Amex Personal Loans

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augiedog
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Re: Amex Personal Loans

Postby augiedog » Mon Nov 28, 2016 2:28 pm

mountaindewvoltage wrote:5. Discover isn't the same company as American Express. Discover has a checking account and operates differently with the CC's. You can also apply for a loan through Discover whereas this AMEX loan offer appears to be for select members.


Personal loans with Discover are invitation-only even though it is advertised on their website. I have never gotten an invitation from Amex to apply for a personal loan, and never even knew they offered it. Amex does have a semi-secret savings account too.
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mountaindewvoltage
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Re: Amex Personal Loans

Postby mountaindewvoltage » Tue Nov 29, 2016 5:12 am

augiedog wrote:
mountaindewvoltage wrote:5. Discover isn't the same company as American Express. Discover has a checking account and operates differently with the CC's. You can also apply for a loan through Discover whereas this AMEX loan offer appears to be for select members.


Personal loans with Discover are invitation-only even though it is advertised on their website. I have never gotten an invitation from Amex to apply for a personal loan, and never even knew they offered it. Amex does have a semi-secret savings account too.


That doesn't make sense. You can apply for a personal loan through Discover, I've done it. You can also apply for AMEX's savings account.

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Vattené
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Re: Amex Personal Loans

Postby Vattené » Tue Nov 29, 2016 5:01 pm

CC Deville wrote:This morning I logged into my online accounts with Amex to check my balances. When I changed from my Blue to Zync I got a pop up telling me that I was pre-approved for a personal loan of up to $24,300 at 6.98%. Anybody else? I did not even realize that Amex offered personal loans. That is a great rate as well....

Image

I got the same thing too! I don't remember the limit and APR mentioned, but I got the same message. It makes sense they could offer a personal loan at a comparatively good rate. They have access to a lot more data about you than the typical company soliciting for personal loans. I thought it was pretty cool. I don't need a personal loan, but for a personal loan it's a good rate.
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CC Deville
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Re: Amex Personal Loans

Postby CC Deville » Thu Dec 01, 2016 5:06 pm

CarefulBuilder14 wrote:What's the loan term? What sort of payments do you make?

It would seem to me that a "write yourself a check" BT would be much cheaper. 7% non-deductible isn't really so great for someone with decent credit.


That is the caveat. In the terms and conditions they state that the 6.98% is tied to the full amount of the offer and for the longest term. I did not look into this any further but I wonder if the interest rate would go up if I requested less than the full $24,300 pre-approved amount. They did not indicate repayment terms such as 24,36,48+ months without clicking further. A week later, they offer me 0.00% on my worthless Blue card for 6 months (new purchases). So yeah, since I have no need for $24,300 (in a loan I mean) I will instead use my Blue to repaint my old car and pay it off in about 3 months with no interest and no new account.

In terms of interest rates, I have not seen many better. My credit union, Security Service FCU currently offers about 7.75% depending on term-yes there might be better but most personal loans-even from credit unions-are typically 10% or higher. Unlike the Amex offer, the SSFCU APR increases with increased repayment terms. The Amex offer appears to have the lowest rate for the longer term. There is no prepayment penalty so I suppose if I were to have accepted it, I would accept the full amount/longest term for the APR and then make a payment back to them in the amount that I don't need.

I snooped around MF and they had talked about these Amex loans already (I am always late to the party-and not a member of MF). Just wanted to see if any of you guys had seen this on your accounts.



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