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Personal Loans

Citizens Bank Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Citizens Bank (RI)
APR

6.79%
To
20.89%

Credit Req.

Not specified

Terms

36 to 84

months

Origination Fee

No origination fees

SEE OFFERS Secured

on LendingTree’s secure website

Citizens Bank personal loan details
 

Fees and penalties

  • Term lengths: 36 to 84 months
  • APR range: 6.79% to 20.89%
  • Loan amounts: $5,000 to $50,000
  • Time to funding: Funds can be in your account in as quickly as 2 business days
  • Credit check: Soft Pull
  • Origination fee: No origination fees
  • Prepayment fee: None
  • Late payment fee: Not specified

Citizens Bank product details

A Citizens Bank personal loan offers you the ability to lower your interest rate. If you have another qualifying Citizens Bank account when you complete your application, you’ll receive the Citizens Loyalty Discount, entitling you to a 0.25% rate discount. Save another 0.25% by opting to have your monthly loan payments automatically debited through ACH. This allows you to reduce your rate by a total of 0.50%.

In addition, if you’re an active-duty service member or are called into active duty before your Citizens Bank personal loan is repaid, you may qualify for special benefits. Eligibility varies according to a number of factors, so contact customer service for more details.

Eligibility requirements

  • Minimum credit score: Not specified
  • Minimum credit history: “Reasonably strong credit history,” per Citizens Bank’s website.
  • Maximum debt-to-income ratio: Not specified.

To qualify for a Citizens Bank personal loan, you must have a strong credit history and a minimum annual income of at least $24,000. You must also be a U.S. citizen or permanent resident of the U.S. or Puerto Rico and have a valid Social Security number. Additionally, you’ll need to be at least the age of majority in the state where you reside.

Applying for a personal loan from Citizens Bank

You can apply for a Citizens Bank personal loan online. To complete your application, you’ll need to provide your Social Security number, gross annual income — accompanied by your most recent pay stub — and requested loan amount. If applicable, you might also be required to specify the name and phone number of your employer and the name and email address of your co-signer. Do note, though, that if you use a co-signer, they’ll also need to provide all the information listed above.

After submitting your application, you might be asked to supply additional documents to verify the information submitted. If you’re asked to provide proof of Social Security number, this could include a copy of your Social Security card, birth certificate or passport. Documents needed for income verification purposes may vary, according to your unique situation. Submit the documents online for the fastest processing, via email or by standard or overnight mail.

If your personal loan is approved, you’ll need to acknowledge and accept the terms of the offer, review and sign your application and promissory note — along with your co-signer, if applicable. Your promissory note can be signed digitally — the fastest method — or physically. The money will be deposited in your account quickly — possibly within two business days — and your first payment will be due 20 to 50 days from disbursement.

Pros and cons of a Citizens Bank personal loan

Pros:

Cons:

  • No origination fees: Citizens Bank loans comes with zero fees, including origination fees and prepayment penalties.
  • Flexible terms: Choose a monthly payment that fits your budget, with terms ranging from 36 to 84 months.
  • Fast funding: Funds could be dispersed into your account in as quickly as two business days after approval.
  • Interest rate reductions: Take 0.25% off your rate if you qualify for the Citizens Loyalty Discount and another 0.25% for having your monthly loan payments automatically deducted through ACH. This can allow you to reduce your rate by up to 0.50%.
  • Strong credit requirements: While the Citizens Bank website doesn’t provide a specific baseline credit score, it does note that “reasonably strong credit” is needed for loan approval.
  • Income requirements: To qualify for a personal loan from Citizens Bank, you’ll need a minimum annual income of at least $24,000.

Who’s the best fit for a Citizens Bank personal loan?

If you don’t want to pay fees, the Citizens Bank personal loan might be a good fit. Since no fees are attached to the loan — including origination fees and prepayment penalties — you can save money on its total cost.

Considering loans can often be funded within two business days, this could also be a great choice if you need cash fast. If you already have an account with Citizens Bank, you’ll especially want to check this loan out. You could be eligible for a reduced interest rate of up to 0.50% if you qualify for the Citizens Loyalty Discount and have your monthly loan payments automatically deducted through ACH.

Reading Citizens Bank reviews like this one is an important way to gather the facts, so you can make the best choice for your unique financial situation. It’s also advisable to shop around for other low-fee lenders, before signing any loan paperwork.

Citizens Bank consumer reviews

Citizens Bank has an A+ rating from the Better Business Bureau. On LendingTree, our parent company, 92% of reviewers recommend Citizens Bank.

Positive points in consumer reviews include great rates, knowledgeability and helpfulness of the lender, as well as the rapidity of the process. On the negative side, the lack of bank branches was mentioned.

Avik, from Jericho, N.Y., praised the bank employee he worked with: “As a first-time home buyer, we stumbled upon lot of unknowns especially buying [a] little bit above our budget and affordability. David walked us through the process and made it super easy. The bank also closed the loan in such a short notice. We were able to get our home where we were competing against multiple cash offers.” Vladimir from Pomona, N.Y., found the team “very responsive and easy to deal with.”

On the other hand, while Jared from Croton On Hudson, N.Y., did acknowledge that the team was “pretty great,” he added that “the requirement to open an account with them was a bit more work when I realized how few branches were nearby,” though “likely not an issue in the long-term.”

Citizens Bank FAQ

The company offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens Bank also provides mortgage lending, student lending and commercial banking services.

Citizens Bank will take multiple factors into consideration, including employment history, credit history, assets and debt. There is a soft pull credit for the rate quote and a hard credit pull for the application.

The use of personal loans include debt consolidation, engagements and weddings, kitchen and bath remodel, vacations and timeshares, and recreational vehicles.

While Citizens Bank doesn’t charge late fees, not making your payments on time could affect your credit score.

Alternative personal loan options

Wright-Patt Credit Union

Wright-Patt Credit Union
APR

8.99%
To
17.99%

Credit Req.

710

Minimum Credit Score

Terms

60

months

Origination Fee

No origination fee

APPLY NOW Secured

on Wright-Patt Credit Union’s secure website

With no annual fee, low fixed rates and terms up to 60 months, Wright-Patt Credit Union offers personal loans that are great options for those looking to work with a credit union.... Read More

Wright-Patt Credit Union offers personal loans from $500 to $40,000. Personal loans can be used for anything. One of the perks attached to the loan is the Skip-a-Pay Program, allowing eligible borrowers to skip one payment per calendar year without a late fee. You’ll need to join the credit union to apply for a personal loan: Ohio residents in several central and southwest counties, as well as the cities of Columbus and Cincinnati, are eligible for membership; those outside the region can research other means of joining the credit union. If you qualify for membership, this can be a good choice if you need less than the $5,000 minimum Citizens Bank loan.

PenFed Credit Union

PenFed Credit Union
APR

Starting at 6.49%

Credit Req.

700

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

No origination fee

APPLY NOW Secured

on PenFed Credit Union’s secure website

Pentagon Federal Credit Union (PenFed) offers personal loans with terms up to five years and maximum loan amounts of $25,000.... Read More

PenFed personal loans are offered from $500 to $25,000. There’s no hidden costs of borrowing and funds are available immediately. Personal loans are exclusive to PenFed members, but you could be eligible to join through your employer, association membership, volunteerism or military affiliation. PenFed’s baseline APR is slightly lower than the starting 6.49% APR offered by Citizens Bank, so taking this route could allow you to score a better rate.

USAA

USAA Bank
APR

As low as 9.49%

Credit Req.

700

Minimum Credit Score

Terms

12 to 84

months

Origination Fee

Not specified

APPLY NOW Secured

on USAA Bank’s secure website

USAA offers personal loans for members with low, fixed interest and protections to fall back on if you get behind in payments.... Read More

If you’re a member of the U.S. military — or an eligible family member — you might qualify for a USAA personal loan. Borrowing starts at $2,500 and you must be a member to apply for a personal loan. Decisions are typically made immediately and loans are funded the next day. Assuming you qualify for USAA membership, this could be a good fit if your borrowing needs are less than $5,000 minimum for a Citizens Bank personal loan.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Laura Woods
Laura Woods |

Laura Woods is a writer at MagnifyMoney. You can email Laura here

Yael Bizouati
Yael Bizouati |

Yael Bizouati is a writer at MagnifyMoney. You can email Yael here

Get Personal Loan Offers
Up to $50,000

$

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Personal Loans

TD Bank Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

TD Bank Express Loan
APR

6.99%
To
18.99%

Credit Req.

660

Minimum Credit Score

Terms

12 to 60

months

Origination Fee

No origination fee

APPLY NOW Secured

on TD Bank Express Loan’s secure website

TD Bank Unsecured personal loan details
 

Fees and penalties

  • Term lengths: 12 to 60 months
  • APR range: 6.99% to 18.99% APR
  • Loan amounts: $2,000 to $50,000
  • Time to funding: Not specified
  • Credit check: Yes
  • Origination fee: None
  • Prepayment fee: None
  • Late payment fee: The lesser of 5% of the minimum payment due or $10
TD Bank Express Loan details
 

Fees and penalties

  • Term lengths: 12 to 60 months
  • APR range: 6.99% to 18.99% APR
  • Loan amounts: $2,000 to $25,000
  • Time to funding: Possibly as early as 48 hours after you apply
  • Credit check: Yes
  • Origination fee: None
  • Prepayment fee: None
  • Late payment fee: The lesser of 5% of the minimum payment due or $10

TD Bank product details

If you’re looking to pay off debt, TD Bank has an online calculator that can help you determine the date you can become debt-free. Simply enter your amount of outstanding debt and the tool will help you see how quickly you can pay it off by adjusting the terms to create a monthly payment you can afford. Do note, your minimum payment on both the Express loan and the unsecured loan will never be less than $125.

Existing TD Bank customers can benefit from a rate reduction on both the Express Loan and the unsecured loan. A 0.25% rate discount is offered when loan payments are automatically deducted from a TD Bank personal checking or savings account. APR is fixed and the 6.99% to 18.99% range assumes the 0.25% rate discount.

TD Bank also offers a secured personal loan. Use your TD Savings account, Money Market Savings account or TD Certificate of Deposit as collateral to receive $5,000 to $50,000 in funding. The loan is attached to a $50 origination fee and a 7.92% variable interest rate. Both the Express loan and the unsecured loan are subject to credit approval; to be approved for either loan, borrowers will need a credit score of 660 or higher. The credit score minimum for the secured loan has not been specified.

TD Bank Express Loan product details

If you need cash fast, the TD Bank Express loan offers up to $25,000 in funding that can be available in as quickly as 48 hours. Just as with the unsecured loan, you’ll incur no origination fee or prepayment penalties. Rates are fixed and range from 6.99% to 18.99%. Loans are subject to credit approval and require a 660 minimum credit score.

Eligibility requirements

  • Minimum credit score: 660
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

Detailed eligibility requirements for TD bank personal loans are not listed on the company website.

Applying for a personal loan from TD Bank

A TD Bank personal loan application can be completed online in approximately 15 minutes. To fill out the application, you’ll need:

  • Your Social Security Number
  • A list of expenses (i.e., monthly mortgage or rent payments)
  • Your employment history
  • Income information

Upon completion of your application, a lending specialist will be in touch within one business day. A funding timeline for the unsecured loan is not readily available on the bank’s website. Funding for Express Loans can happen as quickly as 48 hours after you complete the application.

Pros and cons of a TD Bank personal loan

Pros:

Cons:

  • Fast funding. TD Bank Express loans can be funded as quickly as 48 hours after the application is completed.
  • Lack of fees. TD Bank doesn’t charge an origination fee or prepayment penalty for its unsecured loans.
  • Online and mobile access. Online and mobile account access is available with TD Bank loans. You can also contact customer service on a 24/7 basis.
  • Lowest APR only available to existing customers. The $2,000 to $25,000 APR ranges assumes the 0.25% rate discount, offered when loan payments are automatically deducted from a TD Bank personal checking or savings account.
  • High minimum borrowing amounts. The smallest amount of money that can be taken out with a TD personal loan is $2,000 — this might be more than you need to borrow.
  • Credit score requirement. The credit score requirement of 660 or higher means applicants with lower scores are not likely to be approved for a loan.

Who’s the best fit for a TD Bank personal loan?

Considering it can be funded as quickly as 48 hours after you complete the application, a TD Bank Express loan might be the right choice if you have an immediate need for cash. Assuming your borrowing requirements fall into the $2,000 to $25,000 range, this loan can provide funding without subjecting you to costly fees.

If you’re already a TD Bank customer, getting a loan from the company can be a savvy option, because you may receive an automatic APR discount. Offered with both the Express Loan and the unsecured loan, you’ll get a 0.25% rate deduction for opting to have your monthly payment automatically withdrawn from your TD Bank personal checking or savings account.

Since the minimum credit score is 660, TD Bank personal loans can be a good choice if your credit score falls into the “fair” FICO range, as many lenders have more stringent credit requirements. Additionally, the flexible terms, consisting of 12 to 60 months, allow you to choose a payment that fits your budget.

Before committing to a personal loan, it’s important to explore your options. Reading TD Bank reviews and learning as much as possible about personal loan products offered by other lenders will help you make an informed decision.

TD Bank consumer reviews

TD Bank currently has a BBB rating of A+. For more detailed information about past and present borrowers and their experiences with lenders, consumer reviews can be found on LendingTree, our parent company. However, TD Bank has not yet been reviewed.

TD Bank FAQ

TD Bank offers both secured and unsecured personal loans.

TD Bank offers borrowers the option to apply for personal loans online, in person at a TD Bank store and over the phone with the assistance of a lending specialist.

TD Bank does not allow borrowers to use its personal loans to cover the cost of educational expenses.

If you do not qualify for a TD Bank personal loan due to the various loan requirements, there are steps you can take to make yourself a more viable candidate should you decide to apply again, including raising your credit score and improving your debt-to-income ratio.

Cancelling your automatic payments will result in the termination of your rate discount and a 0.25% interest rate increase.

Paying your monthly bill late will result in a late payment fee that will be equal to the lesser of 5% of the minimum payment due or $10.

There is no fee charged to borrowers for loan payments that are returned due to insufficient funds.

Alternative personal loan options

Discover Bank

APR

6.99%
To
24.99%

Credit Req.

Not specified

Terms

36 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Discover is a financial services firm that offers credit cards, deposit accounts and personal loans. ... Read More


The APR ranges from 6.99% to 24.99% APR based on creditworthiness at time of application. Loans up to $35,000. Fast & Easy Process. Terms are 36 to 84 months. No prepayment penalty. This is not a firm offer of credit. Any results displayed are estimates and we do not guarantee the applicability or accuracy to your specific circumstance. For example, for a $15,000 loan with an APR of 10.99% and 60 month term, the estimated monthly payment would be $326. The estimated total cost of the loan in this example would be $19,560.

Discover Bank offers personal loans up to $35,000. It only takes a few minutes to check your rate, and decisions are typically made the same day. You don’t need a Discover credit card to be eligible for a loan, and if you’re able to repay the money within 30 days, you won’t incur any interest fees. This can be a good alternative to the TD Bank Express Loan, especially if you can return the funds in full within 30 days.

LightStream

APR

4.99%
To
16.79%*

with AutoPay

Credit Req.

Not specified

Terms

24 to 144*

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

LightStream, a division of SunTrust Bank, grants personal loans in increments from $5,000 to $100,000. The lender’s rates are competitive, but do note, a 0.50% autopay discount — available only prior to funding — is factored in. The bank also offers to beat any qualifying rate and charges no fees, including prepayment penalties. This can be a good choice if you’re looking for a more competitive APR or longer terms than offered by TD Bank.

SoFi

SoFi
APR

5.99%
To
17.67%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.990% APR to 17.67% APR (with AutoPay). Variable rates from 5.60% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of August 7, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.60% APR assumes current 1-month LIBOR rate of 2.27% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

SoFi offers personal loans from $5,000 to $100,000. The lender charges no fees, and the loans come with unemployment protection. This would allow you to temporarily pause payments if you lose your job, while SoFi assists you in getting your career back on track. (Do note, however, that rates are based on a 0.25% autopay discount.) If you’re looking for a product with longer terms than a TD loan, this might be a solid choice.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Laura Woods
Laura Woods |

Laura Woods is a writer at MagnifyMoney. You can email Laura here

Kristina Byas
Kristina Byas |

Kristina Byas is a writer at MagnifyMoney. You can email Kristina here

Get Personal Loan Offers
Up to $50,000

$

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Personal Loans

American Express Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

American Express
APR

6.98%
To
19.98%

Credit Req.

Fair to excellent

Terms

12 to 48

months

Origination Fee

No origination fee

APPLY NOW Secured

on American Express’s secure website

American Express personal loan details
 

Fees and penalties

  • Term lengths: 12 to 48 months
  • APR range: 6.98% to 19.98%
  • Loan amounts: $3,500 to $40,000
  • Time to funding: Typically 3 to 5 business days after you sign the loan agreement
  • Credit check: Soft Pull
  • Origination fee: No origination fee
  • Prepayment fee: None
  • Late payment fee: $39

American Express product details

Personal loans do not come with the perks often attached to American Express card products, like Membership Rewards, cash back or insurance benefits. However, the only fee associated with personal loans is a late fee — $39 if your payment is late or not made in full, which can result in major savings. To help you avoid late payments, the company offers an autopay feature.

If you’re using a personal loan for debt consolidation, American Express makes the process easy by sending your funds directly to the issuer. Payments can be disbursed to up to four personal credit card accounts held by most major credit card issuers. You’ll find out if your credit card account is eligible during the application process.

Eligibility requirements

  • Minimum credit score: Fair to excellent
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

To be preapproved for an American Express personal loan, you must meet the lender’s minimum eligibility requirements. This includes being:

  • A U.S. citizen or resident of the U.S. or its territories
  • At least 18 years old
  • A basic card member with an eligible consumer American Express card with at least nine months of account history that is in good standing at the time of application submission

Applying for a personal loan from American Express

Only preapproved American Express card members are eligible to apply for a personal loan. During the preapproval process, you’ll be asked to provide basic information, like the amount of money you’d like to borrow, desired repayment period, loan purpose, contact information and income. Keep in mind, however, that some card members may only be preapproved to use their personal loan for credit card debt consolidation.

All personal loan applications must be submitted online. You’ll need an American Express online account and valid email address, and you must agree to receive electronic communications and other online documents. Do note, however, that preapproval is not a guarantee that you’ll be granted a loan — but if your application is approved, you’ll have up to three days to review and accept the terms.

If your personal loan was approved to pay down credit card debt, the funds will be sent directly to the accounts designated on your application. Otherwise, the money will be sent to an eligible bank account on file with American Express. If you don’t have an eligible bank account on file, you have three days from the date you sign your loan agreement to add a personal checking account in your name or your loan agreement will be deemed void and unenforceable.

Pros and cons of an American Express personal loan

Pros:

Cons:

  • Minimal-to-no fees. The sole fee associated with an American Express personal loan is a $39 late fee, assessed only on late payments and those not made in full.
  • Wide range on loan amounts. American Express personal loans are available in increments from $3,500 to $40,000. The amount granted is based on creditworthiness and other factors.
  • Multiple repayment periods. Applicants will have the option to choose among several repayment periods (thereby allowing you to secure a monthly payment that doesn’t put a strain on your budget). Approved borrowers may receive offers ranging from 12 to 48 months.
  • Soft credit pulls. Applying for an American Express personal loan will not impact your credit score. But if you’re approved, loan details will be sent to credit reporting agencies, which could affect your credit score.
  • American Express credit card required. Only preapproved American Express card members are eligible to apply for a personal loan through the company, and you must have had that account for at least nine months.
  • No perks. Personal loans do not come with perks offered on American Express cards, such as Membership Rewards, cash back or insurance benefits.
  • Not for bad-credit borrowers. Only cardholders with fair to excellent credit are encouraged to apply. American Express recommends that applicants with a credit score of 659 or less improve their credit before submitting an application.

Who’s the best fit for an American Express personal loan?

An American Express personal loan can be a great choice for cardholders who don’t want to pay fees. Since the only fee associated with the loan is a $39 late fee — assessed only on late payments and those not made in full — you won’t pay any fees if you satisfy your monthly financial obligation.

Having several repayment periods available can also be a helpful option. This gives you the opportunity to choose a monthly payment that works best with your budget.

Considering the loan amount ranges from $3,500 to $40,000, this product is geared toward borrowers who need a higher loan amount. It’s also a better choice for cardholders with higher credit scores, as loan offers — including APR and maximum borrowing power — are based on creditworthiness and other factors.

Before moving forward with an application, it’s a good idea to check out reviews from other consumers and get a feel for the lender’s general reputation.

American Express consumer reviews

American Express has an A+ rating from the Better Business Bureau. The lender does not yet have reviews on LendingTree, our parent company.

To learn more about American Express, we recommend contacting the lender for a firsthand experience at its customer service and to get answers to any outstanding questions. You may also check the lender’s social media pages to see its activity and how consumers are responding. This may help you make a more informed decision before moving forward.

American Express FAQ

No. According to the site, “your credit score will not be impacted when you apply,” but the loan will be reported to the credit bureaus once you’re approved and agree to the terms.

You won’t be able to take out that loan, but your credit score won’t be impacted either. That’s especially helpful if you intend to look elsewhere for personal loans. Either way, keep in mind that not all borrowers are approved for the highest loan amount.

These loans can be used for personal, household or family purposes. For example, paying for household renovations or a life event, like the birth of a child. However, some applicants may only be approved for credit card consolidation.

If you use your loan to pay down credit card balances directly, you cannot put that money towards an American Express card. However, those who receive their funds directly may choose to use some of their funds to do so. But keep in mind that not all applicants will be approved for that disbursement option.

Most major credit card banks are eligible for direct payments via this loan. You would find out if your credit card is eligible during the application process.

Your payments are fixed for the term of your loan and will depend on how much you borrowed, your interest rate and the length of your term.

No, that’s set by the lender and cannot be changed.

You’ll have to pay a $39 late fee, and American Express may inform the credit bureaus, which would negatively impact your credit score.

You can only apply for a business loan if you have an American Express business card, and those funds can only be used for business purposes.

Alternative personal loan options

LightStream

APR

4.99%
To
16.79%*

with AutoPay

Credit Req.

Not specified

Terms

24 to 144*

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

LightStream is an online lending division of SunTrust Bank. It offers personal loans for between $5,000 and $100,000 with rates as low as 4.99% with autopay; however, note that lender rates vary based on the loan purpose. Still, LightStream doesn’t charge origination fees, plus it offers loans with terms from 24 to 144 months, so it could be a low-cost and flexible option for borrowers.

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

5.99%
To
28.99%

Credit Req.

Not specified

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 5.99% to 24.99% APR.

With no origination or late fees, Marcus by Goldman Sachs may be an affordable option for a personal loan. The lender offers loans for up to $40,000 with rates as low as 5.99%. Further, you can see rates with a soft pull.

LendingClub

APR

6.95%
To
35.89%

Credit Req.

Not Specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 0.... Read More

LendingClub may be a great option for borrowers with less-than-stellar credit, though it’s minimum credit requirements are not specified. Its personal loans come with rates as low as 6.95% and as high as 35.89%. You can expect an origination fee between 1.00% - 6.00%.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Laura Woods
Laura Woods |

Laura Woods is a writer at MagnifyMoney. You can email Laura here

Devon Delfino
Devon Delfino |

Devon Delfino is a writer at MagnifyMoney. You can email Devon here

Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score