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You may be quickly approved, you may be denied, or your application may need to go to manual review. Once you’ve submitted your application, one of three things can happen. Otherwise, you’ll need to input your personal information and link a business checking account. If you’re already an American Express customer, you can log in to your account and have most of your application pre-filled. Applying for an American Express Business LoanĪpplying for an American Express small business loan is quick and easy. Small Business Credit Card Satisfaction Study has ranked American Express number one for two years running, which is indicative of the kind of service you can expect to receive. Most are familiar with American Express thanks to its credit card lineup rather than its business line of credit offerings, which can make it difficult to assess customer satisfaction. X (formerly Twitter): Facebook: Satisfaction.
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Personal guarantee required: Although no collateral is necessary, a personal guarantee is.If you are looking for a term loan, an SBA loan, invoice factoring, or other borrowing services, you’ll have to look elsewhere. Few lending options: American Express only offers its business line of credit.No collateral required: Unlike some other lenders, American Express doesn’t require that you use collateral to secure your line of credit.No additional fees: Beyond the monthly fee (and late payment fees), American Express doesn’t charge additional fees, including origination fees, prepayment fees, or draw fees.Because American Express charges monthly fees (rather than interest), it’s difficult to determine APRs. Potentially low APRs: American Express’ business line of credit features APRs as low as 5.80%, according to our research.