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AMEX personal loan Q

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AMEX personal loan Q

Long time lurker, I got a new AMEX Gold not too long ago and I wanted to get a personal loan with them. I was wondering if any of you had experience with them. Its not showing me a preapproval, I called and they said its bc my account is so new, but I was wondering about how long it would take. They of course gave me the political "cant confirm an amount of time"

 

The reason why is bc im military and wanted to take advantage of the interest rate benefits. If anyone else has a loan company with military benefits that would be great to know as well! Thanks! 

Message 1 of 15
14 REPLIES
Contributor

Re: AMEX personal loan Q

I don't have an answer for you, but thank you for your service.

 

Message 2 of 15
Established Contributor

Re: AMEX personal loan Q


@salgado wrote:

Long time lurker, I got a new AMEX Gold not too long ago and I wanted to get a personal loan with them. I was wondering if any of you had experience with them. Its not showing me a preapproval, I called and they said its bc my account is so new, but I was wondering about how long it would take. They of course gave me the political "cant confirm an amount of time"

 

The reason why is bc im military and wanted to take advantage of the interest rate benefits. If anyone else has a loan company with military benefits that would be great to know as well! Thanks! 


I'm not sure if there will ever be any guarantee to offer you a loan.  You already mentioned that you have to get a preapproved offer so it is not something you can just apply for at any time.  I have a loan through them and from reading here, many people have been a customer for many years without ever receiving an offer.  I'm not sure what triggers it.  I will tell you that I have never paid Amex a penny in interest for any revolving credit and always PIF.  Perhaps they saw me as somewhat unprofitable?  Charging me guaranteed interest by offering me an installment loan was certainly a good way to change that.  Your guess is as good as mine.

FICO 8
Message 3 of 15
Established Contributor

Re: AMEX personal loan Q

First and foremost I want to double down on the "thank you for your service" from the previous poster.

 

To answer your question I can say I've been with Amex for over 10 years and I was pre approved for a loan through them I think around the end of 2017.  I will say at the time I did have some balances on cc's because I was taking advantage of 0% purchase promos on my non-Amex cc's so maybe they thought I was a good candidate for a personal loan.  My scores were in the low 700's on Experian which is who Amex typically uses.  I didn't have any balances on my Amex cc's.

 

As to the part about you being in the military doesn't PenFed & Navy Federal have some discounted offers for the military including discounts for setting up auto pay  for the loan from your checking.  That might be something you can look into.  Just a suggestion since you don't have to wait for pre-approvals to apply for personal loans through credit unions.

Message 4 of 15
Established Member

Re: AMEX personal loan Q

I've had two loans from Amex...have been offered at 6x.  Been with them for 3 years now.  I PIF all the time...and have about 7 cards with them.  Not sure of the algorithm for the loan (to include my payment patterns), but as soon as I paid off the first one of $25K, they offered another for $40K, of which I took a loan for $20k.  I've not needed the money, I simply take the loan for 3 years, pay off in 12 months or less to build a relationship.  I can say, Best Egg and Amex are quick to followup with a new loan offer after you pay the first one off.  

 

Btw...one thing I do notice is that you only see the preapproved offer through Amex online...and it's always been advertised on my Platinum page...I don't see them on any of the other cards, that may be the difference.  Not sure....good luck!

Message 5 of 15

Re: AMEX personal loan Q

I don't know if this will help, but I got pre-approved for a loan about 9 months after I got a credit card with them. In fact I got pre-approved for like 3,500 and then I took a long time to accept and and when I did then it was no longer valid. Then a couple days later I was pre-approved for like 3800 and I took 3,500.

So maybe you won't have to wait too long.
Message 6 of 15
Established Contributor

Re: AMEX personal loan Q

To add another DP, I have a pre-approval in my account right now and I've SD'ed both of my AmEx CCs for the time being. Funny thing is they don't give me CLIs anymore, but they are willing to pre-approve me for a loan. I've never taken them, but it's usually popped up a few times over the past 18 months. Got my first Amex CC 12 years ago and my second a bit more than a year ago. 

 

And I'll add my thanks for your service. Thank you!

Message 7 of 15
Valued Member

Re: AMEX personal loan Q

Does AMEX do a SP or HP if you are pre-approved for one of their loans? I have been seeing the pop up approval when I log in. Also does the loan appear listed in the app if accepted? Thanks
Message 8 of 15
Established Contributor

Re: AMEX personal loan Q

My pre-approval message says this "With fixed monthly payments and no credit score impact to apply, an American Express® Personal Loan may be right for you."

 

I'm assuming this means no HP. 

Message 9 of 15

Re: AMEX personal loan Q

Mine only did a SP, even after I was approved.  But at one point I applied for a business card with them, not pre-approved, and was denied but they never did a HP.

Once the loan is accepted then it will appear the same way another card appears, so theres a dropdown where you select the card/account and it appears there. 

Message 10 of 15