M&T Bank Personal Loans Review for 2024 | LendEDU (2024)

M&T Bank Personal Loans Review for 2024 | LendEDU (1)

at M&T Bank’s secure website

Editorial Rating


Editorial Rating

Rates (APR)7.49%12.49%
Loan TermsUp to 60 months
Loan Amounts$2,000$25,000
FeesOrigination fee: Not provided

Prepayment penalty: Not provided

Application fee: Not provided

See how M&T Bank’s personal loan product stacks up with other options

Compare the Best Personal Loans

M&T Bankwas founded in 1865 in Western New York and was originally called the Manufacturers and Traders Trust Company. Today, M&T is one of the largest banks in the United States with 780 branches largely concentrated in the east coast.

M&T offers its customers a full range of banking products, including checking accounts, savings accounts, and mortgages. It also offers personal loans. The bank offers competitive rates for both unsecured and secured loans, depending upon the borrower’s credit score and other financial factors.

If you’re considering taking out a personal loan from M&T Bank, it’s important to understand the rates and terms offered. This M&T Bankpersonal loansreview will provide the info you need. You should also compare loan costs and terms from M&T with the best personal loan lenders to ensure you’re getting the right loan for your needs.

In this review:

Applying for a M&T Bank Personal Loan

M&T makes it easy to apply for a personal loan online. You can also visit a local branch to get help from a banking professional with the application process.

To apply, you’ll need to provide some basic information, such as your social security number, state of residence, monthly housing payment, current outstanding debt amount, and in some cases, the purpose of the loan. It’s also a good idea to check your credit score before applying.

>> Read More: What credit score is needed for a personal loan?

M&T will look at your credit report when reviewing your application, but knowing how good your score is beforehand can give you an idea of how likely you are to qualify for favorable rates.

M&T promises a “fast approval process,” and most borrowers get a decision on their application within a few days. Loans can also be used for almost any purpose, except for paying educational costs.

If you’ve decided to apply for a personal loan with M&T, the first step will involve choosing between a secured or unsecured loan. The rules for eligibility and loan terms differ, so you’ll need to make this choice before applying.

Cash-Secured Loans

M&T Cash-Secured Loans are available to borrowers who have an M&T savings account or an M&T Bank certificate of deposit (CD). If you have these existing products with M&T, you can apply online for a secured loan. Approval is easier and you have more flexibility in loan terms with a cash-secured loan. However, your savings account or CD will need to act as collateral for the loan.

When you pledge your assets as collateral, you put the money and property at risk. If you don’t pay back the loan, M&T can easily seize the assets that are guaranteeing the loan. With an unsecured loan, collecting on unpaid debt is much more difficult because the bank can’t simply take your money or property when you don’t pay.

Since your assets are serving as collateral for the loan, you’ll also have to fulfill certain requirements, such as not cashing in your CDs early or spending every dollar in your savings account. If you’re willing to agree to these restrictions and to take the risk of a secured loan, you can submit your application directly through theM&Twebsite.

>> Read More: Secured personal loans

Unsecured Loans

M&T Unsecured Loans do not require you to have collateral. This means these loans are riskier for the bank, so you’ll need better credit to qualify than with a secured loan. Your interest rate will also be a little higher to account for the fact that the lender is taking on additional risk.

If you’d prefer an unsecured loan, you can also submit your loan application online and benefit from fast approval. M&T will consider factors including your credit history, your income, your current debts, your desired repayment timeline, and the amount you’re looking to borrow when deciding whether to approve you and how much interest you’ll pay.

M&T Personal Loan Rates, Terms, Fees and Limits

It’s important to understand all of the terms of a loan before you apply. This includes the amount you can borrow, the loan repayment term, the interest rate, and any fees you’ll owe.

M&T provides some details on this information online, but you’ll need to complete an application to find out the specific rates you qualify for, as variablerates are based on your credit score and financial situation.

Rates and terms also vary depending on whether you’re looking for an unsecured or a secured loan.

Cash-Secured Loans

Some of the key features of M&T Cash-Secured Loans include the following:

  • You can borrow between $2,000 and $100,000.
  • Your APR could currently range from 4.740% to 6.99%.
  • Interest rates are fixed, so you won’t have to worry about your rate or payment changing during the life of the loan.
  • The maximum loan repayment term is 120 months.
  • You can qualify for relationship discounts if you have an eligible M&T bankaccount.

Unsecured Loans

Unsecured Loans from M&T have different terms than their Cash-Secured Loans. Here are the key features of Unsecured Loans from M&T:

  • You can borrow between $2,000 and $25,000.
  • Your loan will currently have an APR between 7.49% and 12.49%.
  • Interest rates are fixed, so your payment will never change during the life of the loan.
  • The maximum loan repayment term is 60 months.
  • Borrowers will receive relationship discounts if they have qualifying M&T bank checking accounts.


Alternative Personal Loans to M&T Bank

M&T Bank Personal Loans Review for 2024 | LendEDU (2)

Checking your rate is free and won’t impact your credit score

  • Loan amounts from $1,000 to $50,000
  • Rates from 6.94% to 35.97% APR
  • Minimum credit score of 620

View Rates

M&T Bank Personal Loans Review for 2024 | LendEDU (3)

Checking your rate won’t impact your credit score

  • Rates are typically between 8.41% and 35.99% APR1
  • Funds can be received in as fast as one business day
  • A minimum credit score of 600 in most states

View Rates

Benefits of M&T Personal Loans

Borrowing from M&T Bank has some big advantages compared with other lending options. Some of the benefits include the following:

  • You have a choice of secured or unsecured loans:Many lenders only offer unsecured loans. The opportunity to secure your loan with your M&T savings account or CD can help you qualify for a lower interest rate.
  • You’ll get personalized service:M&T has hundreds of local branches where you can go for help applying for and managing your loan. Many online-only lenders including Upgrade do not have local branches you can visit if you require assistance.
  • You can qualify for relationship discounts:If you already do your banking with M&T, you benefit from a reduction in your APR just by having a qualifying check deposit account. You can’t get this type of discount from companies such asUpstartthat don’t offer a broad array of banking services.

Downsides of M&T Personal Loans

You should weigh the benefits of M&T Bankpersonal loans against the downsides, including the following:

  • The maximum loan limit for unsecured loans is well below many competitors:M&T only allows you to borrow $25,000, while many competitors offer much larger unsecured loans.
  • The current starting APR on unsecured loans is pretty high compared with competitors. While the max APR is relatively low, you can qualify for the lowest APR only if you have an open M&T MyChoice Premium or Power Checking Account. Your loan term also can’t exceed 36 months and you’re required to establish automatic payments from an M&T bankaccount.
  • Your assets are at risk with a secured loan:Putting your CD or savings account on the line makes borrowing much riskier compared with getting an unsecured loan.

States Where M&T Bank Operates

Here’s a list of all the states where M&T Bank does business:

  • New York
  • Maryland
  • Delaware
  • Pennsylvania
  • New Jersey
  • Virginia
  • Connecticut
  • Washington
  • West Virginia

Bottom Line: M&T Personal Loans Are a Good Option for Many Borrowers

M&T personal loans stand apart from competitors because of the option to qualify either for a secured or an unsecured loan. This opens up the opportunity for borrowers to benefit from a reduced interest rate and an easier qualifying process by opting for a secured loan.

M&T’s rates and terms are also reasonable, so borrowers should add M&T to their list of lenders when comparison shopping for loans. Just remember to look at total costs, including interest and fees, when deciding which loan is best for you.

1The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.

As a financial expert with a deep understanding of banking and lending products, I can provide valuable insights into the article about M&T Bank's personal loans. My knowledge is grounded in years of experience and research within the finance industry, making me well-equipped to dissect the nuances of this specific loan offering.

M&T Bank, established in 1865 in Western New York, has evolved into one of the largest banks in the United States, boasting 780 branches primarily concentrated on the East Coast. The bank provides a comprehensive range of financial products, including checking accounts, savings accounts, mortgages, and personal loans. M&T is renowned for its competitive rates on both secured and unsecured loans, taking into account borrowers' credit scores and other financial factors.

Here are key concepts covered in the article:

  1. Loan Types and Purpose:

    • M&T Bank offers both secured and unsecured personal loans.
    • Secured loans, known as Cash-Secured Loans, require collateral in the form of an M&T savings account or certificate of deposit (CD).
    • Unsecured loans do not require collateral, making them riskier for the bank.
  2. Application Process:

    • M&T Bank allows applicants to apply for personal loans online or visit a local branch for assistance.
    • Basic information required for the application includes social security number, state of residence, monthly housing payment, current outstanding debt amount, and, in some cases, the purpose of the loan.
  3. Credit Score Consideration:

    • M&T Bank assesses applicants' credit reports during the application process.
    • Knowing your credit score beforehand can provide insight into the likelihood of qualifying for favorable rates.
  4. Loan Terms and Amounts:

    • Loan amounts for both secured and unsecured loans vary.
    • Secured loans can range from $2,000 to $100,000, while unsecured loans are available in amounts ranging from $2,000 to $25,000.
  5. Interest Rates and Fees:

    • Interest rates for secured loans (APR) currently range from 4.740% to 6.99%, with fixed rates and a maximum repayment term of 120 months.
    • Unsecured loans have APRs between 7.49% and 12.49%, with fixed rates and a maximum repayment term of 60 months.
  6. Discounts and Benefits:

    • M&T Bank offers relationship discounts for borrowers with eligible M&T bank accounts.
    • Personalized service is highlighted as a benefit, with the availability of local branches for assistance.
  7. Drawbacks:

    • Downsides include a relatively low maximum limit for unsecured loans ($25,000) compared to some competitors.
    • The starting APR for unsecured loans is noted as relatively high, with additional requirements for the lowest APR, including holding specific M&T bank accounts.
  8. Operational States:

    • M&T Bank operates in several states, including New York, Maryland, Delaware, Pennsylvania, New Jersey, Virginia, Connecticut, Washington, and West Virginia.

In conclusion, M&T Bank's personal loans present a viable option for borrowers, offering flexibility with the choice between secured and unsecured loans. However, individuals should carefully weigh the benefits and drawbacks, considering factors such as loan limits, APRs, and potential risks associated with secured loans.

M&T Bank Personal Loans Review for 2024 | LendEDU (2024)
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