprovals from AMEX for a Business Line of Credit.  As I am already with them, I have been able to apply for and get approved for additional cards (business and personal) without another HP and without providing any documentation.  

My question is for those that may have this product....were you preapproved and did you get a HP when you applied?  If you're already an AMEX client...would this get approved like adding a card...no HP required and no bank statements or anything of the sort?

Would appreciate hearing about your experience.  Thanks!

[JoeRockhead]

They gave me a pre-approval last year, I nibbled at the time and it was an instant approval, no HP, no docs... Have never used it, as it's not a true BLOC, but more like termed loans with different tiers that group minimum amounts in order to qualify for certain terms. For example, you can't borrow $5k for 18 months, max term might be 12 months on that amount. To get the longer terms you have to borrow more. As you pay it down, you can draw on it again. 

[GZG]

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@cashorcharge wrote:

I continue to receive preapprovals from AMEX for a Business Line of Credit.  As I am already with them, I have been able to apply for and get approved for additional cards (business and personal) without another HP and without providing any documentation.  

My question is for those that may have this product....were you preapproved and did you get a HP when you applied?  If you're already an AMEX client...would this get approved like adding a card...no HP required and no bank statements or anything of the sort?

Would appreciate hearing about your experience.  Thanks!

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pretty sure you need to connect and keep a bank account linked while you have the line of credit 

you didn't have to connect a bank account? good to know it's not everybody then @JoeRockhead 

[JoeRockhead]

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@GZG wrote:

you didn't have to connect a bank account? good to know it's not everybody then @JoeRockhead 

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@GZG , Yes you do have to connect a bank account for funding and repayment purposes if you take out a loan, but IIRC the approval wasn't contingent on connecting an account, it was like any other SP approval I've gotten from them, I hit apply, instant approval and showed me the available limit. Sorry if I led anyone astray with my above post. 

[cashorcharge]

Thanks @JoeRockhead and @GZG 

Appreciate the explanation on experiences.

[SouthJamaica]

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@cashorcharge wrote:

I continue to receive preapprovals from AMEX for a Business Line of Credit.  As I am already with them, I have been able to apply for and get approved for additional cards (business and personal) without another HP and without providing any documentation.  

My question is for those that may have this product....were you preapproved and did you get a HP when you applied?  If you're already an AMEX client...would this get approved like adding a card...no HP required and no bank statements or anything of the sort?

Would appreciate hearing about your experience.  Thanks!

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My recollection is that it was easily done.

But that it's a horrendous product. Not really a line of credit at all. Just overpriced installment loans. Not worth getting involved. As soon as I opened the account and saw how outrageous the fees (in lieu of interest) were, I closed it.

[reluctantgarden]

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@JoeRockhead wrote:

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@GZG wrote:

you didn't have to connect a bank account? good to know it's not everybody then @JoeRockhead 

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@GZG , Yes you do have to connect a bank account for funding and repayment purposes if you take out a loan, but IIRC the approval wasn't contingent on connecting an account, it was like any other SP approval I've gotten from them, I hit apply, instant approval and showed me the available limit. Sorry if I led anyone astray with my above post. 

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This was my experience as well. For OP, I've used it for cash-flow management a few times, and my terms result in an effective APR of 17%, which isn't great for a LOC or term loan but fine to have sitting there if needed.

[cashorcharge]

Thanks @SouthJamaica  and @reluctantgarden 

I appreciate your experience

[Janneman]

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@GZG wrote:

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@cashorcharge wrote:

I continue to receive preapprovals from AMEX for a Business Line of Credit.  As I am already with them, I have been able to apply for and get approved for additional cards (business and personal) without another HP and without providing any documentation.  

My question is for those that may have this product....were you preapproved and did you get a HP when you applied?  If you're already an AMEX client...would this get approved like adding a card...no HP required and no bank statements or anything of the sort?

Would appreciate hearing about your experience.  Thanks!

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pretty sure you need to connect and keep a bank account linked while you have the line of credit 

you didn't have to connect a bank account? good to know it's not everybody then @JoeRockhead 

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Ok...I understand that bank account needs to be linked, however, the bank account (s) must be a business account or wherein business revenue is drawn/deposited or it could be just any business account regardless of business revenue is drawn or not, or just any account we could link even if its personal account???

[Janneman]

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@JoeRockhead wrote:

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@GZG wrote:

you didn't have to connect a bank account? good to know it's not everybody then @JoeRockhead 

---

@GZG , Yes you do have to connect a bank account for funding and repayment purposes if you take out a loan, but IIRC the approval wasn't contingent on connecting an account, it was like any other SP approval I've gotten from them, I hit apply, instant approval and showed me the available limit. Sorry if I led anyone astray with my above post. 

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Linking a bank account for FUNDING and REPAYMENT purposes? Not to determine eligibility for the loan to know how much business revenue is coming?? Also, can we link a personal account than business one?