American Express Company loan calculator online in Canada in 2022. How to figure out the loan yourself? A handy tool that will show whether you can pay off a loan, help you choose lending with affordable payments.
Take advantage of our loan selection system with a free credit rating check!
With American Express® personal loans, you can borrow between $3,500 and $40,000 for a term of 12, 24, or 36 months. These unsecured loans are available at fixed personalized rates defined individually based on your credit profile. American Express® personal loans are available to pre-approved cardmembers at this time.
Existing American Express® clients can apply for a personal loan online by signing in to an online banking account. Otherwise, you may book an appointment with an American Express® financial advisor.
To get an idea of how your American Express® loan payments may look like, you can use the personal loan calculator. Along with estimated monthly payments, you will see the total interest paid over the full term as a result of your calculations.
As for online calculators, American Express® provides the following tools on its website:
Personal loan calculator to estimate your monthly loan payment
American Express also offers the Rewards Points calculator to estimate the dollar value of the Membership Rewards points you’ve earned for different redemption options.
With a loan amount and an interest rate, you can calculate your estimated monthly loan payment. As a result of your calculations, you will see the breakdown of estimated monthly payments based on a 12, 24, and 36 month-term, along with the total interest paid over the full term. Such a detailed overview will help you select the best borrowing option for your needs.
Let’s assume you want to borrow $8,500 at a 9.99% interest rate. By incorporating these values into the loan calculator, you will get an estimated monthly payment of $747.25 for a 12-month term, $392.19 for a 24-month term, and $274.23 for a 36-month term. The total interest paid over the long term will be $466.95 for a 12-month term, $912.62 for a 24-month term, and $ 1,372.32 for a 36-month term.
You can compare different American Express® loan options by adjusting the values entered into the calculator. This way, you can see how your monthly payment changes as you adjust the amount to borrow and the interest rate.
Say, borrowing $4,500 for 12 months at a 10.99% interest rate involves a monthly payment of $397.70, while borrowing $6,000 for the same term and at the same rate involves a monthly payment of $395.60, which is not a big difference.
The actual payments and interest charges may differ from what you get in your calculations. This is because the financing amount you can get access to is subject to credit approval. The interest rate offered to you by American Express® will also depend on the bank’s assessment of your creditworthiness.
The interest rate you will get from American Express® is subject to credit approval. The bank defines the rates individually based on your credit history.
Shorter loan terms generally involve greater regular payments. For example, when borrowing $12,000 at a 7.99% interest rate, your monthly payment will be $608.89 with a 12-month term, $316.56 with a 24-month term, and $219.32 with a 36-month term.
The results of your calculations will include the estimated interest paid throughout the loan term.
For example, if you borrow $7,000 at an 8.99% interest rate, you will pay $419.58 in interest with a 12-month term, $818.75 with a 24-month term, and $1,229.29 with a 36-month term.
