M&T Bank Personal Loans

With both unsecured and secured personal loans, M&T Bank has a financing option for anyone interested in borrowing up to $100,000. Since these loans come with competitive interest rates and barely any fees, they are a good choice — provided you live in the Northeast.

That said, if you don’t live within its limited service area, which only covers 12 states, you’ll need to seek out other lenders, such as an online lender, credit union or another bank.

M&T Bank offers two different personal loan options, depending on whether you can or want to put down a cash deposit as collateral:

M&T Bank’s annual percentage rates (APRs) vary depending on the type of personal loan you choose:

• Unsecured loans: 8.24% - 15.24% APR as of publishing
• Cash-secured loans: 7.24% - 9.49% APR as of publishing

M&T Bank offers a rate discount of 0.15% to 0.50% to members who open a MyChoice Plus Checking account or a MyChoice Premium Checking account at the time of application. You can also receive this discount if you already have one of the following checking accounts:

• Power Checking
• Select Checking
• MyChoice Plus Checking
• MyChoice Premium Checking

At M&T Bank, borrowers aren’t charged application fees, origination fees or prepayment penalties. That said, it does charge a late payment fee as well as a returned payment fee, although the amounts for these fees aren’t disclosed.

Before applying for an M&T Bank personal loan, you need to make sure you’re eligible. To be eligible, you must live within the bank’s service area. Currently, M&T Bank services:

• Connecticut
• Delaware
• Maine
• Maryland
• Massachusetts
• New Hampshire
• New Jersey
• New York
• Pennsylvania
• Vermont
• Virginia
• Washington, D.C.
• West Virginia

Applying for a M&T Bank personal loan is fairly simple, with applications for both unsecured and secured personal loans available online. Both of these applications will ask you to provide personal and financial information, such as:

• Proof of income
• Your state of residency
• Your bank account information
• Your Social Security number
• Your physical address and mailing address

After you’ve provided this information, you’ll need to wait for a reply from M&T Bank. This typically comes rather quickly, as long as M&T doesn’t need additional documentation to verify claims on your application. If your application is approved, your loan can be funded in as little as 24 hours.

Compared with competitors like OneMain Financial, M&T Bank has significant value for borrowers, as it offers lower rates, longer term lengths and a wider range of loan amounts. However, M&T has one big downside: its limited geographic reach.

M&T Bank is a legitimate bank that is insured by the Federal Deposit Insurance Corporation and holds over $200 billion in assets. It has many good qualities, such as low APRs and a wide range of loan terms, but it isn’t without its flaws — mainly, its poor customer reviews, which have earned it a 1.08-star rating on the Better Business Bureau’s (BBB) website as of publishing (although it does have an A+ rating with the BBB).