Buy Side’s take on the American Express business line of credit
Buy Side awarded American Express 4.5 out of 5 stars in our business lender evaluation due to its accessibility and high maximum credit limit. It has relatively low revenue and time in business requirements. The payment structures and term lengths also add flexibility.
However, certain terms are restricted to existing American Express customers, which can limit the appeal. You might qualify for a higher credit limit or a single repayment loan in the future, but business owners who need a large line soon should consider other lenders.
American Express does not offer business loans outside of lines of credit. Business owners seeking a lump-sum loan, such as equipment financing, must find alternatives.
How to apply for an American Express business line of credit
American Express cardholders might have a preapproved line of credit. You can view your estimated limit in your Amex account and apply via a direct link.
Other borrowers can apply online in minutes. You must submit basic business information and link a business bank account. This helps Amex determine your revenue for loan eligibility. An application triggers a hard credit inquiry, which can reduce your score slightly and temporarily.
Funds are deposited immediately if you have an American Express Business Checking account. Deposits to external accounts typically take one to three business days.
How American Express compares to other lenders
American Express has few business loan offerings, focusing on banking products and its line of credit. The credit line is competitive, offering a high maximum limit and accessible eligibility requirements.
American Express vs. Bluevine
The Bluevine business line of credit features limits up to $250,000 and funding in as little as 24 hours. Applicants with a Bluevine Business Checking account can access funds instantly. Bluevine requires a credit score of 625 or higher, a monthly revenue of $10,000 or more and at least one year in business.
Borrowers typically make weekly installment payments for up to 52 weeks. Those with at least three years in business, a FICO score of 700 or higher and $80,000 or more in monthly revenue can qualify for monthly payments with a 12-month term.
American Express vs. Fundbox
Fundbox is attractive to small or new businesses seeking a line of credit. The lender requires $30,000 or more in annual revenue and at least three months in business. Its maximum credit limit is $250,000. Payments are made in weekly installments, and terms range from 12 to 104 weeks.
How Buy Side rates business lenders
We evaluated 28 small-business lenders, focusing on key areas such as affordability, loan options, underwriting requirements, transparency and customer experience. Advertisers and partners don’t influence our methodology or ratings, as our research and editorial team maintains independence in using data-driven processes. We assessed each lender based on characteristics business owners might find appealing, such as offering traditional business loan products, discounts, application guidance, bad-credit options and solutions for short-term funding needs. We focused on lenders with at least $1 billion funded that have been in business for five years or more. We also verified that the traditional and online lenders offer loans in most states. Learn more about how Buy Side rates the best small-business loans using data-driven methodologies.
We weighted five factors to come up with our ratings:
