Overview
American Express® Business Line of Credit is a good option for small businesses looking for financing with short repayment terms. Instead of filling out paperwork, applicants provide their revenue data by connecting a business checking account, payment platform, or bookkeeping software. The application process is straightforward, and borrowers can get their funding in a timely manner. However, it charges fees, and its rates can often be higher than its competitors.
Pros & Cons
Pros
- Flexible loan terms
- Simple application
- Borrow $2K to $250K
Cons
Loan Features
American Express® Business Line of Credit provides businesses with accessible financing, sometimes within a few days. Business owners can apply for loans in amounts ranging from $2,000 to $250,000. After the loan is approved, funds can take as little as a few minutes and as long as a few days to become available.
Even though they do a credit check, it focuses more on the revenue data provided by linked accounts and how long a business has been in business. However, applicants should have a minimum credit score of at least 660*.
*All businesses are unique and are subject to approval and review.
*American Express® Business Line of Credit offers two loan types, installment loans and single repayment loans for eligible borrowers. All loan term types, loan term lengths, and pricing are subject to eligibility requirements, application, and final approval.
This review contains general information about the American Express® Business Line of Credit installment loan type only.
*The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.
Application Process
American Express® Business Line of Credit offers a very streamlined process for businesses in need of financing. No paperwork is needed as businesses just need to connect a payment platform like PayPal, a business checking account, or bookkeeping software. Businesses can also connect to business accounts on Etsy, eBay, or Amazon. American Express® Business Line of Credit uses connected revenue information to analyze business performance to set loan amounts and terms. Once terms are provided, an applicant can decide if they're going to accept the loan.
Repayment Terms
The exact repayment terms of your loan will depend on many factors including the term, loan amount, your credit score, market conditions, etc.
In general, for 6-month loans, the total monthly fees range from 3-9%. When it comes to a 12-month loan, that can go up to 6-18%, 18-month loans have the highest fees ranging from 9-27% while 24-month loans have a range of 12-18%. These fee estimates are subject to change and are meant as a reference only.
Customer Support
Customer support from American Express® Business Line of Credit is available via phone or email. They also offer online resources by providing detailed information through their online help center and FAQ. For more information or to contact them, customers may visit their pages on LinkedIn, Facebook, Instagram, or Twitter.
*Disclaimer: Any opinions, analyses, reviews, or recommendations expressed in this review are those of the author alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
