American Express® Business Loan Review: Fast, Affordable Funding for American Express Business Card Members

Balboa Capital is a good for established business owners looking for quick equipment financing or term loans. The company offers sale-leaseback and wrap leases for equipment financing.

Editor's Rating

3.5

Good for

  • Sale-leaseback and wrap lease equipment financing
  • Flexible loan terms

Bad for

  • Businesses with seasonal revenues
  • First-time borrowers

American Express® Business Loan Review: Fast, Affordable Funding for American Express Business Card Members

Balboa Capital is a good for established business owners looking for quick equipment financing or term loans. The company offers sale-leaseback and wrap leases for equipment financing.

Good for

  • Sale-leaseback and wrap lease equipment financing
  • Flexible loan terms

Bad for

  • Businesses with seasonal revenues
  • First-time borrowers

Editor's Rating

3.5

American Express® Business Loan Review: Fast, Affordable Funding for American Express Business Card Members

Editor's Rating

3.5

Good for

  • Sale-leaseback and wrap lease equipment financing
  • Flexible loan terms

Bad for

  • Businesses with seasonal revenues
  • First-time borrowers
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Advertiser Disclosure

Advertiser Disclosure: Some of the offers that appear on this website are from companies which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The site does not review or include all companies or all available products.

Disclaimer: The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone. For a full list of our advertisers, see our disclosure page.

Opinions, analyses, reviews, or recommendations expressed here are the author’s alone, and have not been reviewed or endorsed by the issuer. We may be compensated through the issuer’s Affiliate Program. For a full list of our advertisers, see our disclosure page.

If you’ve had an American Express® Business Card for at least one year, you may be eligible for an unsecured business loan through the company. American Express offers loans of up to $50,000 to eligible card members with competitive rates and terms, a simple online application form, and quick funding. For qualified business owners, these loans can be a good option for unplanned expenses, business debt refinancing or working capital needs.

American Express® Business Loan Review: Should You Apply?

For eligible Business Card members, American Express offers unsecured business loans of up to $50,000 with competitive rates and terms. We think this can be a great loan option for short-term working capital needs, debt consolidation or unforeseen expenses.

ProsCons
  • Competitive annual percentage rates and longer terms.
  • Easy online application with funds in three to five days on average.
  • No origination or prepayment fees.
  • American Express can pay off creditors directly.
  • Highest loan amount available is $50,000.
  • Must be preapproved by American Express to apply.

The Pros of American Express® Business Loans

The American Express® Business Loan program is an affordable source of quick capital, provided you’ve been preapproved by the company. These loans combine some of the best features from traditional lending and alternative lending: The rates and terms are more similar to what you might get through a bank, but business owners can apply online and get a decision in seconds, receiving funds within a few days of being approved. On average, business owners can expect to receive funds within three to five days after loan approval.

Annual percentage rates on these loans are lower than what many online lenders offer, and the rates on the lower end are comparable to what you might receive from a bank or traditional lender. Unlike a loan from an alternative lender, these loans are fully amortized, meaning each payment will be the same amount, with a monthly repayment schedule and terms from one to three years. Many online lenders require daily or weekly repayment on very short-term loans, which can be disruptive to a business’s cash flow.

Depending on what type of loan you’re approved for, American Express can either deposit funds directly to a business bank account or pay off your creditors directly. If approved for a debt consolidation loan, American Express will pay off balances on up to four commercial credit cards issued by eligible U.S. banks (excluding American Express credit cards). You must pay off at least $1,000 on each card.

The Cons of American Express® Business Loans

There are two downsides to these loans: The funding amounts are relatively low, and the program is not open to all business owners. You can only borrow up to $50,000 through this program, making it similar to a microloan than a traditional loan. Secondly, you’ll need to have had an American Express® Business Card for at least one year to even be considered for the program. Even then, the company must preapprove you before you can apply for a loan. This isn’t a source of capital that's convenient for business owners who don’t have an American Express® Business Card.

Final Thoughts

These loans are an affordable, quick financing option for American Express® Business Card members. While you won’t be able to finance a major purchase with these loans, they can be a great option for short-term working capital needs, debt consolidation or emergency expenses. Business owners will need to be preapproved to apply for a loan, but the rates and terms offered are extremely competitive, and business owners can receive an online decision in seconds and expect funds within a few days.

Eligibility Criteria

The American Express® Business Loan program is only available to American Express Business Card Members who have been preapproved. To be eligible for the program, you must meet the criteria listed below:

  • Must be preapproved by American Express to apply.
  • Have at least a one-year tenure with an American Express® Business Card.
  • Must be current on the American Express® Business Card.

Features, Rates and Terms

American Express makes unsecured business loans of up to $50,000 for preapproved Business Card members.

Loan Amount Range$3,500 - $50,000
APR Range6.98% - 19.97%
FeesNone
Loan Terms1 - 3 years
Repayment OptionsMonthly
Collateral RequiredNo
Personal Guarantee RequiredNo

Application Process

To apply for an American Express® Business Loan, you’ll need to log in to your online American Express account and check your rate from the Business Loans landing page. If you’ve been preapproved for an offer, you will be able to see the maximum loan amount and rate you’ve been approved for. You can then select the type of loan—direct deposit or credit card payment—and enter the exact loan amount you want and the repayment term.

Screenshot depicting application process for American Express® Business Loan
Application Process

You’ll need to fill out some information about your business, such as revenue, income and the bank account where you would like your funds to be disbursed. The bank account must be linked to an existing American Express Card account. You can expect a decision in seconds. If you are approved for a loan, funding takes, on average, three to five days. Depending on what type of loan you select, American Express may either deposit funds directly into your business bank account or pay off your creditors directly.

Compare Small Business Loans

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