Amex Business line of Credit….

[Janneman]

Does anyone has any experience with Amex business line of credit? What is it called (like PLOC) ? Is it better than from credit unions and banks? For this, Amex requires any documentation?? Please share your experiences. Thanks

[GZG]

---

@Janneman wrote:

Does anyone has any experience with Amex business line of credit? What is it called (like PLOC) ? Is it better than from credit unions and banks? For this, Amex requires any documentation?? Please share your experiences. Thanks

---

you'll need to connect your biz bank account(s) to apply and keep them connected while you have it 

general myfico consensus was that it wasn't a great product, and prob not better than other offerings, there's a couple of threads I feel talking about it 

@SouthJamaica can probably explain it better 

[Janneman]

---

@GZG wrote:

---

@Janneman wrote:

Does anyone has any experience with Amex business line of credit? What is it called (like PLOC) ? Is it better than from credit unions and banks? For this, Amex requires any documentation?? Please share your experiences. Thanks

---

you'll need to connect your biz bank account(s) to apply and keep them connected while you have it 

general myfico consensus was that it wasn't a great product, and prob not better than other offerings, there's a couple of threads I feel talking about it 

@SouthJamaica can probably explain it better 

---

Would need to connect with the business account with Amex or with any bank? What is called this kinda loan? Thanks

[cashorcharge]

---

@Janneman wrote:

---

@GZG wrote:

---

@Janneman wrote:

Does anyone has any experience with Amex business line of credit? What is it called (like PLOC) ? Is it better than from credit unions and banks? For this, Amex requires any documentation?? Please share your experiences. Thanks

---

you'll need to connect your biz bank account(s) to apply and keep them connected while you have it 

general myfico consensus was that it wasn't a great product, and prob not better than other offerings, there's a couple of threads I feel talking about it 

@SouthJamaica can probably explain it better 

---

Would need to connect with the business account with Amex or with any bank? What is called this kinda loan? Thanks

---

You'll need a business checking account for the entity that you are applying under for credit.  That bank account for that company at whatever bank you use, will have to be sync'd to AMEX.

[SouthJamaica]

Yes

I opened one and promptly closed it

It's not a line of credit at all

IMHO it's just a series of overpriced installment loans 

IMHO calling it a line of credit is fraudulent 

[fm92555]

---

@Janneman wrote:

Does anyone has any experience with Amex business line of credit? What is it called (like PLOC) ? Is it better than from credit unions and banks? For this, Amex requires any documentation?? Please share your experiences. Thanks

---

As others mentioned, this is not a traditional LOC. Good to have in your back pocket in case you need quick funds. Other than that each withdrawal is a term loan with its own fees. They work this like one of the fintech products.

It will renew annually and the credit line will adjust based upon your usage and what activity you show in your linked account. If you can, you should work towards a traditional line of credit at a traditional bank.  Although I do read that many banks want to move to the bank account linking to be able to verify what you have in your accounts and your business income.