American Express Working Capital Loan

Sure, here’s all the information I could gather on the American Express Working Capital Loan:

What is it?

The American Express Working Capital Loan is a short-term loan offered to eligible American Express business cardholders to help them manage their cash flow. It’s a revolving line of credit, so you can borrow and repay funds as needed, within your credit limit. American Express Working Capital Loan

American Express Working Capital Loan
American Express Working Capital Loan

American Express Working Capital Loan

Loan amounts:

  • You can borrow between $1,000 and $750,000.
  • The minimum loan amount depends on your card and eligibility.

Interest rates:

  • The interest rate is variable and based on your creditworthiness and card type.
  • Annual percentage rates (APRs) typically range from 7.75% to 16.99%.

Terms:

  • The loan term is 6 months, with the option to renew for an additional 6 months.
  • You can make payments at any time, without prepayment penalties.

Fees:

  • There is an origination fee of 2.5% of the loan amount.
  • There is an annual fee of $95.
  • Late payment fees may apply.

Eligibility:

  • You must be an existing American Express business cardholder for at least 12 months.
  • Your card must be in good standing.
  • You must have a minimum annual revenue of $25,000.
American Express Working Capital Loan
American Express Working Capital Loan

How to apply:

  • You can apply online or by phone.
  • The application process is usually quick and easy.
  • You will need to provide your business tax returns and financial statements.

Benefits:

  • Quick and easy access to funds.
  • Flexible repayment terms.
  • No prepayment penalties.
  • Potential to improve your credit score by making on-time payments.

Drawbacks:

  • High interest rates compared to other financing options.
  • Fees can add up.
  • The loan amount may not be enough to meet your needs.

Overall, the American Express Working Capital Loan can be a good option for small businesses that need short-term financing to cover unexpected expenses or bridge a cash flow gap. However, it’s important to compare rates and terms from other lenders before applying.

Here are some additional resources that you may find helpful:

  • American Express Working Capital Loan website: https://www.americanexpress.com/en-us/business/blueprint/working-capital/
  • American Express Working Capital Loan FAQs: https://www.americanexpress.com/en-us/business/blueprint/working-capital/
  • NerdWallet review of American Express Working Capital Loan: https://www.nerdwallet.com/reviews/small-business/american-express-business-line-of-credit

I hope this information is helpful! Please let me know if you have any other questions.