American Express Personal Loans Review 2023

American Express isn’t the only credit card issuer that also offers personal loans, but it’s one of the most restrictive since they don’t allow the general public to apply. If you’re not preapproved, consider these other lenders.

American Express vs. SoFi

In many ways, SoFi is a better lender than American Express. SoFi offers more loan options and anyone is able to apply. You may be able to borrow between $5,000 and $100,000, with term lengths ranging from two to seven years. However, SoFi charges higher interest rates.

Related: SoFi Personal Loans Review

American Express vs. Wells Fargo

Both American Express and Wells Fargo are banks, but only Wells Fargo has branch locations you can walk into to apply for a loan. Wells Fargo’s rates, term length options and loan amounts tend to be more favorable than American Express. It offers loans from $3,000 to $100,000, with term lengths ranging from one to seven years.

Related: Wells Fargo Personal Loans Review

American Express vs. Upstart

Upstart is an online lender that offers loans ranging from $1,000 to $50,000. Its rates are also competitive with other online lenders like SoFi, but it only offers two term length options: three or five years. Upstart can send the funds your way as soon as the next business day if you sign the final loan agreement before 5 p.m. EST, versus Amex’s three- to five-day timeline.

Related: Upstart Personal Loans Review

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