I received an Amex Business Loan offer about a month ago and decided to apply this past Thursday. The original offer was for up to $21K at 12.47% for up to 3 years, but by the time I decided to apply they revised it to $25K at 12.47 for up to 2 years. I applied and went pending for approximately 3 or 4 days, then received an email asking me to submit Q1 Bank Statements for all business bank accounts. I submitted statements, and approximately 3 to 4 days later I received the approval. A few things: Though there language implies one could possibly qualify for a lower interest rate based on the amount of money and length of term one accepts, it's difficult to know if they will actually go lower than the highest rate they initially state. I would have taken less money and a shorter term for a better rate (I plan to pay it off in a couple months anyway). There is no balloon payment, Amex calculates how much interest you would pay over the course of your loan, adds it to your loan amount, and divides it but the amount of months in your loan term to calculate monthly payment. However, there are no pre-payment penalties. I notice some companies claim to have no pre-payment penalty by adding in a "finance charge" in lieu of an APR, but if you pay off early you still owe the entire "finance charge," which is technically a pre-payment penalty.
Congrats on the loan @MansaMusa , and nice to see it lingered for about a month and you still had it available