M&T Bank Personal Loans Review for 2021
on the secure site of M&T Bank
What we like:
Well established and trustworthy
|Tariffs (APR)||7.49% – 12.49%|
|Loan conditions||Up to 60 months|
|Loan amounts||$ 2,000 – $ 25,000|
|Fresh||Original costs: Not provided
Penalty for early repayment: Not provided
Registration fees: Not provided
M&T Bank was founded in 1865 in western New York State and was originally called the Manufacturers and Traders Trust Company. Today, M&T is one of the largest banks in the United States with 780 branches largely concentrated on the east coast.
M&T offers its clients a full range of banking products, including chequing accounts, savings accounts and mortgages. It also offers personal loans. The bank offers competitive rates for both secured and unsecured loans, depending on the borrower’s credit rating and other financial factors.
If you are considering taking out a personal loan from M&T Bank, it is important to understand the rates and terms offered. This M&T Bank Personal Loans Review will give you the information you need. You should also compare the costs and terms of the M&T loan with the best personal loan lenders to make sure you get the right loan for you.
In this review:
Apply for a personal loan from M&T Bank
M&T makes it easy to apply for a personal loan online. You can also visit a local branch to get professional help from the bank with the application process.
To apply, you will need to provide some basic information, such as your social security number, state of residence, monthly housing payment, current debt amount, and in some cases, the purpose of the loan. It is also a good idea to check your credit score before applying.
>> Read more: What credit score is needed for a personal loan?
M&T will review your credit report when reviewing your application, but knowing the quality of your score ahead of time can give you an idea of how likely you are to qualify for favorable rates.
M&T promises a “fast approval process” and most borrowers get a decision on their application within days. Loans can also be used for almost any purpose except to pay for tuition.
If you have decided to apply for a personal loan from M&T, the first step will be to choose between a secured or an unsecured loan. Eligibility rules and loan terms differ, so you will need to make this choice before applying.
Secured cash loans
M&T cash backed loans are available to borrowers who have an M&T savings account or M&T Bank certificate of deposit (CD). If you have these existing products with M&T, you can apply for a secured loan online. The approval is easier and you have more flexibility in the loan terms with a secured cash loan. However, your savings account or CD will need to serve as collateral for the loan.
When you put your assets as collateral, you put money and property at risk. If you don’t repay the loan, M&T can easily seize the assets that secure the loan. With an unsecured loan, collecting the unpaid debts is much more difficult because the bank cannot just take your money or your possessions when you are not paying.
Since your assets serve as collateral for the loan, you will also need to meet certain conditions, such as not cashing out your CDs early or spending every dollar in your savings account. If you are willing to accept these restrictions and take the risk of a secured loan, you can submit your application directly through the M&T website.
>> Read more: Guaranteed personal loans
M&T unsecured loans do not require you to have collateral. This means that these loans are riskier for the bank, so you will need better credit to qualify than with a secured loan. Your interest rate will also be a little higher to account for the fact that the lender is taking on additional risk.
If you prefer an unsecured loan, you can also submit your loan application online and get quick approval. M&T will take into account factors such as your credit history, income, current debts, desired repayment schedule and how much you want to borrow when deciding whether or not to approve yourself and how much interest you will pay.
M&T Personal Loan Rates, Conditions, Fees & Limits
It is important to understand all the terms of a loan before applying. This includes the amount you can borrow, the loan repayment term, the interest rate, and any fees you will owe.
M&T provides details of this information online, but you will need to complete an application to find out the specific rates you are eligible for, as variable rates are based on your credit score and financial situation.
The rates and terms also vary depending on whether you are looking for a secured or unsecured loan.
Secured cash loans
Some of the main features of M&T cash backed loans are as follows:
- You can borrow between $ 2,000 and $ 100,000.
- Your APR could currently go from 4.740% at 6.99%.
- Interest rates are fixed, so you won’t have to worry about how your rate or payment changes over the life of the loan.
- The maximum loan repayment period is 120 months.
- You can benefit from relationship discounts if you have an eligible M&T bank account.
Unsecured loans from M&T have different terms than their secured cash loans. Here are the main features of M&T unsecured loans:
- You can borrow between $ 2,000 and $ 25,000.
- Your loan will currently have an APR between 7.49% and 12.49%.
- Interest rates are fixed, so your payment will never change during the life of the loan.
- The maximum loan repayment period is 60 months.
- Borrowers will receive relationship discounts if they have qualifying M&T bank accounts.
Alternative personal loans at M&T bank
Rate Beat Program to obtain a lower rate than a competitor’s offer
- Loan amounts of $ 5,000 at $ 100,000
- Prices from 3.99% at 19.99% APR
- Minimum credit score of 660
Checking your rate is free and won’t affect your credit score
- Loan amounts of $ 1,000 at $ 50,000
- Prices from 6.94% at 35.97% APR
- Minimum credit score of 620
Checking your rate won’t impact your credit score
- Prices are generally between 8.41% and 35.99% APR1
- Funds can be received within one business day
- A minimum credit score of 600 in most states
Benefits of M&T Personal Loans
Borrowing from M&T Bank has big advantages over other lending options. Some of the advantages are as follows:
- You have the choice between secured or unsecured loans: Many other lenders including LightStream and Reached only offer unsecured loans. Being able to secure your loan with your M&T savings account or CD can help you earn a lower interest rate.
- You will benefit from a personalized service: M&T has hundreds of local branches where you can seek help applying for and managing your loan. Many online-only lenders, including Improve do not have local branches that you can visit if you need help.
- You can benefit from relational discounts: If you are already banking with M&T, you get a reduction in your APR simply by having a qualifying chequing deposit account. You can’t get these kinds of discounts from companies like Upstart that don’t offer a wide range of banking services.
Disadvantages of M&T Personal Loans
You need to weigh the advantages of M&T Bank personal loans against the disadvantages, including the following:
- The maximum loan limit for unsecured loans is much lower than that of many competitors: M&T only allows you to borrow $ 25,000, while many competitors offer much larger unsecured loans.
- The current starting APR on unsecured loans is quite high compared to the competition. Although the maximum APR is relatively low, you can only claim the lowest APR if you have an open M&T MyChoice Premium or Power Checking account. Your loan term also cannot exceed 36 months and you must set up automatic payments from an M&T bank account.
- Your assets are at risk with a secured loan: Putting your CD or savings account on the line makes borrowing a lot riskier compared to getting an unsecured loan.
States where M&T Bank operates
Here is a list of all the states where M&T Bank operates:
- new York
- New Jersey
- West Virginia
Conclusion: M&T personal loans are a good option for many borrowers
M&T personal loans stand out from their competition because of the ability to qualify for a secured or unsecured loan. This opens up the possibility for borrowers to benefit from a reduced interest rate and an easier qualification process by opting for a secured loan.
M&T rates and terms are also reasonable, so borrowers should add M&T to their list of lenders when comparing loans. Remember to factor in the total costs, including interest and fees, when deciding which loan is best for you.
1The full range of rates available vary by state. The average 3-year loan offered by all lenders using the Upstart platform will have 15% APR and 36 monthly payments of $ 33 per $ 1,000 borrowed. There is no deposit or early repayment penalty. The average APR is calculated based on the 3-year rates offered in the last month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.