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New Amex CA Personal Loans (?)

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  • Jan 27th, 2020 10:00 pm
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[OP]
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Dec 20, 2017
696 posts
830 upvotes

New Amex CA Personal Loans (?)

I just logged into my Amex account and a pop up showed the following offer. It seems Amex CA is starting to offer unsecured personal loans at /somewhat/ competitive interest rates ranging from 12 to 36 months. Won't be needing this, but could be helpful for those that need it. Looks like 4.99% and 25k is the max Amex is willing to loan out.

https://www.americanexpress.com/ca/en/personal-loans/
amex loan.PNG
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20 replies
Jr. Member
Jul 18, 2018
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Yep that’s pretty good, but I think it’s only available to pre-approved members who are receiving pre approval with the amount and apr.
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May 8, 2009
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Going to the Moon
For that amount, okay for those who are in heavy debt and can't loot BT's (or already maxed out BT's). Those who need it most are most likely to get denied unless they have a thick AmEx history (and wouldn't they have maxed that out, too?).

More expensive than BT, cheaper than most uLOC's, definitely cheaper than CC interest and radically cheaper than payday loan sharks.
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Sr. Member
Apr 13, 2016
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titaniumtux wrote: For that amount, okay for those who are in heavy debt and can't loot BT's (or already maxed out BT's). Those who need it most are most likely to get denied unless they have a thick AmEx history (and wouldn't they have maxed that out, too?).

More expensive than BT, cheaper than most uLOC's, definitely cheaper than CC interest and radically cheaper than payday loan sharks.
I don't need this or ever plan to use it but are BT promos readily available at uLOC/this AMEX offer's level of limits?
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May 8, 2009
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redflag0 wrote: I don't need this or ever plan to use it but are BT promos readily available at uLOC/this AMEX offer's level of limits?
Yes, ppl BT >$25k.
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Dec 3, 2017
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Data point: Signed into my AMEX online banking today and I got the same message, although the loan they approved me for was for less ($6,300) at a higher rate (8.99%). I declined the loan as I don't need it but the rate was competitive for my age group and income where payday loans and student LOCs are common. Glad to see AMEX opening up to new areas.
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Apr 23, 2017
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Amex used to offer uLOC to their charge card members back in the 1990s - preapproved. I still have one that I haven't used in 20 years for $12k. I thought they stopped issuing them years ago, but left the existing ones grandfathered. Now they want to go into term loans? Interesting.
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Mar 14, 2018
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Ottawa, ON
Also just got this message today, not sure if the timing means anything, but offered to me on the day where my billing cycle restarted, and when I got charged the AF on my Platinum. Got a killer rate offered! As in "kill me if I ever accept it!"
5,200$ at 11.99% APR!

Goes without saying that I will not be using the available amount. Of course being a student my soft checks don't come out in my favour even though I doubled my income since last year, but still have my sLOC and OSAP/AFE. I'll be interested to see if rate will change over time or offer will always be the same even as I decrease utilization and lengthen history with them.

Tried getting the the TOC to attach them here for future reference, but even going on the application page wouldn't work.
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Jan 10, 2018
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thefusio15 wrote: Also just got this message today, not sure if the timing means anything, but offered to me on the day where my billing cycle restarted, and when I got charged the AF on my Platinum. Got a killer rate offered! As in "kill me if I ever accept it!"
5,200$ at 11.99% APR!

Goes without saying that I will not be using the available amount. Of course being a student my soft checks don't come out in my favour even though I doubled my income since last year, but still have my sLOC and OSAP/AFE. I'll be interested to see if rate will change over time or offer will always be the same even as I decrease utilization and lengthen history with them.

Tried getting the the TOC to attach them here for future reference, but even going on the application page wouldn't work.
I was offered the same as OP $25K 4.99%
I do believe that it was offered to me at the end of my billing cycle.
Jr. Member
Jul 18, 2018
192 posts
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To the people who who are receiving this loan, do you hold Amex credit card or charge card and how long are you member to the Amex.
Newbie
Feb 27, 2015
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Newcastle, ON
Ash177 wrote: To the people who who are receiving this loan, do you hold Amex credit card or charge card and how long are you member to the Amex.
Yes holding a charge card, for around one year.
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Nov 25, 2010
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They don't give any bonus Membership Rewards points for accepting the loan offer ?
Part of the art of working in customer service, at any company, is the ability to invent plausible explanations for unexpected outcomes. An algorithm makes the decision. The agent does not necessarily know why.
Jr. Member
Jul 18, 2018
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john2922222 wrote: Yes holding a charge card, for around one year.
Thanks for letting me know, really appreciate it
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Dec 8, 2013
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British Columbia
offered exact same as OP.

credit for a number of years, charge less than 1 year
Deal Addict
Jul 26, 2018
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Canada, eh?
Same offer here as OP too. Had a charge card for more than 2 years, credit less than 1 and cancelled.
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Feb 4, 2015
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Lol a family member got a pre-approved offer for $14000 at 8.99% - only credit, no charge card with Amex! and they're unemployed!
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Dec 8, 2013
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British Columbia
So I've been getting these emails again and today just got a snail mail with the same offer. Out of curiosity I clicked on the email link and once I sign it it says "we have no offer available for you".

Anyone have the same issue? I was just curious what type of info they would need. Weird that they'd have no offer for me when they've been constantly sending me emails about it.
Jr. Member
Nov 10, 2019
134 posts
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Toronto, ON
I haven't checked mine yet but seems like Amex is flush with cash to lend. 4.99% is not a bad deal at all considering most banks charge high 7s low 8s for a personal unsecured loan. Heck if you need a loan of that size try leveraging that offer with your own bank and see if they will match. Not available for everyone though per Amex:
At this time, only pre-approved Cardmembers may apply for a Personal Loan and the application must be done online. If you are pre-approved, we’ll let you know the maximum amount you can borrow, as well as the annual percentage rate that will apply to your loan.
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Aug 24, 2016
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booruce wrote: So I've been getting these emails again and today just got a snail mail with the same offer. Out of curiosity I clicked on the email link and once I sign it it says "we have no offer available for you".

Anyone have the same issue? I was just curious what type of info they would need. Weird that they'd have no offer for me when they've been constantly sending me emails about it.
The offer is probably expired now.
Any pre-approvals I’ve ever seen have always come with an expiry.
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Nov 13, 2010
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Toronto
booruce wrote: So I've been getting these emails again and today just got a snail mail with the same offer. Out of curiosity I clicked on the email link and once I sign it it says "we have no offer available for you".

Anyone have the same issue? I was just curious what type of info they would need. Weird that they'd have no offer for me when they've been constantly sending me emails about it.
I've clicked through every time I've received one (about 6 so far) and they always say that no offer issue. I called AMEX and asked them to stop wasting my time (I might take it the rate is 4.99% for 25K and that's lower than my operating line for business) if they're not going to actually offer it. They have no idea why it isn't working, but are unwilling to figure it out.

***EDIT - I just figured this out. If you have more than one AMEX account, the email will have the loan offer attached to one of the cards. If you have more than one card in the online profile, the email won't work. Remove the cards except the one identified at the top of the email from your online AMEX account, then accept the offer if you want it, then put the card back.

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