M&T Bank Personal Loans Review: Rates and Terms

M&T Bank offers unsecured personal loans from $2,000 to $50,000 and cash-secured loans from $2,000 to $100,000. The unsecured option doesn't require collateral, while the secured option requires eligible M&T deposits equal to at least the loan amount. Both are limited to residents of 12 states plus Washington, D.C. M&T's current public page doesn't display a verifiable unsecured annual percentage rate (APR) range, so borrowers should use its calculator and confirm the final APR before signing.

Key Takeaways

• M&T offers unsecured and cash-secured loans: Unsecured loans range from $2,000 to $50,000 with terms from 12 to 84 months. Cash-secured loans range from $2,000 to $100,000 with terms from 12 to 120 months.

• The secured APR is currently 7.24% to 9.49%: The eligible M&T savings account or certificate of deposit must contain at least 100% of the loan amount.

• Unsecured pricing requires confirmation: M&T's public product page currently displays dynamic APR placeholders rather than a stable range. Don't rely on a previously reported 8.74% to 15.76% range without reconfirming it.

• M&T publishes three relationship discounts: Autopay from an M&T checking account reduces the rate by 0.25 percentage point. MyChoice Plus or Select Checking reduces it by 0.15 point, while MyChoice Premium or Power Checking reduces it by 0.25 point.

• Availability is limited: Applications are offered in Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia, West Virginia and Washington, D.C. That's 12 states plus D.C.

• There are no application, origination or prepayment-penalty fees: M&T doesn't publish the amount of any late- or returned-payment fee on the current product pages reviewed.

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M&T Bank Personal Loans at a Glance

*M&T publishes the unsecured amount, term and fee details on its unsecured-loan page. Its cash-secured page publishes the secured amount, APR, term and collateral requirements.

What Is M&T Bank and How Do Its Loans Work?

M&T Bank traces its banking operations to Manufacturers and Traders Bank, established in Buffalo, New York, in 1856. FDIC lists Manufacturers and Traders Trust Company as FDIC-insured since Jan. 1, 1934, under certificate No. 588.

If you're wondering generally how bank loans work, M&T offers two personal loan options:

• Unsecured loan: This unsecured loan doesn't require collateral. M&T offers $2,000 to $50,000 with terms from one to seven years.

• Cash-secured loan: This secured loan uses an eligible M&T savings account or certificate of deposit as collateral. The deposit must equal at least 100% of the amount borrowed.

M&T describes cash-secured borrowing as one possible way to build credit. That isn't a promise that taking out the loan will improve a borrower's credit score.

What Rates and Fees Does M&T Bank Charge?

Let's dig a little deeper into the nitty-gritty details:

Unsecured Loan

M&T's public unsecured-loan page currently doesn't display a usable minimum and maximum APR. Instead, it shows dynamic placeholders. Its calculator estimates a rate and payment based on the amount, term, credit category you select and relationship discounts. Because an estimate isn't an approval or final offer, confirm the APR and total finance charge in the loan agreement.

M&T publishes:

• Application fee: $0

• Origination fee: $0

• Prepayment penalty: $0

• Late or returned-payment fee: Not disclosed on the current public product pages reviewed

M&T's public materials don't support listing 8.74% to 15.76% as a current unsecured APR range.

Cash-Secured Loan

M&T publishes a fixed APR range of 7.24% to 9.49% for its secured loans. The loan amount can range from $2,000 to $100,000, and the term can range from 12 to 120 months. The collateral backing it must be an eligible M&T savings account or CD.

M&T's representative example is a $10,000 loan repaid over 60 months at 8.49% APR, with a monthly payment of $205.12. Applying the standard fixed-payment amortization formula to those inputs produces about $205.12 per month, matching M&T's example.

The current page identifies M&T savings accounts and certificates of deposit as eligible collateral. The accessible disclosure doesn't say whether retirement accounts are eligible, so borrowers should verify the specific account before applying.

How Do M&T Relationship Discounts Work?

M&T's unsecured-loan calculator lists these rate reductions:

• Automatic payments: 0.25 percentage point for automatic payments from an M&T checking account

• MyChoice Plus or Select Checking: 0.15 percentage point

• MyChoice Premium or Power Checking: 0.25 percentage point

Based on the calculator's listed components, the combined reduction is 0.4 percentage point with MyChoice Plus or Select Checking and autopay, or 0.5 point with MyChoice Premium or Power Checking and autopay.

The accessible current disclosure doesn't confirm that these account and autopay reductions can be added after closing. Set up any qualifying account and automatic payments before signing, then confirm the discount appears in the final agreement.

M&T's current accessible pages also don't independently support a separate 0.75-point unsecured home-improvement discount or explain whether it can be combined with other discounts. That claim is left out until M&T confirms it in writing.

What Are the Loan Term Rules?

Unsecured terms range from 12 to 84 months, while cash-secured terms range from 12 to 120 months.

M&T's accessible current first-party pages don't support the claim that an unsecured term longer than 60 months requires a loan of at least $15,000. That restriction is left out.

A longer term can lower the monthly payment but may increase the total interest you pay.

Where Is M&T Bank Available?

M&T's personal-loan application portal lists these locations: Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia, West Virginia and Washington, D.C. That's 12 states plus Washington, D.C.

Florida appears in M&T's broader branch footprint but not in the personal-loan application state selector reviewed. Branch presence shouldn't be treated as proof of personal-loan availability.

What Credit Score Do You Need for M&T Bank?

M&T doesn't publish a minimum credit score or maximum debt-to-income ratio (DTI) for these loans on the current product pages reviewed. Its calculator asks borrowers to select a credit category, but an estimate doesn't establish eligibility or ensure a specific APR.

Avoid assuming that a particular score will produce a particular rate. M&T may consider credit history, income, existing obligations, the requested amount, term and other underwriting information. The presence of collateral also doesn't eliminate underwriting or ensure approval.

Does M&T Bank Offer Prequalification?

M&T offers a rate-and-payment calculator, but its public page doesn't label the tool as prequalification or a loan offer. The calculator uses information supplied by the consumer to produce an estimate, then directs borrowers to a call center or branch to apply.

The accessible calculator page doesn't expressly state that it performs a soft credit inquiry. Treat it as an informational estimator rather than soft-pull prequalification. Before submitting a full application, ask M&T whether and when it will pull a consumer credit report.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms and fees from different lenders and choose the best offer for you.

Is M&T Bank Legit and Safe?

Yes. FDIC BankFind lists the bank as established in 1856 and FDIC-insured since 1934. FDIC insurance applies to eligible deposits, not to the personal loan itself or to protection from repayment obligations.

M&T also offers help options for existing personal-loan customers who fall behind. Depending on eligibility and circumstances, options may include moving missed payments to the end of the loan, submitting a payment arrangement or requesting a loan workout with revised terms.

Why It Matters

M&T's cash-secured loan stands out for its published 7.24% to 9.49% APR range, terms up to 120 months and $100,000 maximum. The trade-off is that the depositor must pledge funds equal to at least the loan amount. Those funds remain at risk if the borrower fails to repay.

The unsecured loan avoids that collateral risk and charges no application, origination or prepayment-penalty fee. However, its current public APR range isn't reliably displayed, and M&T doesn't document soft-pull prequalification on the pages reviewed. If M&T's limited footprint or unclear unsecured pricing gives you pause, it's worth comparing a broader list of best banks for personal loans before you commit.

How Do You Apply for an M&T Bank Personal Loan?

1. Review the two loan types: Decide whether you want an unsecured loan or can pledge eligible M&T deposits for a cash-secured loan.

2. Use the calculator: Estimate an unsecured payment based on the amount, term, credit category and available relationship discounts.

3. Confirm state availability: The application portal accepts residents of 12 states plus Washington, D.C.

4. Apply: M&T supports online applications and directs consumers to its loan call center or a branch for help. The unsecured-loan page lists 1-800-724-3222 for more information and applications.

5. Review the agreement: Verify the APR, payment, term, total finance charge, fees, collateral requirement and relationship discounts before signing.

For an existing installment loan, M&T lists 1-877-686-8424 for unsecured and cash-secured loan servicing. General customer service is available at 1-800-724-2440.

M&T lists a possible unsecured-loan decision in as little as 24 hours. It doesn't make a specific, general funding-speed commitment on the current product page, so ask how and when your funds would be delivered. If you're still exploring where to get personal loans, it's worth comparing M&T's process against a few other lenders first.

Pros and Cons of M&T Bank Personal Loans

How Does M&T Bank Compare to Other Lenders?

The table below lines up M&T's unsecured loan against TD Bank (TD) and PenFed Credit Union's personal loans.

TD Bank publishes a 7.99% to 23.99% APR range, loan amounts of $2,000 to $50,000 and terms of 36 to 60 months. It offers a soft-pull rate check, followed by a hard inquiry if the borrower proceeds.

PenFed's current public pages don't list its APR figures, so a specific range can't be confirmed right now. PenFed publishes loans up to $50,000, terms up to 60 months, no origination fee, no early-payoff fee and a 0.25-point autopay discount. Its initial rate check is a soft inquiry, while proceeding with the application requires permission for a hard inquiry. You don't need to join PenFed before applying. It creates your membership during the process if you move forward.

M&T shouldn't be described as having the lowest maximum APR, because its current unsecured maximum couldn't be independently verified.

Who Should Consider an M&T Bank Personal Loan?

M&T may be worth considering if you:

• Live in one of its 12 eligible states or Washington, D.C.

• Want to borrow at least $2,000

• Prefer a bank with branch and phone support

• Already have a qualifying M&T checking relationship

• Have deposits you're comfortable pledging for a cash-secured loan

• Want an unsecured loan without an application, origination or prepayment-penalty fee

Compare other lenders if you want documented soft-pull prequalification, live outside M&T's footprint or don't want to risk deposited funds as collateral.

The Bottom Line

M&T offers a flexible unsecured loan and a clearly priced cash-secured option. Its strongest published terms are on the secured side: 7.24% to 9.49% APR, amounts up to $100,000 and terms up to 120 months. The unsecured loan offers $2,000 to $50,000, terms up to 84 months and no application, origination or prepayment-penalty fee.

The main limitations are narrow geographic availability, the lack of a verifiable current unsecured APR range and no first-party confirmation that the calculator is soft-pull prequalification. Compare the final APR, payment, fees and total repayment with TD Bank, PenFed and other eligible lenders before accepting an offer.

FAQ

Here are quick answers to common questions about M&T Bank personal loans:

What states offer M&T Bank personal loans?

M&T personal loans are available in Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia, West Virginia and Washington, D.C. That's 12 states plus D.C.

What credit score do you need for an M&T Bank personal loan?

M&T doesn't publish a minimum credit score or DTI threshold on the current product pages reviewed. Approval and pricing depend on M&T's underwriting and the applicant's financial profile.

Does M&T Bank offer prequalification?

M&T provides a calculator that estimates an unsecured rate and payment, but the public page doesn't describe it as prequalification or state that it performs a soft credit inquiry.

What's the difference between M&T's secured and unsecured loans?

The unsecured loan requires no collateral and offers $2,000 to $50,000. The cash-secured loan offers $2,000 to $100,000 but requires eligible M&T deposits equal to at least 100% of the amount borrowed.

Does M&T Bank charge an origination fee?

M&T states that its unsecured personal loan has no application, origination or prepayment-penalty fee. Confirm all other fees in the final loan agreement.

Key Terms

• APR: The yearly cost of borrowing, including the interest rate and applicable lender fees.

• Cash-secured loan: A loan backed by money in an eligible deposit account.

• Collateral: An asset pledged to secure a loan and subject to the lender's rights if the borrower fails to repay.

• Unsecured loan: A loan that doesn't require collateral.

• Relationship discount: A rate reduction associated with eligible banking accounts or automatic payments.

• Origination fee: A fee a lender may charge to process or issue a loan.

• Prepayment penalty: A charge for repaying a loan ahead of schedule.

• Debt-to-income ratio: The share of gross monthly income used for monthly debt payments.

Sources

• M&T Bank: Unsecured Personal Loans

• M&T Bank: Personal Loan Rate Calculator

• M&T Bank: Cash-Secured Loans

• M&T Bank: Contact M&T

• M&T Bank: Loan Repayment Assistance

• FDIC BankFind: Manufacturers and Traders Trust Company

• TD Bank: TD Fit Personal Loan

• PenFed Credit Union: Personal Loans

Parts of this article were created with AI assistance. MoneyLion editors reviewed, fact-checked and edited the final version and are responsible for its accuracy.