You can check if you’ve been pre-approved by visiting the American Express personal loan page and signing into your online account.
Once you login, you will be able to see the maximum amount and APR for which you have been pre-approved (if you have been pre-approved).
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Another sticking point for some customers is that some applicants will only be allowed to use their loan to pay off their creditors directly.
You must be approved to receive your funds to your own bank account.
American Express is one of the few companies that will pay off your credit cards directly with a personal loan.
In most cases, when you want to use a personal loan to consolidate debt, the lender will deposit funds to your bank account and then you will have to use that money to pay off your creditors.
While you can use these personal loans for other purposes, American Express lets you pay off up to four credit cards directly, and in some cases, applicants will only be approved to use the loan in this way.
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American Express, on the other hand, will send funds directly to up to four different personal credit card accounts.
The only exception to this is that the American Express won’t directly pay their own credit cards.