American Express offers Personal Loans up to $40,000, but are only available to existing members. If you want a more flexible and inclusive loan then you might want to try the Check City Personal Loan, where you don’t need a card membership to apply.
Shopping for a loan can be a hassle. There are so many pros and cons to consider, from the minimum required credit scores to APR ranges. We’re here to make your loan research a little easier as we go over personal loan options near you. That way you can weight the costs and benefits of different loans in one spot and find the personal loan that best suits your personal needs.
American Express Personal Loans: A Quick Look
With an American Express membership card you can take out a personal loan from $3,500 to $40,000 and get an APR anywhere between 6.90% and 19.98%. They also don’t have origination fees, but they do have late fees for when you’re late on payments. These loans come with a shorter loan term of 1 to 4 years and you can expect to receive your funds in 1 to 7 business days after your application gets approved.
Maximum Personal Loan: $40,000
Minimum Personal Loan: $3,500
Rates: 6.90% to 19.98% APR
Fees: no origination fee, there are late fees
Terms: 12 to 48 months (1 to 4 years)
When: 1 to 7 business days
Basically, the American Express personal loan is a large loan that you pay off in a few short years. They’re generally used for home improvement, weddings, the costs of moving, or traveling. You can also use their personal loans to consolidate debts with higher interest rates. The only catch is that you’ll need to be an American Express card holder in order to even apply, so if you aren’t already affiliated with American Express you may want to look elsewhere for your loan where a membership isn’t required.
Who are American Express Personal Loans Perfect For?
A personal loan from American Express is perfect for anyone in need of a large loan that they don’t want to be paying back for more than 4 years. The American Express personal loan is most perfect for loan customers who already have an American Express card. If you’re already an American Express customer and the below items also represent your needs, then the American Express personal loan may be the perfect loan for you.
- If you have a good credit score
- If you need a large loan amount
- If you want to finish paying off the loan in 4 years
- If you already have an American Express account
Who Should NOT Get an American Express Personal Loan?
If the items mentioned in the previous section don’t apply to you then don’t worry—there are other loan options out there. Maybe you’re looking for an even smaller personal loan that you can pay off in a matter of months instead of years. If you find yourself in this category of loan customer then you should consider Check City for your flexible personal loan provider.
- If you want a small loan
- If you want to pay back the loan in 6 months
- If you don’t already have an American Express account
- If you need a personal loan today
American Express Personal Loans Pros and Cons List
|You can get a decision on your application in seconds||You must be a cardholder to apply|
|The application doesn’t affect your credit score||You must be preapproved to apply|
|They have no origination fees||They do charge late payment fees|
An Alternative to American Express Personal Loans
If an American Express personal loan doesn’t meet your requirements as a loan customer then you need to take a look at the Check City personal loan! It might be exactly what you’re looking for.
Reasons to Get a Check City Personal Loan:
- The straightforward service of a direct lender
- The safety of a state licensed lender
- A fast and easy application process
- You don’t need a high credit score to apply
- There are no origination fees
- You can get your loan TODAY
- You can pay back your loan in as little as 6 months
How to Apply for a Check City Personal Loan
The Check City Personal Loan has a fast and simple application process. All you have to do is visit the Check City Personal Loan Page. From there you can finish your loan application in just a few minutes. You can also apply for a Check City personal loan inside any of our stores, or by calling a Check City representative to apply over the phone.
What You’ll Need to Apply:
- A government ID
- Proof of bank account
- Proof of direct deposit
- Proof of income
- A valid phone number
Or call Check City’s Loans By Phone number: 800-404-0254
Applying for a personal loan from Check City is fast, easy, and anyone can apply. So you don’t need to already be a Check City customer and you don’t need to have a high credit score to apply. Check City also offers multiple ways to apply for your loan. You can apply online, over the phone, or at any Check City location. You only need a few things to apply and Check City personal loan applications only take a few minutes.
LOAN COMPARISON CHART
|Check City Personal Loans||Discover Personal Loans||Wells Fargo Personal Loans||SoFi Personal Loans||American Express Personal Loans|
|Amount||$300 to $3,000||$2,500 to $35,000||$3,000 to $100,000||$5,000 to $100,000||$3,500 to $40,000|
|Rates||lower APR than our payday loans||6.99% to 24.99% APR||5.49% to 22.99% APR||5.99% to 20.01% APR||6.90% to 19.98%|
|Fees||no origination fees||no origination fees, no closing costs||no origination fees, no prepayment penalties||no fees||no origination fee, there are late fees|
|Terms||6 months||36 to 84 months (3 to 7 years)||12 to 84 months (1 to 7 years)||24 to 84 months||12 to 48 months (1 to 4 years)|
|Min. Credit Score||Check City doesn’t pull a traditional credit check, and if you have a low credit score you can still apply for a Check City personal loan||660||600||680||660|
Personal loans come with requirements and so do you! You need a personal loan that works best for you and your needs which is why you’re researching loan providers before making a choice. Everyone is looking for something different in a personal loan; like the ability to refinance the loan later, or the ability to get the loan right away. You can find all these key features with a Check City Personal Loan!
Learn more about the usefulness of loans, “The Usefulness of Loans from Large to Small.”
Budget like a boss by reading, “Budgeting in 4 Easy Steps.”
*The information found in this article comes from the lenders’ websites and NerdWallet reviews at the time of posting.