29/09/2021
14h13
Documents necessary for the application of American Express Personal Loan:
- Copy of government-issued identification
- Proof of income, which can be a W-2 or paystub
- Proof of Checking account
- Social Security number.
Interest rate and Administration fees:
- An origination fee is a one-time, upfront fee that some lenders charge for processing a loan. The fee can range from 1% to 10% of the loan amount, and lenders typically deduct it from your loan proceeds.
- Annual percentage rate is the interest rate on your loan plus all fees, calculated on an annual basis and expressed as a percentage. Use the APR to compare loan costs from multiple lenders.
- APRs range from 6.91% to 19.97% for American Express Personal Loans. Unlike most other personal loan lenders, American Express doesn’t offer an interest rate discount for making payments using Autopay (typically, a 0.25% discount is applied for signing up to have your payments automatically applied to your balance).
- Late fee: AmEx charges a $39 late fee if you fail to make a payment. Though many lenders charge a late fee for missing a payment, most offer a grace period to borrowers, which can help you avoid paying the fee.
Procedure for the loan application:
1. Check for an offer.
Find out if you’ve been pre-approved by logging into your American Express account. You will see how much you can borrow and your rate.
2. Quick application.
Tell them how much you need up to the pre-approved amount, select a monthly payment option, and enter some information about yourself. You will have a decision in seconds.
3. Get funding.
If you are approved, your funds will be disbursed after you review the terms and accept your loan. Then put your funds to work for you.
