Well, it reads like you are pre-approved for the 6.9 rate but ‘up to $25k’ means it could be less. Once you fill out the application it may ask what length you would like and then tell you your expected minimum payment. Once they pull your credit that will dictate the final amount of the loan. I've never had an Amex personal loan, just going off of pre-approval options I've seen with a credit union. So this may not be a complete match of how Amex works.
Being Amex personal loans are by invite only, you're already pre-approved for up to that amount. You select the amount you want to take and they'll show you the pmt amount and available terms.
Once you accept, its very likely to be a SP approval and the funds will be in your bank account the next day.
@HelpWithCR3it wrote:Ah I see. Yeah it is weird because it says it wont affect my credit if I apply, but might affect it if I accept after applying lol
There is another note that is wierd: Why does it say you can't use the loan towards a auto purchase? It says you can use as it as down payment, but you can't use it to buy it in full?
Like I said, there's a strong likelihood it would be a SP approval, that doesn't mean it's guaranteed to be a SP. There will be a hit to your scores for the new loan when it reports to the CRAs.
As far as the stipulation that it can't be used for the outright purchase of a vehicle, there's been discussion on this forum, and elsewhere but I've yet to see any definitive answer as to why not. It could be because of auto loan regulations, or some other legal mumbo jumbo.
@HelpWithCR3it wrote:I logged in and it says I am pre approved for 6.98 percent up to $25,000. Normally I would never consider it, but that is a lower rate that I am qouted for a used auto loan I am looking at applying for.
I would own it out right also with the personal loan.
Issue is, it doesn't say what the terms would be. As in how months
Is 6.98 the actual rate I would get, if I would do like 60 months ( I would pay it off way before then )
Cause reading the fine print it says "repay a personal loan in terms of 12-60 months with fixed rates ffom 5.91 to 19.97 APR "
So I am not sure. Has anyone ever gotten a personal loan from AMEX?
Thanks
I would not be surprised if it's bait and switch... but if it would be good at that rate you can start the application, and if they switch the terms on you then you'll have the option of pulling out before you sign off.
@HelpWithCR3it wrote:Ah I see. Yeah it is weird because it says it wont affect my credit if I apply, but might affect it if I accept after applying lol
There is another note that is wierd: Why does it say you can't use the loan towards a auto purchase? It says you can use as it as down payment, but you can't use it to buy it in full?
They don't want to lend you the money to buy a car and wind up having no lien on the car.
Those are decent terms for a personal loan. I get the same popup preapproval when logging into my Amex account $25k but apr on mine is 17.97
@CreditCuriosity wrote:
@Rogue46 wrote:Those are decent terms for a personal loan. I get the same popup preapproval when logging into my Amex account $25k but apr on mine is 17.97
Wow 17.97? Hard pass especially if your scores are fairly accurate in signature. I have the same pre-approval offer at same terms 6.98 or 6.99 i believe. No need for it but pretty cheap money in today current state of economy with interest rates.
Yeah, I think I'd have to pass on 17.97. 
My current offer is $25k at 7.48%, so it's not the best but in a pinch it would be doable. (I've joked that they're still sore about me closing my Gold and Platinum last summer, haha.) My last loan with them was at 5.98%... ah, the good ole days, LOL. 
@HelpWithCR3it, when you go through the process to accept the loan it will tell you the exact terms, and you can cancel out of the process if you don't like what you see. I've had a couple of loans with them, and both times the process was transparent and I was very pleased with how everything worked out.
Just for clarification, there never is a HP on these. How your credit is 'impacted' is by the account reporting once it's opened. I've never heard of anybody being turned down once pre-approved... occasionally it might take a little while for the account to be formally approved (for larger amounts) but often even that is instant.
I'm not sure what the legal reason is for them 'officially' disallowing car purchases, but once the money is in your account you can do what you please with it. Same for paying off another Amex account with Amex loan proceeds... you aren't allowed to do it, but again, once the funds are commingled in your bank account it's hard to tell which dollars paid off the card and which dollars paid the mortgage (or the vacation, or the kid's braces, or whatever).