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American Express Small Business Loans Review


ConsumersAdvocate.org Rating: 4.1 / 5 (Excellent)
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American Express is a financial services company that offers a wide range of consumer and business lending products. The company has a BBB A+ rating, and a 5-star TrustPilot score. American Express is headquartered in New York, New York.
 
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How is American Express rated?

Breakdown

4.5/5
Loan Options
3.6/5
Application Requirements
3.9/5
Average Rates & Fees

Overall Rating: 4.1 / 5 (Excellent)

American Express® Business Line of Credit offers access to a commercial line of credit ranging from $2,000 to $250,000; however, you may be eligible for a larger line of credit based on our evaluation of your business. Each draw on the line of credit will result in either a separate installment loan or another loan type with associated loan term lengths, all subject to eligibility. For installment loans, each draw on the line is a separate 6, 12, 18, or 24- month loan depending on your eligibility.*

Loan Options

Disclaimer

*American Express® Business Line of Credit offers two loan types, installment loans and single repayment loans for eligible borrowers. All loan term types, loan term lengths, and pricing are subject to eligibility requirements, application, and final approval. This [content/ article] contains general information about the American Express® Business Line of Credit installment loan type only.

Term Loans

Min Loan Amount
$2,000
Max Loan Amount
$250,000
Min Term Length
6 months
Max Term Length
18 months

Loan Options - 4.5 / 5

American Express offers fixed-rate term loans for small businesses. Loan amounts range between $2K and $250K and are available in terms of 6, 12, 18, or 24 months.

Total monthly fees incurred over the loan term range are:

3-9% for 6-month loans
6-18% for 12-month loans
9-27% for 18-month loans
12-18% for 24-month loans

American Express Rates & Fees

Average Rates & Fees - 3.9 / 5

American Express® Business Loans are payable in loan term lengths. Each draw on the line of credit will result in a separate installment loan. All loans are subject to credit approval and are secured by business assets. Lines of credit are subject to periodic review and may change or be suspended, accompanied with or without an account closure.

There are no application or origination fees. There are also no prepayment penalties if you decide to pay your loan off early.

Application & Qualifications

Online Application
Funding Time
If approved, once you’ve reviewed and accepted the terms of your American Express® Business Loan, American Express will send your loan funds typically within 3 to 5 business days to the bank or business card bank account(s) identified in your application.

Application Requirements - 3.6 / 5

Eligibility is based on creditworthiness and other factors. Not all industries are eligible for American Express® Business Line of Credit. Pricing and line of credit decisions are based on the overall financial profile of you and your business, including history with American Express and other financial institutions, credit history, and other factors. In order for an application to be approved, an applicant must meet the minimum criteria, including but not limited to:

• Must be at least 18 years of age
• Minimum FICO score of at least 640 at the time of application
• Have started your business at least a year ago
• Average monthly revenue of at least $3,000

All businesses are unique and are subject to review and approval.

American Express Reputation

Customer Feedback

Trustpilot Score
5.0 out of 5
BBB Rating
A+
Date Collected
2024-07-22

Consumer Education - 4.4 / 5

American Express publishes a blog geared toward business customers called "Business Class: Trends and Insights." The company also hosts its own podcast and posts educational videos on its website.

Contact & Additional Information

Homepage URL
https://www.americanexpress.com/en-us/business/blueprint/business-line-of-credit/
Company Phone
(888) 781-6972

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Our Partner

Applying won’t affect credit score

  • Loan Amounts: $5,000 to $250,000
  • Average Yearly Revenue requirements: $100,000
  • Minimum Credit Score: 625 FICO
  • Minimum Time in Business to apply: 1 year
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