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M&T Bank Personal Loans: 2023 Review

Updated on Jan. 1, 2023
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At a glance

Rating: 4.3 stars out of 5
Bankrate Score
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Rating: 4.3 stars out of 5
Rating: 4.3 stars out of 5
Customer Experience
Rating: 4.3 stars out of 5

About Bankrate Score

With over 1,000 branches on the east coast, M&T Bank offers full-service banking for borrowers who prefer visiting in person. This relationship-driven lender offers advantageous rates and terms to borrowers with checking and savings accounts through M&T.

Loan amount $2,000-$50,000 (unsecured)
APR from 8.49% - 15.74%
Clock Wait
Term lengths 12-84 months (unsecured)
M&T Bank is best for secured personal loans.

Best for secured personal loans

There are many competitors on the personal loan market, but few offer secured personal loan options. M&T customers can apply for a personal loan using their savings account or a certificate of deposit. In addition to helping consumers to build their credit, secured loans also offer a higher maximum for borrowers who need a large cap.

M&T Bank pros and cons


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    Low APRs

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    No application or origination fees

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    Discounts available for checking customers


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    Only available in limited markets

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    Best rates reserved for existing customers

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    Restrictions on longest loan terms

Get Prequalified for a Personal Loan

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

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 an excellent credit history to qualify for unsecured loans. 

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

M&T Bank doesn’t give details on how its personal loans can be used, though its website specifies unsecured loans "must be used for an eligible purpose." Lenders generally do not allow borrowers to use personal loans for secondary education, gambling or illegal activities. Contact M&T Bank to ensure your intended loan purpose is allowed before applying.

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, 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%-15.74% 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 New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, Vermont, Massachusetts and Washington, D.C.
  • 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

Customers who prefer visiting a brick-and-mortar branch can find their nearest location online. The bank can also be reached by phone at 1-877-686-8424 for inquiries about unsecured and cash-secured personal loans. Its 24/7 general customer service line can be reached at 1-800-724-2440.

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 will need to supply:

  • Name
  • Address
  • Social security number
  • Income & employment information
  • Assets & liabilities
  • A valid email address

Fees and penalties

Fees for late and returned payments may apply. However, M&T Bank charges no prepayment penalties or application or origination fees.

M&T Bank FAQs

Get Prequalified for a Personal Loan

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

How Bankrate rates M&T Bank

Score Explanation
Overall score 4.3
Affordability 4.3 Low minimum APR, some fees
Affordability 4.3 Low minimum loan amount and fast approval and funding
Customer Experience 4.3 App and online access; unclear customer service hours


To select the top personal loan lenders, Bankrate considers 15 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 41 lenders and gave each a Bankrate rating, which consists of three categories:

  • 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.
  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.

Editorial disclosure: All reviews are prepared by 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.