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How Long Did it Take for Your AmEx Personal Loan to Hit Your Checking Account After Approval?


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I was just approved for a personal loan from AmEx to do some consolidation and was wondering how long did it take for the direct deposit of the loan to hit your Bank account?

 

They sent me an email that if I don't receive within 2 weeks to give them a call haha! Hoping it's not going to take 2 weeks!

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I was just approved for a personal loan from AmEx to do some consolidation and was wondering how long did it take for the direct deposit of the loan to hit your Bank account?

 

They sent me an email that if I don't receive within 2 weeks to give them a call haha! Hoping it's not going to take 2 weeks!

Well, there's good news and bad ...

 

The good news is that it took about two days for it to hit via electronic transfer.

 

The bad news is that EVERYTHING else after that is totally FUBAR. Their personal loan department is staffed with purple chimps. Any advice they give you will be wrong. At the first sign of issues, ask for a supervisor. They are generally better and actually speak English, but have an attitude problem.

 

First of all, if you have any issues their loan department is only available during normal business hours and even then only by phone. There is no online support.

 

Then there is the loan repayment method. If you have some extra cash and want to make a payment, payments are not allowed until after your first loan "invoice" is issued. They call monthly statements "invoices." Prior to your very first statement, it is not allowed to make any electronic payments. Invoices are issued and you have a certain number of days to then make payment -- just like with a credit card. Your first invoice should be issued about 4 to 6 weeks after your loan was approved. Unless it's not 4 to 6 weeks and more like 12 to 15. Yeah, their system is so fooked up that it took them 3.5 months to issue the first invoice. Once your first invoice is issued, you can begin to make online payments as often as you wish without waiting for subsequent invoices.

 

If at any time you get the idea of mailing in a payment, don't fooking do it! The payment address they give you is bogus. The mail payment address they give you is a PO Box in Dallas. So, if you live in CA, it takes your check about 3 days to arrive at the Dallas POB, right? Yes, that's right. But remember the key words "purple chimps". These fooking koonts don't process your payment in Dallas. Or anywhere in Texas even. From Dallas they forward the physical check to another address that serves your location, which, if you are from the west coast, is LA. Add another 5 days to the process. Once it arrives in LA, it takes them up to 5 more days to open the envelope, remove the check, deposit it and post it to your account. And by "days" I mean business days.

 

Generally I've found AmEx to be a notch above the rest with outstanding customer service. I'm thinking their personal loan business is outsourced to First Premier.

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I was just approved for a personal loan from AmEx to do some consolidation and was wondering how long did it take for the direct deposit of the loan to hit your Bank account?

 

They sent me an email that if I don't receive within 2 weeks to give them a call haha! Hoping it's not going to take 2 weeks!

Well, there's good news and bad ...

 

The good news is that it took about two days for it to hit via electronic transfer.

 

The bad news is that EVERYTHING else after that is totally FUBAR. Their personal loan department is staffed with purple chimps. Any advice they give you will be wrong. At the first sign of issues, ask for a supervisor. They are generally better and actually speak English, but have an attitude problem.

 

First of all, if you have any issues their loan department is only available during normal business hours and even then only by phone. There is no online support.

 

Then there is the loan repayment method. If you have some extra cash and want to make a payment, payments are not allowed until after your first loan "invoice" is issued. They call monthly statements "invoices." Prior to your very first statement, it is not allowed to make any electronic payments. Invoices are issued and you have a certain number of days to then make payment -- just like with a credit card. Your first invoice should be issued about 4 to 6 weeks after your loan was approved. Unless it's not 4 to 6 weeks and more like 12 to 15. Yeah, their system is so fooked up that it took them 3.5 months to issue the first invoice. Once your first invoice is issued, you can begin to make online payments as often as you wish without waiting for subsequent invoices.

 

If at any time you get the idea of mailing in a payment, don't fooking do it! The payment address they give you is bogus. The mail payment address they give you is a PO Box in Dallas. So, if you live in CA, it takes your check about 3 days to arrive at the Dallas POB, right? Yes, that's right. But remember the key words "purple chimps". These fooking koonts don't process your payment in Dallas. Or anywhere in Texas even. From Dallas they forward the physical check to another address that serves your location, which, if you are from the west coast, is LA. Add another 5 days to the process. Once it arrives in LA, it takes them up to 5 more days to open the envelope, remove the check, deposit it and post it to your account. And by "days" I mean business days.

 

Generally I've found AmEx to be a notch above the rest with outstanding customer service. I'm thinking their personal loan business is outsourced to First Premier.

 

I laughed out loud!

 

So you didn't have to make your first payment for like 3.5 months?

 

Thanks for the warning!

I looked...it was 3 days.

Thank you for checking, that sounds reasonable!

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I was just approved for a personal loan from AmEx to do some consolidation and was wondering how long did it take for the direct deposit of the loan to hit your Bank account?

 

They sent me an email that if I don't receive within 2 weeks to give them a call haha! Hoping it's not going to take 2 weeks!

Well, there's good news and bad ...

 

The good news is that it took about two days for it to hit via electronic transfer.

 

The bad news is that EVERYTHING else after that is totally FUBAR. Their personal loan department is staffed with purple chimps. Any advice they give you will be wrong. At the first sign of issues, ask for a supervisor. They are generally better and actually speak English, but have an attitude problem.

 

First of all, if you have any issues their loan department is only available during normal business hours and even then only by phone. There is no online support.

 

Then there is the loan repayment method. If you have some extra cash and want to make a payment, payments are not allowed until after your first loan "invoice" is issued. They call monthly statements "invoices." Prior to your very first statement, it is not allowed to make any electronic payments. Invoices are issued and you have a certain number of days to then make payment -- just like with a credit card. Your first invoice should be issued about 4 to 6 weeks after your loan was approved. Unless it's not 4 to 6 weeks and more like 12 to 15. Yeah, their system is so fooked up that it took them 3.5 months to issue the first invoice. Once your first invoice is issued, you can begin to make online payments as often as you wish without waiting for subsequent invoices.

 

If at any time you get the idea of mailing in a payment, don't fooking do it! The payment address they give you is bogus. The mail payment address they give you is a PO Box in Dallas. So, if you live in CA, it takes your check about 3 days to arrive at the Dallas POB, right? Yes, that's right. But remember the key words "purple chimps". These fooking koonts don't process your payment in Dallas. Or anywhere in Texas even. From Dallas they forward the physical check to another address that serves your location, which, if you are from the west coast, is LA. Add another 5 days to the process. Once it arrives in LA, it takes them up to 5 more days to open the envelope, remove the check, deposit it and post it to your account. And by "days" I mean business days.

 

Generally I've found AmEx to be a notch above the rest with outstanding customer service. I'm thinking their personal loan business is outsourced to First Premier.

 

I laughed out loud!

 

So you didn't have to make your first payment for like 3.5 months?

 

Thanks for the warning!

I looked...it was 3 days.

Thank you for checking, that sounds reasonable!

 

 

Yeah, the first payment wasn't due until almost four months after we (wife actually) received the loan funds. The good news is that there was no interest during this time.

 

The bad news is we had cash to pay and didn't feel like holding onto it so we mailed in a payment. (See initial post about how they fook up payments mailed in.)

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Your first invoice should be issued about 4 to 6 weeks after your loan was approved. Unless it's not 4 to 6 weeks and more like 12 to 15.

Has anybody read the fine print ? Is there an early payoff penalty if you pay it off upon receipt of the first invoice ?

 

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I was just approved for a personal loan from AmEx to do some consolidation and was wondering how long did it take for the direct deposit of the loan to hit your Bank account?

 

They sent me an email that if I don't receive within 2 weeks to give them a call haha! Hoping it's not going to take 2 weeks!

Well, there's good news and bad ...

 

The good news is that it took about two days for it to hit via electronic transfer.

 

The bad news is that EVERYTHING else after that is totally FUBAR. Their personal loan department is staffed with purple chimps. Any advice they give you will be wrong. At the first sign of issues, ask for a supervisor. They are generally better and actually speak English, but have an attitude problem.

 

First of all, if you have any issues their loan department is only available during normal business hours and even then only by phone. There is no online support.

 

Then there is the loan repayment method. If you have some extra cash and want to make a payment, payments are not allowed until after your first loan "invoice" is issued. They call monthly statements "invoices." Prior to your very first statement, it is not allowed to make any electronic payments. Invoices are issued and you have a certain number of days to then make payment -- just like with a credit card. Your first invoice should be issued about 4 to 6 weeks after your loan was approved. Unless it's not 4 to 6 weeks and more like 12 to 15. Yeah, their system is so fooked up that it took them 3.5 months to issue the first invoice. Once your first invoice is issued, you can begin to make online payments as often as you wish without waiting for subsequent invoices.

 

If at any time you get the idea of mailing in a payment, don't fooking do it! The payment address they give you is bogus. The mail payment address they give you is a PO Box in Dallas. So, if you live in CA, it takes your check about 3 days to arrive at the Dallas POB, right? Yes, that's right. But remember the key words "purple chimps". These fooking koonts don't process your payment in Dallas. Or anywhere in Texas even. From Dallas they forward the physical check to another address that serves your location, which, if you are from the west coast, is LA. Add another 5 days to the process. Once it arrives in LA, it takes them up to 5 more days to open the envelope, remove the check, deposit it and post it to your account. And by "days" I mean business days.

 

Generally I've found AmEx to be a notch above the rest with outstanding customer service. I'm thinking their personal loan business is outsourced to First Premier.

 

I laughed out loud!

 

So you didn't have to make your first payment for like 3.5 months?

 

Thanks for the warning!

I looked...it was 3 days.

Thank you for checking, that sounds reasonable!

 

 

Yeah, the first payment wasn't due until almost four months after we (wife actually) received the loan funds. The good news is that there was no interest during this time.

 

The bad news is we had cash to pay and didn't feel like holding onto it so we mailed in a payment. (See initial post about how they fook up payments mailed in.)

 

 

That is completely weird and is sloppy business, especailly on AMEX's part.

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LOL it's POTO's way or the highway. The cut off day for my Amex ED Is today. Yesterday I logged in to pay the statement balance. So I did. $74. But I also saw pending charges for $42. When I tried to also clear the pending charges to avoid being reported Amex said NIET the charges must be posted before paying. Annoying but kind of makes sense. IIRC with a bit of exaggerating POTO wanted to pay the loan ONLY a day after the loan hit the account à la Alliant SS trick, before the account is set up, before the the Loan documents are sent, before the first statement is generated. Even Purple Chimps don't like their way of doing things to be violated. Lol But in all seriousness 3 days loan approval and disbursement is impressive.

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Your first invoice should be issued about 4 to 6 weeks after your loan was approved. Unless it's not 4 to 6 weeks and more like 12 to 15.

Has anybody read the fine print ? Is there an early payoff penalty if you pay it off upon receipt of the first invoice ?

 

 

 

There is no early pay-off penalty.

 

 

 

 

 

I was just approved for a personal loan from AmEx to do some consolidation and was wondering how long did it take for the direct deposit of the loan to hit your Bank account?

 

They sent me an email that if I don't receive within 2 weeks to give them a call haha! Hoping it's not going to take 2 weeks!

Well, there's good news and bad ...

 

The good news is that it took about two days for it to hit via electronic transfer.

 

The bad news is that EVERYTHING else after that is totally FUBAR. Their personal loan department is staffed with purple chimps. Any advice they give you will be wrong. At the first sign of issues, ask for a supervisor. They are generally better and actually speak English, but have an attitude problem.

 

First of all, if you have any issues their loan department is only available during normal business hours and even then only by phone. There is no online support.

 

Then there is the loan repayment method. If you have some extra cash and want to make a payment, payments are not allowed until after your first loan "invoice" is issued. They call monthly statements "invoices." Prior to your very first statement, it is not allowed to make any electronic payments. Invoices are issued and you have a certain number of days to then make payment -- just like with a credit card. Your first invoice should be issued about 4 to 6 weeks after your loan was approved. Unless it's not 4 to 6 weeks and more like 12 to 15. Yeah, their system is so fooked up that it took them 3.5 months to issue the first invoice. Once your first invoice is issued, you can begin to make online payments as often as you wish without waiting for subsequent invoices.

 

If at any time you get the idea of mailing in a payment, don't fooking do it! The payment address they give you is bogus. The mail payment address they give you is a PO Box in Dallas. So, if you live in CA, it takes your check about 3 days to arrive at the Dallas POB, right? Yes, that's right. But remember the key words "purple chimps". These fooking koonts don't process your payment in Dallas. Or anywhere in Texas even. From Dallas they forward the physical check to another address that serves your location, which, if you are from the west coast, is LA. Add another 5 days to the process. Once it arrives in LA, it takes them up to 5 more days to open the envelope, remove the check, deposit it and post it to your account. And by "days" I mean business days.

 

Generally I've found AmEx to be a notch above the rest with outstanding customer service. I'm thinking their personal loan business is outsourced to First Premier.

 

I laughed out loud!

 

So you didn't have to make your first payment for like 3.5 months?

 

Thanks for the warning!

I looked...it was 3 days.

Thank you for checking, that sounds reasonable!

 

 

Yeah, the first payment wasn't due until almost four months after we (wife actually) received the loan funds. The good news is that there was no interest during this time.

 

The bad news is we had cash to pay and didn't feel like holding onto it so we mailed in a payment. (See initial post about how they fook up payments mailed in.)

 

 

That is completely weird and is sloppy business, especailly on AMEX's part.

 

 

Definitely. I never knew a bank that made it so difficult to pay them. And then they give away 4 month'd of interest for free.

 

LOL it's POTO's way or the highway. The cut off day for my Amex ED Is today. Yesterday I logged in to pay the statement balance. So I did. $74. But I also saw pending charges for $42. When I tried to also clear the pending charges to avoid being reported Amex said NIET the charges must be posted before paying. Annoying but kind of makes sense. IIRC with a bit of exaggerating POTO wanted to pay the loan ONLY a day after the loan hit the account à la Alliant SS trick, before the account is set up, before the the Loan documents are sent, before the first statement is generated. Even Purple Chimps don't like their way of doing things to be violated. Lol But in all seriousness 3 days loan approval and disbursement is impressive.

 

Actually, not the Alliant. AmEx doesn't report to the credit bureaus until after the loan is paid off.

 

I dislike owing money and I dislike people owing me money. I'm the guy who goes out to eat and then does a BillPay to pay the credit card I used to pay for dinner before leaving the restaurant. We borrow $25k every year to help family finance our big annual vacation together. The $25k is for their part and they pay it back -- I give them a year. Once I see the loan in my online banking, I start throwing money at it, usually paying it off within 6 to 8 weeks. The plan was to do the same with AmEx, which we never would have applied for except they bombarded my wife with pre-approvals at 6.5%.

 

After the first two weeks I had money to throw at the loan, but they came out with the "wait until the invoice" shtick. Then their systems were messed up and it turned into almost 4 months. Without interest. Not sure about anybody else, but giving out 4-months of interest free loans at 6.5% doesn't seem like the path to continued financial solvency. Then you have the annoyance factor of people who want to start making the payments they budgeted for.

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I had a personal loan with them. I paid it off early-in under a year.

There was no penalty

I did not experience anything negative - but I did the payments via ACH.

 

My first payment was due 6 weeks after they money hit my account.

 

I wouldn't "mail" a check or MO to any creditor these days. Not just AMEX, but anyone.

 

 

YMMV

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I had a personal loan with them. I paid it off early-in under a year.

There was no penalty

I did not experience anything negative - but I did the payments via ACH.

 

My first payment was due 6 weeks after they money hit my account.

 

I wouldn't "mail" a check or MO to any creditor these days. Not just AMEX, but anyone.

 

 

YMMV

 

I'm not surprised with Amex. They've always liked people who PIF and PIF early.

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Your first invoice should be issued about 4 to 6 weeks after your loan was approved. Unless it's not 4 to 6 weeks and more like 12 to 15.

Has anybody read the fine print ? Is there an early payoff penalty if you pay it off upon receipt of the first invoice ?

 

There is no early pay-off penalty.

 

Thankyou. :good:

 

I'll keep that in my back pocket in case I come up about a month short of rolling over a zero BT again.

 

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Your first invoice should be issued about 4 to 6 weeks after your loan was approved. Unless it's not 4 to 6 weeks and more like 12 to 15.

Has anybody read the fine print ? Is there an early payoff penalty if you pay it off upon receipt of the first invoice ?

 

 

 

There is no early pay-off penalty.

 

 

 

 

 

I was just approved for a personal loan from AmEx to do some consolidation and was wondering how long did it take for the direct deposit of the loan to hit your Bank account?

 

They sent me an email that if I don't receive within 2 weeks to give them a call haha! Hoping it's not going to take 2 weeks!

Well, there's good news and bad ...

 

The good news is that it took about two days for it to hit via electronic transfer.

 

The bad news is that EVERYTHING else after that is totally FUBAR. Their personal loan department is staffed with purple chimps. Any advice they give you will be wrong. At the first sign of issues, ask for a supervisor. They are generally better and actually speak English, but have an attitude problem.

 

First of all, if you have any issues their loan department is only available during normal business hours and even then only by phone. There is no online support.

 

Then there is the loan repayment method. If you have some extra cash and want to make a payment, payments are not allowed until after your first loan "invoice" is issued. They call monthly statements "invoices." Prior to your very first statement, it is not allowed to make any electronic payments. Invoices are issued and you have a certain number of days to then make payment -- just like with a credit card. Your first invoice should be issued about 4 to 6 weeks after your loan was approved. Unless it's not 4 to 6 weeks and more like 12 to 15. Yeah, their system is so fooked up that it took them 3.5 months to issue the first invoice. Once your first invoice is issued, you can begin to make online payments as often as you wish without waiting for subsequent invoices.

 

If at any time you get the idea of mailing in a payment, don't fooking do it! The payment address they give you is bogus. The mail payment address they give you is a PO Box in Dallas. So, if you live in CA, it takes your check about 3 days to arrive at the Dallas POB, right? Yes, that's right. But remember the key words "purple chimps". These fooking koonts don't process your payment in Dallas. Or anywhere in Texas even. From Dallas they forward the physical check to another address that serves your location, which, if you are from the west coast, is LA. Add another 5 days to the process. Once it arrives in LA, it takes them up to 5 more days to open the envelope, remove the check, deposit it and post it to your account. And by "days" I mean business days.

 

Generally I've found AmEx to be a notch above the rest with outstanding customer service. I'm thinking their personal loan business is outsourced to First Premier.

 

I laughed out loud!

 

So you didn't have to make your first payment for like 3.5 months?

 

Thanks for the warning!

I looked...it was 3 days.

Thank you for checking, that sounds reasonable!

 

 

Yeah, the first payment wasn't due until almost four months after we (wife actually) received the loan funds. The good news is that there was no interest during this time.

 

The bad news is we had cash to pay and didn't feel like holding onto it so we mailed in a payment. (See initial post about how they fook up payments mailed in.)

 

 

That is completely weird and is sloppy business, especailly on AMEX's part.

 

 

Definitely. I never knew a bank that made it so difficult to pay them. And then they give away 4 month'd of interest for free.

 

LOL it's POTO's way or the highway. The cut off day for my Amex ED Is today. Yesterday I logged in to pay the statement balance. So I did. $74. But I also saw pending charges for $42. When I tried to also clear the pending charges to avoid being reported Amex said NIET the charges must be posted before paying. Annoying but kind of makes sense. IIRC with a bit of exaggerating POTO wanted to pay the loan ONLY a day after the loan hit the account à la Alliant SS trick, before the account is set up, before the the Loan documents are sent, before the first statement is generated. Even Purple Chimps don't like their way of doing things to be violated. Lol But in all seriousness 3 days loan approval and disbursement is impressive.

 

Actually, not the Alliant. AmEx doesn't report to the credit bureaus until after the loan is paid off.

 

I dislike owing money and I dislike people owing me money. I'm the guy who goes out to eat and then does a BillPay to pay the credit card I used to pay for dinner before leaving the restaurant. We borrow $25k every year to help family finance our big annual vacation together. The $25k is for their part and they pay it back -- I give them a year. Once I see the loan in my online banking, I start throwing money at it, usually paying it off within 6 to 8 weeks. The plan was to do the same with AmEx, which we never would have applied for except they bombarded my wife with pre-approvals at 6.5%.

 

After the first two weeks I had money to throw at the loan, but they came out with the "wait until the invoice" shtick. Then their systems were messed up and it turned into almost 4 months. Without interest. Not sure about anybody else, but giving out 4-months of interest free loans at 6.5% doesn't seem like the path to continued financial solvency. Then you have the annoyance factor of people who want to start making the payments they budgeted for.

 

Amex reports within 2 months of acquiring the loan.... I have an AMEX loan and they are currently reporting to all 3 bureaus......

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Your first invoice should be issued about 4 to 6 weeks after your loan was approved. Unless it's not 4 to 6 weeks and more like 12 to 15.

Has anybody read the fine print ? Is there an early payoff penalty if you pay it off upon receipt of the first invoice ?

 

There is no early pay-off penalty.

 

 

 

 

 

 

I was just approved for a personal loan from AmEx to do some consolidation and was wondering how long did it take for the direct deposit of the loan to hit your Bank account?

 

They sent me an email that if I don't receive within 2 weeks to give them a call haha! Hoping it's not going to take 2 weeks!

 

Well, there's good news and bad ...

The good news is that it took about two days for it to hit via electronic transfer.

The bad news is that EVERYTHING else after that is totally FUBAR. Their personal loan department is staffed with purple chimps. Any advice they give you will be wrong. At the first sign of issues, ask for a supervisor. They are generally better and actually speak English, but have an attitude problem.

First of all, if you have any issues their loan department is only available during normal business hours and even then only by phone. There is no online support.

Then there is the loan repayment method. If you have some extra cash and want to make a payment, payments are not allowed until after your first loan "invoice" is issued. They call monthly statements "invoices." Prior to your very first statement, it is not allowed to make any electronic payments. Invoices are issued and you have a certain number of days to then make payment -- just like with a credit card. Your first invoice should be issued about 4 to 6 weeks after your loan was approved. Unless it's not 4 to 6 weeks and more like 12 to 15. Yeah, their system is so fooked up that it took them 3.5 months to issue the first invoice. Once your first invoice is issued, you can begin to make online payments as often as you wish without waiting for subsequent invoices.

If at any time you get the idea of mailing in a payment, don't fooking do it! The payment address they give you is bogus. The mail payment address they give you is a PO Box in Dallas. So, if you live in CA, it takes your check about 3 days to arrive at the Dallas POB, right? Yes, that's right. But remember the key words "purple chimps". These fooking koonts don't process your payment in Dallas. Or anywhere in Texas even. From Dallas they forward the physical check to another address that serves your location, which, if you are from the west coast, is LA. Add another 5 days to the process. Once it arrives in LA, it takes them up to 5 more days to open the envelope, remove the check, deposit it and post it to your account. And by "days" I mean business days.

Generally I've found AmEx to be a notch above the rest with outstanding customer service. I'm thinking their personal loan business is outsourced to First Premier.

I laughed out loud!

 

So you didn't have to make your first payment for like 3.5 months?

 

Thanks for the warning!

 

I looked...it was 3 days.

Thank you for checking, that sounds reasonable!

 

Yeah, the first payment wasn't due until almost four months after we (wife actually) received the loan funds. The good news is that there was no interest during this time.

 

The bad news is we had cash to pay and didn't feel like holding onto it so we mailed in a payment. (See initial post about how they fook up payments mailed in.)

 

That is completely weird and is sloppy business, especailly on AMEX's part.

 

Definitely. I never knew a bank that made it so difficult to pay them. And then they give away 4 month'd of interest for free.

 

 

LOL it's POTO's way or the highway. The cut off day for my Amex ED Is today. Yesterday I logged in to pay the statement balance. So I did. $74. But I also saw pending charges for $42. When I tried to also clear the pending charges to avoid being reported Amex said NIET the charges must be posted before paying. Annoying but kind of makes sense. IIRC with a bit of exaggerating POTO wanted to pay the loan ONLY a day after the loan hit the account à la Alliant SS trick, before the account is set up, before the the Loan documents are sent, before the first statement is generated. Even Purple Chimps don't like their way of doing things to be violated. Lol But in all seriousness 3 days loan approval and disbursement is impressive.

 

Actually, not the Alliant. AmEx doesn't report to the credit bureaus until after the loan is paid off.

 

I dislike owing money and I dislike people owing me money. I'm the guy who goes out to eat and then does a BillPay to pay the credit card I used to pay for dinner before leaving the restaurant. We borrow $25k every year to help family finance our big annual vacation together. The $25k is for their part and they pay it back -- I give them a year. Once I see the loan in my online banking, I start throwing money at it, usually paying it off within 6 to 8 weeks. The plan was to do the same with AmEx, which we never would have applied for except they bombarded my wife with pre-approvals at 6.5%.

 

After the first two weeks I had money to throw at the loan, but they came out with the "wait until the invoice" shtick. Then their systems were messed up and it turned into almost 4 months. Without interest. Not sure about anybody else, but giving out 4-months of interest free loans at 6.5% doesn't seem like the path to continued financial solvency. Then you have the annoyance factor of people who want to start making the payments they budgeted for.

Amex reports within 2 months of acquiring the loan.... I have an AMEX loan and they are currently reporting to all 3 bureaus......

 

You are lucky then. My wife's never reported until 6 months after it had been paid off. One day they all of a sudden reported the loan open and then about two weeks later they updated to closed.

Edited by PotO
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  • 1 month later...

Sooo, after reading the FAQ, I wasn't aware they will want to know what you want the loan for. What did those that applied say ?

If you say you want to pay down CC debt, do they insist on sending it directly to the CC account, or will they send it to your checking account ?

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Sooo, after reading the FAQ, I wasn't aware they will want to know what you want the loan for. What did those that applied say ?

 

If you say you want to pay down CC debt, do they insist on sending it directly to the CC account, or will they send it to your checking account ?

They put it in your checking or savings account that you designate.

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  • 3 weeks later...

 

Sooo, after reading the FAQ, I wasn't aware they will want to know what you want the loan for. What did those that applied say ?

 

If you say you want to pay down CC debt, do they insist on sending it directly to the CC account, or will they send it to your checking account ?

They put it in your checking or savings account that you designate.

 

 

Does anyone know if they frown on using the funds for business?

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Sooo, after reading the FAQ, I wasn't aware they will want to know what you want the loan for. What did those that applied say ?

 

If you say you want to pay down CC debt, do they insist on sending it directly to the CC account, or will they send it to your checking account ?

They put it in your checking or savings account that you designate.

 

 

Does anyone know if they frown on using the funds for business?

 

Probably best to stick with one of the multiple-choice 'circle-clicks' they present. Seems like those are their preferred responses. If you choose to have it deposited to a bank account, then you can do whatever you want.

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Sooo, after reading the FAQ, I wasn't aware they will want to know what you want the loan for. What did those that applied say ?

 

If you say you want to pay down CC debt, do they insist on sending it directly to the CC account, or will they send it to your checking account ?

 

They put it in your checking or savings account that you designate.

Does anyone know if they frown on using the funds for business?

Why risk telling them?

 

There's a good chance they might not like it.

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