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American Express® Business Line of Credit (formerly Kabbage)


ConsumersAdvocate.org Rating: 4.6 / 5 (Excellent)
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American Express is a financial services company that offers a wide range of consumer and business lending products. The company has a BBB A+ rating, and a 5-star TrustPilot score. American Express is headquartered in New York, New York.
 
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How is American Express rated?

Breakdown

4.0/5
Loan Options
5.0/5
Application Requirements
4.5/5
Average Rates & Fees

Overall Rating: 4.6 / 5 (Excellent)

American Express is one of the best-known and well-regarded companies providing lending services today. It offers business lines of credit to business owners in select industries nationwide. The American Express Business Line of Credit may be ideal for customers who need access to working capital for a variety of uses, such as to pay staff, buy equipment, or finance their day-to-day operations. All businesses are unique and are subject to approval and review.

American Express offers a 100% digital funding experience. Borrowers can get approved for a loan in real-time and receive funds in as few as a couple of days. Applicants with a credit score of 640 or higher may qualify for a loan.

American Express Business Lines of Credit are available for amounts as low as $2,000 and as high as $250,000. Businesses need only have an average monthly revenue of $3,000, which makes it a great solution for sole proprietors and borrowers who have just launched their businesses.

The company doesn't technically charge interest on the money you borrow. Rather it assesses monthly fees calculated on the exact balance you're carrying. So your monthly payments will decrease as you pay back the money you borrow. Monthly fees vary depending on your loan term and creditworthiness and the company quotes the following rate ranges per term:

2-9% for 6-month loans

7.5-18% for 12-month loans

15.75-27% for 18-month loans.

Loan Options

Available Loan Types

SBA Loans
Revenue-based Financing
Equipment Funding
Working Capital Loans
Term Loans
Lines of Credit
Invoice Financing
Merchant Cash Advances
Equipment Loans

Term Loans

Min Term Length
6 months
Max Term Length
18 months
Repayment Terms
Customers must pay a minimum amount toward their principal loan amount and a monthly fee based on their actual balance.

Business Lines of Credit

Min Loan Amount
$2,000
Max Loan Amount
$250,000
Min Term Length
6 months
Max Term Length
18 months
Repayment Terms
Customers must pay a minimum amount toward their principal loan amount and a monthly fee based on their actual balance. American Express does not penalize customers for early repayment and monthly costs decrease along with the balance you owe.

Loan Options - 4 / 5

With funding ranging from $2,000 to $250,000 available, American Express Business Lines of Credit can help small business owners fund a wide range of business initiatives. You won't likely be able to buy an office building or factory with the funds you borrow, but you may be able to rent a second office or staff up to meet increased demand for your products.

It's important to understand that the American Express Business Line of Credit is not a revolving type account. Loans are issued for a fixed term. Each draw you make on your line of credit represents a separate installment loan. American Express does offer revolving credit cards for businesses, however.

American Express Rates & Fees

Lines of Credit

Fees: American Express charges monthly fees based on the actual amount you owe. Your monthly payment will change as your balance increases or decreases. American Express does not charge application fees, monthly maintenance fees, or prepayment penalties.

Average Rates & Fees - 4.5 / 5

In lieu of interest, American Express charges monthly fees based on your loan term, creditworthiness, and outstanding loan balance. For six-month loans, fees range from 2 - 9% for the term. For 12-month loans, fees range from 7.5% to 18% for the terms. For 18-month loans, fees range from 15.75% to 27%. American Express does not impose prepayment penalties. So you can save money on fees by paying off your loan more quickly than is required by your loan agreement. The company charges late payment fees between $10 and $100 per month, depending on your outstanding balance.

Application & Qualifications

Online Application
Approval Time
Approvals in real-time
Funding Time
A few minutes to several days
Min. Years In Business
1 year(s)

Application Requirements - 5 / 5

American Express gets high marks for its application process and qualifications. Business owners can apply online with the bare minimum of documentation. You must have a minimum credit score of 640 to be eligible for a business line of credit, but many lenders impose stricter limits.

You open an American Express Business Line of Credit if you're at least 18 years old, have been in business for a year, and your business has average monthly revenue of at least $3,000.

American Express Reputation

Customer Feedback

BBB Rating
A+
Date Collected
2023-02-08

Consumer Education - 4.8 / 5

American Express publishes a blog geared toward business customers called "Business Class: Trends and Insights." The company also hosts its own podcast and posts educational videos on its website.

Contact & Additional Information

Homepage URL
https://www.americanexpress.com/en-us/business/blueprint/business-line-of-credit/
Company Phone
(888) 986-8263
Headquarters Address
730 Peachtree Street NE Suite 1100, Atlanta, GA, 30308
Mailing Address
730 Peachtree Street NE Suite 1100, Atlanta, GA, 30308
Year Founded
1850

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Top Rated
Our Partner

Applying won’t affect credit score

  • Loan Amounts: $5,000 to $250,000

  • Average Yearly Revenue requirements:$100,000

  • Minimum Credit Score: 625 FICO

  • Minimum Time in Business to apply: 1 year

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