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Shannon Terrell is a writer for finder.com who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.
First, am I eligible?
Social Security number
A valid email address
Income and employment information
Available assets and liabilities
M&T Bank certificate of deposit of savings account number, if applicable.
Quick access to funds. Apply for a personal loan with M&T Bank on its website with approval in as little as 24 hours.
Discounts for members. If you’re an M&T Bank customer, you can offer up your savings account or certificate of deposit as collateral on a secured personal loan for an APR discount of up to 0.5%.
Unrestricted loan purposes. You can use your loan however you want. Just stay away from spending it on your education.
Limited availability. M&T Bank only offers services to New York, New Jersey, Maryland, Connecticut, Delaware, District of Columbia, Pennsylvania, Virginia and West Virginia.
Site doesn’t list fees. While general details about its personal loans are available on its site, M&T doesn’t provide information regarding prepayment fee, late fees or loan processing fees.
Limit for unsecured loans. If you’re not willing to put up your M&T savings account or certificate of deposit as collateral, you’re limited to a $25,000 loan. You can find higher unsecured loans elsewhere.
M&T Bank is accredited with the Better Business Bureau and receives an A+ rating. But it only averages one star from its reviews, and it has nearly 400 complaints filed against it. On top of that, there has been government action taken against M&T Bank to resolve a claim that it violated the False Claims Act.
M&T customers criticize its numerous hidden fees and charges, suggesting the bank is guilty of “nickel and diming” its customers.
How do I apply?
The information you need to complete your application will include your Social Security number, income information, a valid email address and your M&T certificate of deposit or savings account number, if applicable.
Submit your online application to M&T Bank. If you prequalify for a loan, an M&T Bank loan officer will contact you to verify your submitted information.
M&T Bank boat and recreational vehicle loans
Thinking of buying a boat? M&T bank has specific loans for boats, RVs, motorcycles, snow mobiles and jet skis. You can use it to buy a new or used vehicle, which is used as collateral. Amounts start at $2,000 and can cover the majority of your vehicle’s cost. Terms vary depending on your vehicle type:
Boats and RVs: Up to 240 months
Motorcycles: Up to 72 months
Snowmobiles, jet skis and ATVs: Up to 36 months
What happens after I apply?
After you submit your application, you can review your loan agreement upon approval. M&T Bank doesn’t explicitly state on its site what fees are associated with its personal loans, so be on the lookout for prepayment penalties and monthly fees.
How do repayments work with M&T Bank?
You can set up automatic payments by logging into your M&T Bank online account, ensuring you never miss a payment.
M&T Bank offers loans for your car, boat and recreational vehicles, business and home purchases.
To qualify for the relationship discount with M&T Bank, you must have a M&T Bank savings account or certificate of deposit to use as collateral on your secured personal loan.
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