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About M&T Bank Personal Loans
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M&T Bank is a full-service commercial bank that has been in business for over 150 years. During this time, it has opened more than 1,000 branches across the Northeast and developed a full range of product offerings, including savings accounts, credit cards, insurance plans and personal loans.
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Pros & Cons
Pros
- No origination fee, application fee or prepayment penalty
- Low APR ranges
- Unsecured and secured loan options
Cons
- Only available in 12 states and Washington, D.C.
Our editor’s take
With both unsecured and secured personal loans, M&T Bank has a financing option for anyone interested in borrowing up to $100,000. Since these loans come with competitive interest rates and barely any fees, they are a good choice — provided you live in the Northeast.
That said, if you don’t live within its limited service area, which only covers 12 states, you’ll need to seek out other lenders, such as an online lender, credit union or another bank.
M&T Bank personal loan products
M&T Bank offers two different personal loan options, depending on whether you can or want to put down a cash deposit as collateral:
Unsecured loans
Unsecured loans from M&T Bank can help you quickly cover any expense up to $50,000, including home improvements and unexpected medical bills. Since these loans are unsecured, they don’t require collateral and can be funded in as little as 24 hours. The minimum loan amount is $2,000, and terms range from one to seven years.
Cash-secured loans
M&T Bank’s cash-secured loans can help you secure up to $100,000 in funding in exchange for collateral in the form of cash deposits. These loans also have better interest rates than M&T Bank’s unsecured loans. Like its unsecured loans, the minimum loan amount is $2,000; repayment terms range from one year all the way up to 10 years.
M&T Bank personal loan rates
M&T Bank’s annual percentage rates (APRs) vary depending on the type of personal loan you choose:
- Unsecured loans: 8.24% - 15.24% APR as of publishing
- Cash-secured loans: 7.24% - 9.49% APR as of publishing
M&T Bank offers a rate discount of 0.15% to 0.50% to members who open a MyChoice Plus Checking account or a MyChoice Premium Checking account at the time of application. You can also receive this discount if you already have one of the following checking accounts:
- Power Checking
- Select Checking
- MyChoice Plus Checking
- MyChoice Premium Checking
M&T Bank personal loan fees
At M&T Bank, borrowers aren’t charged application fees, origination fees or prepayment penalties. That said, it does charge a late payment fee as well as a returned payment fee, although the amounts for these fees aren’t disclosed.
How to apply for an M&T Bank personal loan
Before applying for an M&T Bank personal loan, you need to make sure you’re eligible. To be eligible, you must live within the bank’s service area. Currently, M&T Bank services:
- Connecticut
- Delaware
- Maine
- Maryland
- Massachusetts
- New Hampshire
- New Jersey
- New York
- Pennsylvania
- Vermont
- Virginia
- Washington, D.C.
- West Virginia
Applying for a M&T Bank personal loan is fairly simple, with applications for both unsecured and secured personal loans available online. Both of these applications will ask you to provide personal and financial information, such as:
- Proof of income
- Your state of residency
- Your bank account information
- Your Social Security number
- Your physical address and mailing address
After you’ve provided this information, you’ll need to wait for a reply from M&T Bank. This typically comes rather quickly, as long as M&T doesn’t need additional documentation to verify claims on your application. If your application is approved, your loan can be funded in as little as 24 hours.
How do M&T Bank personal loans compare?
Compared with competitors like OneMain Financial, M&T Bank has significant value for borrowers, as it offers lower rates, longer term lengths and a wider range of loan amounts. However, M&T has one big downside: its limited geographic reach.
| M&T Bank Personal Loans | OneMain Financial | |||||||
|---|---|---|---|---|---|---|---|---|
| Primary | Get quote | Customer Rating Pending | Loan types Secured and unsecured loans | APR range 7.24%-15.24% | Terms 12-120 months | Loan amounts $2,000-$100,000 | State availability 12 states and Washington, D.C. | |
| Primary | Get quote | Customer Rating 3.3 | Loan types Secured and unsecured loans | APR range 18% to 35.99% | Terms 24-60 months | Loan amounts $1,500 to $20,000 | State availability 44 states |
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M&T Bank personal loans FAQ
What is M&T Bank?
M&T Bank is a financial institution that serves the Northeast and offers checking accounts, wealth management services and personal loans. M&T says it focuses on retaining a community bank feel without sacrificing the capabilities of a big bank.
Does M&T Bank require collateral for personal loans?
With an unsecured personal loan through M&T Bank, you won’t be required to provide collateral. However, its cash-secured loans require you to put up collateral in the form of an M&T savings account or certificate of deposit (CD).
Where are M&T Bank personal loans available?
M&T Bank personal loans are only available if you live in the following Northeastern locations:
- Connecticut
- Delaware
- Maine
- Maryland
- Massachusetts
- New Hampshire
- New Jersey
- New York
- Pennsylvania
- Vermont
- Virginia
- Washington, D.C.
- West Virginia
Is M&T Bank legit?
M&T Bank is a legitimate bank that is insured by the Federal Deposit Insurance Corporation and holds over $200 billion in assets. It has many good qualities, such as low APRs and a wide range of loan terms, but it isn’t without its flaws — mainly, its poor customer reviews, which have earned it a 1.08-star rating on the Better Business Bureau’s (BBB) website as of publishing (although it does have an A+ rating with the BBB).
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M&T Bank Personal Loans Company Information
- Company Name:
- M&T Bank
- Website:
- www3.mtb.com
