M&T Bank personal loans review September 2018 | finder.com

M&T Bank personal loans review

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With secured and unsecured loans starting at 8.49% APR, find out if this lender can offer the personal financing you need.

Looking for personal financing? A personal loan can help you finance education, fund an exotic getaway or help you pay for renovations on your home.

Applying for a personal loan can be done in person or online, with a slew of available lenders. To help you narrow down your decision, we review one of your personal loan options with provider M&T Bank.

Product NameM&T Bank Personal Loan
Min Loan Amount$2,000
Max. Loan Amount$100,000
APR8.49%–11.24%
Interest Rate TypeFixed
Minimum Loan Term5 years
Maximum Loan Term10 years
  • US Drivers License or non-state ID and a Social Security Card
  • Age 18 or older

What makes M&T Bank personal loans unique?

M&T Bank is a well-established financial institution that operates more than 775 bank branches across the US. It offers a wide range of banking services and products including checking accounts, savings accounts, credit cards, personal loans and mortgages.

M&T Bank also offers a 0.50% APR discount on a secured personal loan, so long as you put your pre-existing savings account or certificate of deposit up as collateral.

What are M&T Bank personal loans?

M&T Bank offers unsecured personal loans of up to $25,000 and up to $100,000 for a secured loan.

Terms range from 60 to 120 months and loans with this provider are for the most part unrestricted — which means you can use the funds for anything you need. The one exception is you can’t use a personal loan to cover educational costs.

What are the benefits of an M&T Bank personal loan?

  • 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 0.50%.
  • Unrestricted loan purposes. Use your funds in just about whatever way you wish with an exception of costs for education.

What to watch out for

M&T has a range of personal loan options, but be aware of the possible drawbacks to borrowing with this lender:

  • 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.
  • Potentially high APR. While M&T Bank’s APRs aren’t sky high, they’re also not the most competitive on the market. You can find lower interest rates with other online lenders.

Compare personal loan options

Rates last updated September 23rd, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$50,000
4.99%–36% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.16%–35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.990% – 14.865% (fixed)
Payoff Personal Loans
Pay down your debt with a fixed APR and predictable monthly payments.
640
$35,000
5.99%–24.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640 FICO®
$35,000
5.99%–29.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)

Compare up to 4 providers

What does the Internet say about M&T Bank?

M&T Bank is accredited with the Better Business Bureau with an A rating. Long-term M&T customers speak highly of the bank’s efficient and reliable customer service and praise its easy-to-navigate online platform.
M&T customers criticize its numerous hidden fees and charges, suggesting the bank is guilty of “nickel and diming” its customers.

Trustpilot doesn’t have sufficient information to review M&T Bank.

Required documentation to apply

  • 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.

How do I apply?

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 recreational vehicles. Specifically, boats, RVs, motorcycles, snow mobiles and jet skis. You can use it to buy a new or used vehicle, which M&T Bank requires you to put up for collateral. These loans 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

I got the a loan from M&T. Now what?

  • Review your loan agreement. M&T Bank doesn’t explicitly state on its site what fees are associated with its personal loans, so carefully review your loan agreement and be on the lookout for prepayment penalties and monthly fees.
  • Set up automatic payments. Log into your M&T Bank online account to review the details of your loan. Set up automatic payments online to ensure you never miss a payment.

Bottom line

M&T Bank is a well-established financial institution with a range of accessible loan types and terms. It’s relationship discounts can help reduce potential fees associated with a loan from this lender, but be on the lookout for hidden penalties and prepayment fees.

Compare your personal loan options with other lenders before settling on a decision, as you may be able to find more competitive rates elsewhere.

Frequently asked questions about M&T Bank

Shannon Terrell

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.

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