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M&T Bank personal loans review

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

M&T Bank offers large personal loans and rate discounts for current customers. But if you’re not interested in putting up collateral, you may not be able to borrow a large amount.


Max. Loan Amount

8.49% to 11.24%



Product NameM&T Bank Personal Loan
Min. Loan Amount$2,000
Max. Loan Amount$100,000
APR8.49% to 11.24%
Interest Rate TypeFixed
Minimum Loan Term5 years
Maximum Loan Term10 years

What makes M&T Bank personal loans unique?

M&T Bank is a well-established financial institution that operates more than 775 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.

It also offers a 0.5% APR discount on a secured personal loan, provided you use 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 up to $25,000 and secured loans up to $100,000. Loan terms range from 60 to 120 months, and APR starts at a low 8.49%. In addition, you can use an M&T Bank loan for just about anything that isn’t an educational cost. This means you can borrow for a vacation, car or other purpose — provided you qualify.

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 0.5%.
  • Unrestricted loan purposes. You can use your loan however you want. Just stay away from spending it on your 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

Updated October 16th, 2019
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No fees. Multiple member perks such as community events and career coaching.

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What does the Internet say about M&T Bank?

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.

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.

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 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

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. Its 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. You may be able to find more competitive rates — or a lender that doesn’t require collateral — elsewhere.

Frequently asked questions about M&T Bank

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  1. Default Gravatar
    May 1, 2019

    I Applied for a loan yesterday. How do I know if I get approved?

    • AvatarStaff
      May 1, 2019

      Hi Heath,

      Thanks for getting in touch with Finder. I hope all is well with you. 😃

      Usually, you should know whether you will be approved or not within the day. They can contact you through your email address or the contact details that you provided. If you haven’t heard anything from them after 1-2 days, you may want to directly get in touch with them.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


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