About American Express Bank Personal Loans
The markets are struggling, and this means more Americans are looking for loans to make ends meet. For Americans who have limited financial resources and limited equity in a home or don't own a home, personal bank loans are an option they can consider. Personal bank loans give an individual a lump sum up front. The borrower makes arrangements to pay the bank the money owed.
American Express Bank personal loans are no longer available, as detailed below.
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History
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American Express Bank no longer operates as its own financial institution giving out loans. It has been acquired by the London-based banking company Standard Chartered, as reported on Forbes.com in November 2007. In February 2008, Standard Chartered started branding American Express Banks with their logo and information. The web site for American Express Banks is no longer functioning and now redirects visitors to the Standard Chartered web site.
Significance
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Currently, Standard Financial is only offering corporate business banking and investment services in the United States. Personal banking loans are not currently offered by Standard Chartered in the United States. Standard Financial offers loans through its banks in many other countries, and will be expected to be a full personal and corporate banking company in the United States, according to the Forbes article.
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Types
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Personal loans by Standard Chartered in other countries have rather strict restrictions. As an example, according to Standard Chartered Vietnam's web site, personal loans in Vietnam from the bank cannot be used for investment purposes. These loans allow repayment via paying at the bank locations, from paychecks or through other contractual agreements, according to the web site.
Considerations
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According to the article from Forbes.com, American Express will no longer have interest in banking operations and will concentrate on their credit card operations only, in the United States and internationally. American Express has been reducing their financial operations. Part of this strategy was Ameriprise Financial being created as a company to take over the operations of American Express Financial Corp.
Warning
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As Standard Chartered enters the personal banking market in the United States, customers will want to watch it closely. With the current financial situation hitting banks and other financial institutions heavily, it would be wise to wait for Standard Chartered to establish itself in the market before obtaining loans from the company. Their United States web site will have more information about their personal banking and loan options as they become available.
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