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I was actually searching for a small personal loan when I noticed I was preapproved for an Amex loan. This couldn't have come at a better time for me. My EX at the time of my last SP was 765. I got $6600 @ 8.98%. It was easier than filling out any other application for credit. I clicked on the apply button, selected my amount, term, typed in my annual income, and where I would like the money to go. I clicked enter and about 20 seconds went by when a PDF file came up. I had to type my full name and click one other box to accept the loans terms. Done. I applied Sunday at exactly 2:07 pm. I woke up to a text message from my bank with the deposit. Wow. From app to funding was about 15 hours.
-No POI, no HP
-No verification through email, telephone, or anything else. I used the same linked bank account that I pay my Amex bill every month. I assumed this is probably why they didn't bother with any verification.
Since I was in the market for a loan anyways, I have been doing SP at various sites to check my rates. I was approved to apply at all.
Sofi
4 years 12.74%
5 years 13.24%
Upstart
3 years 13.06%
5 years 14.11%
Prosper
3 years 13.14%
5 years 14.18%
Marcus
4 years 19.99% --- WTH?
Hope these data points help others. Have a good day everyone!
Thank you for post this. It is a good information. Currently I have Sofi but it has 12.24 which is too high but it helps to consolidate my revolving debts with high APR. With Amex I could save around $400 in 36 months and probably more because usually I pay around 1.5 to 2 times the original montly installment.
Congrats and thanks for sharing, @Anonymous. My own experience with Amex loans is identical to yours... it was both quick and painless.
I have one payment left and there's already an offer on my account to take out a new one. I don't currently have a need, but if I did I wouldn't hesitate to use them again.
@UncleB wrote:Congrats and thanks for sharing, @Anonymous. My own experience with Amex loans is identical to yours... it was both quick and painless.
I have one payment left and there's already an offer on my account to take out a new one. I don't currently have a need, but if I did I wouldn't hesitate to use them again.
Do they provide monthly credit report to the credit bureaus? All three or just Experian?
@Anonymous wrote:
@UncleB wrote:Congrats and thanks for sharing, @Anonymous. My own experience with Amex loans is identical to yours... it was both quick and painless.
I have one payment left and there's already an offer on my account to take out a new one. I don't currently have a need, but if I did I wouldn't hesitate to use them again.
Do they provide monthly credit report to the credit bureaus? All three or just Experian?
It will report to all three, just like an Amex card does.
Actually, the account number looks like an Amex card as well (same length, starts with a "3", etc.) but it reports as installment rather than revolving.
Thanks. I just switched from SOFI to Amex personal loan with a lot lower APR. That Sofi is killing me. I paid over $1000 in three months but the interest rate raking up like crazy and they are always behind in reporting too. Now it is easier for me to pay off my loan..
@UncleB wrote:Congrats and thanks for sharing, @Anonymous. My own experience with Amex loans is identical to yours... it was both quick and painless.
I have one payment left and there's already an offer on my account to take out a new one. I don't currently have a need, but if I did I wouldn't hesitate to use them again.
UncleB, did you notice aa score drop as soon as the loan reported as PIF? I read another user had a 40 point drop, but I will assume any drop in score would be mitigated by having other installment loans in your credit mix. TIA
@Anonymous wrote:
@UncleB wrote:Congrats and thanks for sharing, @Anonymous. My own experience with Amex loans is identical to yours... it was both quick and painless.
I have one payment left and there's already an offer on my account to take out a new one. I don't currently have a need, but if I did I wouldn't hesitate to use them again.
UncleB, did you notice aa score drop as soon as the loan reported as PIF? I read another user had a 40 point drop, but I will assume any drop in score would be mitigated by having other installment loans in your credit mix. TIA
That might be me you're thinking of... my scores dropped ~40 points across the board (EX went from 821 to 781).
In my case I don't have another loan with a balance, so the reason code I now see is "lack of recent installment loan...", just like it was before I took out the loan in July 2017.
I was hoping that by 'recent' FICO would take my recently closed installment loan into account at least somewhat, but that doesn't seem to be the case. In my humble opinion the reason code should actually read "lack of active installment loan", but of course my opinion doesn't matter... LOL.
Awesome, thanks for the reply. The universe of credit and the idea of caring for credit is new to me. I'm really trying to soak all this in. So using your DP's, if you were to secure an SSL, would your score rebound fully for the duration of the SSL?
Thanks again
@Anonymous wrote:Awesome, thanks for the reply. The universe of credit and the idea of caring for credit is new to me. I'm really trying to soak all this in. So using your DP's, if you were to secure an SSL, would your score rebound fully for the duration of the SSL?
Thanks again
Yep, I'm considering taking out a SSL, and if/when I do, I expect possibly a slight 'ding' for two or three months (due to the new account), then for the score to take a nice 'bounce' once the balance reports as being mostly paid off.
With my Amex loan I paid about half of it back right away, but my scores didn't get into the 800s until I had the balance under $1000 (the original amount was $3500) which was around the 9th month.