M&T Bank Loans: Your 2025 Comprehensive Guide to Financial Solutions

M&T Bank offers a range of personal loans to provide individuals with the extra cash they may need. Whether you're looking to consolidate high-interest balances, finance a major purchase, or cover miscellaneous expenses, M&T Bank has options for you. With their personal loans, you have the flexibility to choose terms that suit your needs, benefit from competitive rates, and experience a quick approval process.

In the Unsecured Loans category, no collateral is required, making it a convenient choice. You can learn more about the fast approval process and explore how these loans can help you. Additionally, M&T Bank offers Cash-Secured Loans, which allow you to leverage your existing savings account or CD for better rates. By borrowing against your deposit account balance, you can enjoy the advantages of lower interest rates and apply today to make the most of this option.

Features

Competitive Fixed-Interest Rates. M&T Bank offers personal loans with fixed interest rates, ensuring that your monthly payments remain consistent throughout the loan term.
Secured and Unsecured Options. M&T Bank provides both secured and unsecured personal loans. Secured loans may require collateral, while unsecured loans do not need any assets to be pledged.
Quick Approval Process. M&T Bank's personal loan approval process is efficient, and you may receive the funds as quickly as within 24 hours of approval.
Prompt and Professional Attention. Customers can expect responsive and professional service from M&T Bank during the loan application and approval process.
Relationship Discounts. If you have a qualifying M&T Bank consumer checking account, you may be eligible for relationship discounts on your personal loan.
Loan Amounts. The loan amounts for secured personal loans range from $2,000 to $100,000, while unsecured personal loans are available in amounts ranging from $2,000 to $50,000.
Interest Rates. The Annual Percentage Rate (APR) for secured personal loans typically ranges from 7.24% to 9.49%, while for unsecured loans, it ranges from 8.74% to 15.76%. The actual rate you receive will depend on your creditworthiness and other factors.
Repayment Term. The repayment terms for secured personal loans can extend from 12 months up to 120 months, and for unsecured loans, it ranges from 12 months to 84 months.
No Fees. M&T Bank's personal loans do not typically have application, origination, or prepayment penalty fees, allowing borrowers to save on unnecessary costs.

Pros and Cons

Pros

Attractive APR Range. Unsecured loans come with competitive Annual Percentage Rates (APRs) ranging from 8.74% to 15.76%, ensuring affordable interest rates for borrowers.
Some Fees are Waived. There are no fees for application, origination, or prepayment penalties. However, late fees and returned payment fees may be charged if applicable.
Exclusive Discounts for Checking Customers. Existing M&T Bank checking account holders can enjoy interest rate reductions of 0.15% to 0.5% on their APRs, making it advantageous for loyal customers.
Quick Approval. M&T Bank's personal loan approval process is swift and streamlined, enabling you to access the funds within just 24 hours of approval.

Cons

Limited Market Availability. M&T Bank currently serves customers in specific regions, including Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, Washington, D.C., and West Virginia.
Preferred Rates for Existing Customers. The most competitive interest rates are reserved for customers who already have a banking relationship with M&T. New customers may not qualify for the best available rates.
Restrictions on Longest Loan Terms. If you seek a repayment term exceeding 60months, your initial loan balance must surpass $15,000. This requirement is in place for extended-term loan applicants.

M&T Bank Personal Loan Options

Cash-Secured Loans

M&T Bank's secured personal loans are backed by collateral, which can be an asset of value, such as a car or a home. The presence of collateral provides added security for the bank, allowing them to offer competitive fixed-interest rates ranging from 7.24% to 9.49% APR. Borrowers can access higher loan amounts, ranging from $2,000 to $100,000, and enjoy extended repayment terms of 12 to 120 months. Customers with qualifying M&T Bank consumer checking accounts may be eligible for relationship discounts, making secured loans a favorable option for those seeking larger loan amounts and lower interest rates. While the presence of collateral is a requirement, the benefit lies in more favorable terms compared to unsecured loans.

Unsecured Personal Loans

M&T Bank's unsecured personal loans do not require any collateral, making them accessible to borrowers who may not possess valuable assets to pledge. These loans come with competitive fixed interest rates ranging from 8.74% to 15.76% APR. While the loan amounts are slightly lower, ranging from $2,000 to $50,000, borrowers can still enjoy a relatively quick approval process, getting their funds as quickly as within 24 hours. The repayment terms for unsecured loans range from 12 to 84 months, providing flexibility for borrowers to manage their monthly payments. With no application, origination, or prepayment penalty fees, unsecured loans from M&T Bank offer a convenient and cost-effective option for those seeking financial assistance without the need for collateral.

How to Apply for a M&T Bank Personal Loan?

Online Application. The application process for unsecured personal loans is entirely online and takes only a few minutes to complete.
Quick Completion. Completing the application form typically takes only a few minutes, as M&T Bank aims to streamline the process for borrowers.
Submission and Review. After submitting your application, M&T Bank will review your information to assess your creditworthiness and eligibility for the loan.
Loan Decision. Once the review process is complete, you will receive a loan decision. If approved, the bank will provide you with the loan terms, including the loan amount, interest rate, and repayment period.
Funds Disbursement. Upon accepting the loan offer, M&T Bank will disburse the approved funds directly to your bank account, allowing you to access the money for your intended use.

Best places to borrow a loan with bad credit

Upgrade

Upgrade is a prominent online lender that offers personal loans to borrowers with bad credit. They provide loan amounts ranging from $1,000 to $50,000, making them suitable for various financial needs. The minimum credit score required by Upgrade is relatively low, typically around 580. This makes it accessible to individuals with a less-than-stellar credit history. One notable advantage of Upgrade is its flexible repayment terms, which can extend up to five years. This longer repayment period allows borrowers to manage their monthly payments more effectively. However, it's worth noting that Upgrade charges origination fees ranging from 2.9% to 8%. Additionally, while they do not have any prepayment penalties, borrowers should be aware of the interest rates, which can be relatively high for individuals with bad credit.

Upgrade review

Upstart

Upstart is another online lender that specializes in providing loans to borrowers with bad credit. Their loan amounts range from $1,000 to $50,000, allowing borrowers to access the funds they need for various purposes. Upstart utilizes a unique underwriting model that takes into account factors beyond just credit scores, making it more inclusive for individuals with limited credit history or low credit scores. The minimum credit score required by Upstart is typically around 580. One of the significant advantages of Upstart is its soft credit check, which means that applying for a loan does not negatively impact your credit score. Repayment terms offered by Upstart range from three to five years, providing borrowers with flexibility. While they do charge origination fees of up to 8%, it's important to note that they don't impose any prepayment penalties. However, borrowers with bad credit should expect higher interest rates.

Upstart review

LendingPoint

LendingPoint is a bad credit lender that offers personal loans ranging from $2,000 to $36,500. They consider borrowers with credit scores as low as 585, making them accessible to individuals with bad credit. LendingPoint prides itself on providing fast funding, often disbursing funds within one business day. Their repayment terms typically range from two to four years, allowing borrowers to tailor their loan duration according to their needs. It's important to note that LendingPoint does charge origination fees that can be up to 6%. They also have a slightly higher interest rate compared to traditional lenders, which is to be expected when borrowing with bad credit. However, they do not impose any prepayment penalties, enabling borrowers to pay off their loans early if they desire.

Lendingpoint review

Universal Credit

Universal Credit is an online lender that specializes in bad credit loans, offering loan amounts ranging from $500 to $15,000. Their minimum credit score requirement is relatively low, typically around 550, making them accessible to borrowers with poor credit. Universal Credit offers repayment terms ranging from six months to five years, allowing borrowers to choose a duration that aligns with their financial situation. While they charge origination fees, the amount may vary based on the borrower's creditworthiness. One notable advantage of Universal Credit is its willingness to consider applicants who have previously filed for bankruptcy. However, borrowers should be aware that the interest rates associated with bad credit loans from Universal Credit may be higher compared to traditional lenders.

Universal Credit review

OneMain Financial

OneMain Financial is a well-established lender that specializes in bad credit loans. They offer loan amounts ranging from $1,500 to $20,000, making them suitable for various financial needs. OneMain Financial requires a minimum credit score of 600, slightly higher than some of the other lenders in this category. However, they have a reputation for considering other factors beyond credit scores when evaluating loan applications. OneMain Financial provides repayment terms that range from two to five years, allowing borrowers to select a term that fits their budget. It's important to note that OneMain Financial charges origination fees, which can vary depending on your residence state. While they do not disclose their interest rates upfront, borrowers with bad credit should expect higher rates.

Onemain Financial Review

Avant

Avant is an online lender that specializes in offering personal loans to individuals with bad credit. They provide loan amounts ranging from $2,000 to $35,000, catering to various financial needs. Avant has a minimum credit score requirement of 580, making them accessible to borrowers with less-than-ideal credit histories. Repayment terms offered by Avant typically range from two to five years, giving borrowers flexibility in managing their monthly payments. While Avant charges origination fees up to 4.75%, they do not impose any prepayment penalties. It's important to note that Avant's interest rates can be relatively high for borrowers with bad credit. However, they provide a transparent prequalification process that allows borrowers to check their potential loan offers without affecting their credit scores.

Avant

Requirements

During the application, you will need to provide essential personal and financial details, including:

Full Name. This is your legal name as it appears on official documents.
Address. It is your current residential address where you can be reached.
Social Security Number. This is a unique identifier used for verification purposes.
Income and Employment Information. These are the details about your job, salary, and employer.
Assets and Liabilities. It is information about your assets (e.g., savings, investments) and liabilities (e.g., outstanding debts).
Valid Email Address. This is a working email address where you can receive communication from the bank.

Ways to Receive the Money

M&T Bank typically sends money to borrowers through a direct deposit to their designated bank account. Once a borrower's personal loan application is approved and they accept the loan offer, the bank will arrange for the funds to be transferred electronically to the bank account provided during the application process.

How to Pay Off an M&T Bank Personal Loan?

Online. Enroll in Online Banking and set up recurring transfers from your M&T checking or savings account. If you have an Installment Loan, you can even make one-time payments from a non-M&T checking or savings account.
By Phone. Call +1 (800) 724-2440 to speak to a representative or use our automated payment assistance system.
In Person. Find an M&T branch to set up one-time or recurring payments.
By Mail. Mail payments to M&T Bank at these addresses.
- Regular Monthly. PO Box 64679 Baltimore, MD 21264-4679.
- Overnight Monthly & Account Payoff. Box 69003, 1800 Washington Blvd, 8th floor, Baltimore MD 21230.

Things to Consider

Secured and Unsecured Options. M&T Bank offers both secured and unsecured personal loans. Secured loans may require collateral, while unsecured loans do not need any assets to be pledged. Borrowers should assess their financial situation and risk tolerance to determine which loan type best fits their needs.
Limited Market Availability. M&T Bank's personal loans are available only to customers in specific regions, including Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, Washington, D.C., and West Virginia. Prospective borrowers must check their state's coverage before applying for a loan.
Restrictions on Longest Loan Terms. If you require a repayment term exceeding 60 months, your initial loan balance must surpass $15,000. This condition applies to those seeking extended-term loans, and it's essential to consider your desired loan term and balance accordingly.
Loan Amounts. The loan amounts vary depending on whether it is a secured or unsecured personal loan. For secured loans, borrowers can access loan amounts ranging from $2,000 to $100,000, while unsecured loans are available in amounts from $2,000 to $50,000. Prospective borrowers should carefully assess their financial needs and borrow only what is necessary to avoid overextending themselves.
No Prepayment Penalty. Unlike some lenders who charge prepayment penalties for paying off loans early, M&T Bank does not impose such fees. This allows borrowers the flexibility to pay off their loans ahead of schedule without incurring additional charges.
No Application or Origination Fees. M&T Bank's personal loans do not include application or origination fees. Avoiding these extra charges can save borrowers money and make the loan more cost-effective over time.

Alternatives

Credit Union Personal Loans

Credit unions are member-owned financial cooperatives that offer personal loans with competitive interest rates and favorable terms. If you are eligible to join a credit union, you may find lower fees and more personalized service compared to traditional banks. For example, State Employees' Credit Union and Suncoast Credit Union.

Peer-to-Peer Lending

Peer-to-peer lending platforms (for example, Prosper) connect individual investors with borrowers. These online platforms offer personal loans with varying terms and interest rates, and the application process is typically straightforward.

Credit Card Borrowing

Using a credit card may be a viable option if you need to finance smaller expenses. Many credit cards offer promotional 0% APR periods for new purchases, allowing you to make interest-free payments for a limited time. One of the credit card options is American Express.

Home Equity Loans or Lines of Credit

If you are a homeowner with sufficient equity in your property, you can consider a home equity loan or line of credit. These secured loans typically offer lower interest rates than unsecured personal loans. Wells Fargo, Bank of America, and U.S. Bank are among the institutions that offer home equity services.

Online Lenders

Numerous online lenders, such as SoFi, LightStream, or Avant, offer personal loans with varying terms and interest rates. It's essential to compare different lenders and read reviews to ensure their legitimacy and reliability.

Editorial Opinion

When seeking financial assistance, personal loans can be a viable option to address various needs. However, consumers must carefully examine the terms and conditions of these loans. From unsecured loan options to credit scores, interest rates, and loan costs, the intricacies of personal loans demand attention. The approval process for personal loans has become faster and more efficient, with online applications being popular. Many financial institutions, including M&T Bank, offer fast approval processes, allowing borrowers to access funds promptly. However, it is essential to remember that while speed is essential, attention to the loan costs and applicable laws should not be overlooked. Creditworthiness plays a significant role in determining loan eligibility and interest rates. The credit report and credit history heavily influence lending options and the lowest APRs available. Therefore, maintaining a healthy credit score is essential for securing better loan terms and competitive rates. Furthermore, the use of automatic payments can simplify loan repayments, but borrowers must understand that all advertised offers and terms are subject to credit approval. In some cases, even the eligibility of advertised offers is subject to the account's features. M&T Bank's lending options may be region-specific, catering primarily to the East Coast. However, borrowers need to compare M&T Bank's offerings with those of their competitors to make informed decisions.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
Carefully review all the terms and conditions of your payday loan contract.
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.