M&T Bank personal loans review
Loans with a low starting rate, but larger amounts require collateral.
finder.com’s rating: 4.3 / 5.0
- Best for M&T Bank customers looking to keep their finances in one place.
- Pick something else if you don’t live in an eligible state.
Max. Loan Amount
5.99% to 13.24%
Shannon Terrell is a senior writer for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.
M&T Bank’s personal loans are ideal if you’re already a customer and want to keep your finances in one place — and you might qualify for a rate discount if you sign up for autopay from your M&T checking account. You can borrow up to $50,000, and rates max out at a relatively low 12.74%. Plus, you can qualify for lower rates, larger loan amounts and longer terms if you secure your loan with cash deposits from an M&T savings account or CD.
However, its products are only open to residents of a handful of states. And it doesn’t list any hard-and-fast income or credit requirements, making it difficult to know if you’d qualify before applying. It also doesn’t have the best customer reviews out there.
Not sold on M&T Bank? Compare your other options below.
How much will this loan cost me?
M&T Bank offers both unsecured and secured loans. The total cost of your loan — as well as the term you qualify for — will depend on how much you borrow and your credit.
|Loan amount||APR||Loan term|
$2,000 to $50,000
5.99% to 13.24%
Up to 7 years
$2,000 to $100,000
4.24% to 6.49% APR
Up to 10 years
To estimate your monthly repayment, use the calculator below.
Monthly repayments calculator
Calculate how much you could expect to pay each month
|Loan terms (in years)|
How it works
M&T Bank doesn’t list any specific credit requirements. But because its rates are so competitive, it’s safe to assume you’ll need good to excellent credit to qualify.
And to get the best rates, you’ll need to have a loan term under three years, borrow $30,000 to $40,000 and have an M&T Premium or Power Checking account when you apply. With one of these accounts, you may also qualify for a relationship discount — further reducing the overall cost of your loan.
What do I need to qualify?
To qualify for a loan from M&T Bank, you will need to meet these criteria:
- Live in one of M&T Bank's serviced states
- US driver’s license or non-state ID and a Social Security card
- Age 18 or older
What information do I need to apply?
M&T Bank requires you to submit some basic information, including:
- Social Security number
- Date of birth
- Citizenship status
- Monthly housing payment
- Income and employment information
- List of available assets and liabilities
- M&T Bank certificate of deposit of savings account number, if applicable
Where is M&T Bank available?
M&T Bank offers loans to residents of the District of Columbia and the following states:
- New Jersey
- New York
- West Virginia
- Approval in as little as 24 hours
- APR discount for signing up for autopay from an M&T checking account
- Maximum APR of 13.24% for unsecured loans
- Limited state availability
- Loans above $50,000 must have collateral
- History of poor customer service
See other personal loan options
M&T Bank reviews and complaints
|BBB customer reviews||1.06 out of 5 stars, based on 80 customer reviews|
|Customer reviews verified as of||19 October 2020|
M&T Bank unsecured personal loans does not have any Trustpilot reviews.
While many negative reviews and complaints were about M&T’s mortgages or general accounts, there was one general theme: Customer service is lacking. And with no unique responses from M&T Bank’s team, it’s easy to see why some customers had problems.
How do I apply?
To apply with M&T Bank, follow these steps:
- Visit M&T Bank’s page on personal loans and click Apply online.
- Select your state and whether you’re applying individually or jointly.
- Enter information about yourself, including your citizenship status and Social Security number.
- Review your loan options and M&T’s terms and conditions.
- Read over your information and submit your application.
M&T Bank may require you to submit other documents to complete the application.
What happens after I apply?
If you prequalify for a loan, an M&T Bank loan officer will contact you to verify your submitted information. You can then review your loan agreement and sign if you agree to M&T’s terms.
How do repayments work with M&T Bank?
You can set up automatic payments by logging in to your M&T Bank online account to help avoid any late or missed payment fees. And current customers may even qualify for a rate discount by signing up for autopay from their M&T checking account.
Keep an eye on your bank account and loan balance — and reach out to customer service as soon as possible if you know you may not be able to make a payment.
While M&T Bank offers a great APR, its limited reach and collateral requirements may make it difficult to qualify. Read our guide to personal loans to see how it stacks up to the competition.
Frequently asked questions
What other loan products does M&T Bank offer?
M&T Bank offers a variety of loans, including auto loans, business loans and mortgages.
How do I qualify for an APR relationship discount with M&T Bank?
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 a secured personal loan.
Personal loan ratings
We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.