Our Verdict
Explore the loan options at M&T Bank to meet your unique borrowing needs, including unsecured personal loans, cash-secured loans, auto loans, and marine/RV loans. Take advantage of its competitive interest rates, quick approval process, and excellent customer service to secure affordable financing. Keep in mind, however, that M&T Bank’s lending services are only available in a limited number of states in the Northeastern U.S.
Pros
- Enjoy competitive interest rates
- Benefit from no application fees or prepayment penalties
- Receive relationship discounts if you’re already an M&T bank customer
- Utilize a fast online application and approval process
Cons
- Note the limited service area, available only in Northeastern states
- Remember that the best rates require automatic payment from an M&T checking account
- Subject to credit approval
Who M&T Bank Loans Are Best For
Go for M&T Bank loans if you:
- Live in one of the Northeastern U.S. states where M&T operates (CT, DE, ME, MD, MA, NH, NJ, NY, PA, VT, VA, DC, WV)
- Have an M&T checking account or are willing to open one
- Value competitive rates and excellent customer service
- Prefer a local/regional bank over a national online lender
- Need unsecured personal loans, cash-secured loans, auto loans, boat loans, RV loans, etc
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Who M&T Bank Loans May Not Be Right For
Research for alternatives as M&T Bank loans may not be the best option if you:
- Live outside the Northeastern states where M&T has branches
- Want to finance very large loan amounts over $1 million
- Have poor credit
- Seek a national online-only lender with broader availability
- Need access to the absolute lowest rates in the market
What M&T Bank Offers
M&T Bank provides the following major consumer lending products:
CHOICEquity home equity line of credit
- Interest Rates: 0.06% (currently 8.44% APR) to Prime + 7.39% (currently 15.89% APR)
- APR ranges from 2.99% to 15.90%
- Loan-to-Value Limits: Up to 70.99% – 85.99%
- Loan Amount Limits: $15,000 – $1,000,000
- Loan Structure: 10-year draw period followed by a 20-year repayment period.
- Interest-only or principal + interest payment options during the draw period.
- Fees: No application fee, annual fee, or closing costs
Unsecured Personal Loans
- Loan Amounts: $2,000 to $50,000
- Interest Rates: 9.24% to 15.69% APR
- Loan Terms: 1 to 7 years (12 to 84 months)
- No application, origination, or prepayment fees and discounts of 0.15%-0.50% for having an M&T checking account
Cash-Secured Loans
- Loan Amounts $2,000 to $100,000
- Interest rates ranges from 7.24% to 9.49% APR
- Loan term of 12 to 120 months
- Collateral includes Funds from an M&T savings account or CD equal to at least 100% of the loan
Student Loans
- Loan features competitive variable and fixed interest rates, no origination fees or prepayment penalties, multiple repayment options to choose from and at least $1,000 minimum loan amount required
- Eligibility requirements include that the student must attend a participating school, meet age of majority in state of residence, non-U.S. citizens/permanent residents must reside in U.S., attend U.S. school, apply with eligible U.S. citizen/permanent resident cosigner, and provide government ID and subject to credit approval
Auto Loans
- Finance new/used vehicles from dealers or private parties
- Rates from 7.04% to 15.69% APR
- Loan terms up to 84 months
- Minimum $2,000 loan amount
Marine Loans/ RV Loans
- For new/used boats/RVs
- Rates from 6.99% to 15.69% APR
- Terms up to 240 months
- Minimum $2,000 loan
M&T Bank Details
Interest Rates & Fees
M&T Bank stands out for its competitive rates compared to other banks. Depending on your creditworthiness, you can expect unsecured personal loan rates ranging from 9.49% to 17.99% APR. If you opt for a cash-secured loan, you could benefit from rates as low as 2.15% APR, which is quite favorable.
For loans backed by assets such as vehicles, boats, or RVs, M&T offers APRs starting at 6.99% for well-qualified borrowers. However, if your credit score is not as high, you may see rates around 15.69% APR.
It’s worth noting that M&T doesn’t tack on application fees or prepayment penalties for its personal loan products. Yet, there might be third-party fees for services like appraisals or title work, especially for secured loans.
Here’s a tip: If you have an M&T personal checking account, you can enjoy even more savings. M&T incentivizes this by offering rate discounts of 0.25% to 0.40% off the standard APR across all loan types. To snag the lowest advertised rates, you’ll need to set up automatic payments from your M&T account.
Loan Amounts & Terms
You’ll find a range of amounts available to you. For unsecured personal loans, you can borrow anywhere from $2,000 to $30,000, which falls within the typical range for this type of loan. If you’re considering a cash-secured loan, the minimum amount starts at $2,500.
If you’re looking for financing for a vehicle, boat, RV, or other asset-backed purchases, the minimum loan size is consistent at $2,000. Maximum loan amounts vary, with auto loans on primary residences reaching as high as $1 million.
Repayment terms are designed to suit your needs. Unsecured personal loans offer flexibility with terms ranging from 12 to 60 months. Cash-secured loans provide even more flexibility with terms extending up to 120 months (10 years). Auto loans can be stretched out to 84 months, while boat and RV loans offer terms up to 240 months (20 years) in certain cases.
In addition to these options, M&T provides a range of other financial products, including home equity loans and lines of credit, student loans through Sallie Mae, credit cards, and various business and commercial financing options. However, for the purpose of this review, you’re primarily focusing on its consumer installment lending services.
Customer Service
M&T Bank has over 700 branch locations and 1,800 ATMs across its footprint in the Northeastern states. It offers convenient online and mobile banking access as well.
You can get assistance on lending products by making an appointment or speaking to a loan officer at their local M&T branch.
Applying online? M&T advertises a fast application and approval process for their various loan types. It also provides phone support through its customer contact centers.
Overall, M&T Bank seems to have solid customer satisfaction ratings and a reputation for friendly, attentive service compared to the largest national banks. However, you may prefer the convenience and digital experience of national online lenders.
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Where M&T Bank Stands Out
Competitive Rates & Discounts
Discover the exceptional value M&T Bank offers with its highly competitive interest rates on personal loans. You’ll find its APR ranges among the best, ensuring you get affordable installment loan pricing.
Furthermore, if you have an eligible M&T checking account, you can benefit from additional rate discounts of 0.25% to 0.40%. This loyalty reward can significantly reduce your interest costs over the life of your loan.
Fast Approval & Funding
M&T Bank excels in providing fast loan approval and funding times. Take advantage of its streamlined application process to access funds within just a couple of business days, if you qualify.
While fintechs and digital-only lenders might edge out M&T in speed, you’ll find M&T highly competitive with other major banks in terms of rapid personal loan underwriting and disbursement.
Variety of Secured & Unsecured Options
M&T Bank provides a very well-rounded selection of consumer lending products to match different asset types and financial needs. Choose from unsecured personal loans, cash-secured options using deposit accounts, auto financing, and loans specifically tailored for boats, RVs, motorcycles, and other recreational vehicles.
Take advantage of these varied options to find the perfect installment loan for your situation, avoiding a one-size-fits-all approach. Leverage your collateral to secure lower interest rates and achieve your financial goals with confidence.
Excellent Branch Service
As a large regional bank, M&T provides you with an extensive network of over 700 branch locations across the Northeastern U.S. Enjoy the convenience of personalized, face-to-face assistance at your local branch when you apply for loans.
While many lenders focus primarily on digital channels, M&T offers you a balanced approach with both online and in-person services. If you prefer the traditional experience of working with a dedicated loan officer, take advantage of M&T’s knowledgeable branch staff.
Where M&T Bank Falls Short
Limited Regional Footprint
Recognize that M&T Bank’s consumer lending services are confined to a specific geographic region. You’ll find M&T Bank branches only in the following Northeastern states. If you live outside these states, you won’t have access to M&T Bank’s personal loan products, as they do not operate or hold licenses in other parts of the country.
For a regional institution like M&T, this focused presence makes sense. However, it does mean that a significant portion of the national population cannot consider its lending services.
Smaller Maximum Loan Caps
Be aware that M&T Bank may offer lower maximum loan limits compared to some of the largest national banks and lenders.
These maximums may be lower than those of other major lenders, potentially limiting the affordability of larger purchases or expenditures. If you need to finance bigger-ticket items, you might require a loan size that exceeds M&T’s top-end limits.
Checking Relationship Requirements
To secure the most attractive, lowest advertised APRs from M&T Bank, you need to maintain an active personal checking account with the bank. Additionally, you must enroll in autopay from your M&T checking account to get the best rates on offers such as auto loans and secured loans.
While it’s understandable that the bank wants to incentivize deeper customer relationships, this requirement can create hurdles if you’re the type of person that just seeks competitive loan pricing. It excludes potential customers who prefer to keep their checking accounts separate from their credit applications.
How to Qualify for M&T Bank Loans
To qualify for an M&T Bank personal loan, ensure you meet the bank’s standard underwriting criteria in these areas:
- Aim for a FICO score of 700 or higher to secure the best rates, though M&T does not specify a minimum score.
- Maintain a strong credit history, considering factors like credit depth and absence of delinquencies.
- Keep your debt load low relative to your income to meet M&T’s requirements.
- Provide proof of income and demonstrate stable employment.
To apply for an M&T Bank loan, you’ll need to furnish standard documents such as a government-issued ID, proof of income, proof of residence, details of existing debts, and, for secured loans, information on the collateral. Additional documents might be requested for verification purposes.
Unsecured loans rely heavily on your income, credit profile, and debt-to-income ratio for approval, without requiring collateral. Secured loans, such as auto or boat loans, consider the value of the collateral, loan-to-value ratio, and may necessitate appraisals or inspections. Having collateral can enhance your chances of approval.
How to Apply for M&T Bank Loans
When it comes to applying for personal loans at M&T Bank, you’ve got a range of convenient options:
- Apply online
- Use the mobile app
- Call by phone
- Visit in-branch
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Alternatives to M&T Bank Loans
Chase Bank
This bank offers a variety of loan options, including auto loans with terms up to 84 months for new, used, and refinance options, home loans such as mortgages and home equity loans/lines of credit, and business loans, including term loans, lines of credit, SBA loans, and commercial real estate loans.
Bank of America
Bank of America provides unsecured line of credit, cash secured line of credit, unsecured loan, auto loan, secured line of credit, secured loans, commercial real estate loan, SBA loans and franchise financing.
Wells Fargo
It offers personal loans, auto loans for new and used vehicles, lease buyouts, refinancing, home mortgages for purchase and refinance, home equity loans, lines of credit, refinancing, and SBA loans. Also, Wells Fargo provides a comprehensive guide to help you navigate the Paycheck Protection Program (PPP) loan forgiveness process. You’ll find step-by-step instructions, including how to prepare, apply online, and receive confirmation for your PPP loan forgiveness application.
Customer Reviews
When you check out M&T Loans reviews, you’ll find that customers often praise M&T for its personable service at branches, speedy loan approvals, and competitive rates. However, there are also complaints about long wait times on calls, inconsistent information, and challenges with loan payoffs.
Considering direct feedback from consumers, it seems that M&T generally falls around the average to slightly above average range for a brick-and-mortar large regional bank.
Pro Tips
- Open an M&T checking account
- Have information on the collateral’s value, age, condition ready for secured loans
- Compare rates across multiple lenders, but consider M&T if in their geographic area
- Utilize M&T’s pre-qualification tools to get estimates without a hard credit pull
- Explore M&T cash-secured loans as a way to leverage existing deposits at higher rates
Recap
M&T Bank offers a wide range of loan options, including unsecured personal loans, auto loans, and marine/RV loans, with competitive interest rates, a swift approval process, and excellent customer service.
However, their services are limited to a select few Northeastern states. Customer feedback highlights both the bank’s strengths in personal service and speed, as well as some challenges with wait times and information consistency.
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