American Express® Business Line of Credit Application Process 1. This is something to keep in mind if you plan on shopping around for your loan. Have started your business at least a year agoĪmerican Express Business Line of Credit performs a hard credit inquiry during the preapproval process, whereas other lenders wait to do a hard credit pull once you’ve already been prequalified for the loan. Minimum FICO score of at least 660 at the time of applicationĪverage monthly revenue of at least $3,000 The minimum requirements are outlined below. To qualify for a American Express Business Line of Credit, the company is going to take a close look at your monthly business revenue, your length in business, and your credit history. Origination FeesĪmerican Express® Business Line of Credit Loan Eligibility Requirements Each month, you’ll make your principal payment along with this fee.įor six-month terms, fees range from 3-9% 12-month terms range from 6-18% and 18-month terms range from 9-27%. Instead of charging a regular interest rate, American Express Business Line of Credit charges a fee each month based on your outstanding balance. Loan amounts range between $2,000 and $250,000, with available loan payback periods of six, 12, and 18 months. Term LengthĪmerican Express® Business Line of Credit Interest Rates And Fees Lines of credit are paid back within six, 12, or 18 months. You pay interest only on the open balance and there are no prepayment penalties. You need to sign a personal guarantee, but you do not have to supply any collateral for the line of credit.Īs an unsecured loan, business lines of credit provide borrowers with a set limit of funds to draw against as needed. American Express Business Line of Credit also provides a host of analytical features with dashboards and payment processing facilities. American Express Business Line of Credit is still in the process of gaining momentum, and they might offer just the right solution for your small business.Ĭons High rates Complicated fee system American Express® Business Line of Credit Loan FeaturesĪmerican Express Business Line of Credit ranges from $2,000 to $250,000, with six, 12, or 18-month terms. While these numbers aren’t great, it is important to always use your own judgment when evaluating alternative lending sources. It is also rated 200 out of 207 best companies within the category of Non-Bank Financial Service. Trustpilot RatingĪmerican Express® Business Line of Credit is rated 307 out of 324 of the financial companies in the Financial Consultant category of Trustpilot. However, most of the negative feedback is related to American Express Business Blueprint TM banking side and not their business line of credit product. While American Express Business Line of Credit does receive positive reviews, the majority of them are negative. As such, you can expect more negative ratings rather than positive ones. While this does create a huge disparity with reviews from automated invitations, it is important to note that organic reviews are typically driven by people who wish to complain. Among organic reviews, 93% of customers rate their American Express Business Line of Credit experience as “bad.” However, the picture is completely different with organic reviews, where a customer submits the review on their own. Specifically, 82% of these come back as “excellent,” and only a few stated otherwise. Understanding Review DiscrepanciesĪmerican Express Business Line of Credit has great reviews on Trustpilot based on automated invitations that the company sends out to its customers. However, if you take a closer look at the customer service ratings on Trustpilot and Consumer Affairs, you’ll notice a few interesting things. Most customer reviews highlight American Express® Business Line of Credit’s ease of use, flexible access, and helpful service team. American Express® Business Line of Credit Reviews - What People Say Online
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |