AMEX Personal Loan Question

[Anonymous]

Not really a Student Loan, but I couldn't find a place for general loans.

AMEX is offering me up to $17k at a max 7% APR (could be less, final APR will be disclosed at the end of the process)

I've never taken out a loan, ever. Is that a good APR? My Experian FICO is 755. The minimum is $3500, and can be for 12/24/36 months.

I'm not planning on getting one, just curious if in general it would be a good offer if needed at some point. 

[Anonymous]

Depends if you have a need for it. That is IMO low for a personal loan. There are many people who play the 0% game with BTs and Purchase promos. 

[Dave4fun]

YES! That is a great rate for a personal loan. Like you said it might be less. The good thing with Amex loan offer is (typically) they are pre-approved so the application process is fast and easy. If you have a credit ard balance wiht an APR of 14, 16 or 18+ That Amex  personal loan is an easy and convenient way to pay off the credit card balance with the higher rate. Or, say you perhaps as an example, you have medical expenses ,tax payments or other bills that need to be paid off, this loan will work out nicely for that, and you can pay it off early if you like and save even more interest. 

[Anonymous]

@Dave4fun...there is no penalty for paying it off early?

[Anonymous]

And that does seem like a decent enough rate to me but im not an expert in the personal loan department ☺ If your really interested, go for it.