M&T Bank Personal Loans: 2024 Review

Do you qualify?

M&T Bank doesn’t disclose many of its borrower qualifications on its website. In order to qualify for a loan with M&T, you must be at least 18 years old and a citizen of the United States. Borrowers generally need good to excellent credit history to qualify for unsecured loans.

What M&T Bank doesn't allow loan funds to be used for

M&T Bank: in the details

What we like and what we don’t like

Unlike some unsecured personal loans, M&T does not charge a prepayment penalty. With loan terms as long as seven years (or 10 years for secured loans), borrowers can take a maximum repayment term (with a higher interest rate) and pay back as early as they are comfortable doing so – without concern for fees if they tackle their debt ahead of schedule.

What we like:

• Low APRs: Unsecured loans range from 8.24 percent to 15.24 percent APR.
• No application or origination fees: Some lenders charge these fees on their personal loans — avoiding these extra charges could save you money. 
• Discounts available for checking customers: Existing M&T Bank checking customers can save between 0.15 percent and 0.5 percent on their APRs.

What we don’t like

• Only available in limited markets: M&T bank serves customers in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, Washington, D.C. and West Virginia. 
• Best rates reserved for existing customers: If you don’t bank with M&T, you will not qualify for best available rates.
• Restrictions on longest loan terms: If you want a repayment term greater than 60 months, your starting loan balance must exceed $15,000.

How to contact M&T Bank

How to apply for a personal loan with M&T Bank

The application for unsecured personal loans is entirely online and takes only a few minutes to complete. Borrowers are required to provide the following: 

Features and additional perks

Borrowers can access cash when they need it most — often in as soon as 24 hours following approval. This timeframe is much quicker than you’ll find with many other traditional banks. You can also view your approval odds and rates before formally applying without negatively impacting your credit score.

Fees and penalties

M&T Bank does not enforce any cost for borrowers to apply for or originate their loans. And, unlike some unsecured personal loans, M&T does not charge a prepayment penalty. However, borrowers should look out for fees for late and returned payments.

M&T Bank FAQs

Methodology 

To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:

• Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
• Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
• Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
• Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.