reviews
Hanneh BarehamWritten by
Rhys SubitchEdited by
Updated on May 16, 2024
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At a glance
Find my best rates
Check rate with Bankrate
4.6
Rating: 4.6 stars out of 5
Bankrate Score
Availability
Affordability
Rating: 4.7 stars out of 5
4.7
Customer Experience
Rating: 5 stars out of 5
5.0
Transparency
Rating: 3.8 stars out of 5
3.8
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
About Bankrate Score
Full methodology
Bankrate's take: M&T Bank offers secured and unsecured loans with some of the most competitive rates on the market. Plus, its hardship repayment program and member perks make the bank's loans hard to beat.
Lender Details
Loan amount
$2,000-$100,000
APR from
From 8.74%
Term lengths
12-120 months
M&T Bank is best for secured personal loans
M&T Bank is one of the few personal loan lenders that offer both secured and unsecured loan options. With over 700 branches — most located on the East Coast — its loans are ideal for existing customers or for individuals with assets to secure the loan at a lower rate who don't mind opening an account with another bank. Plus, M&T's APR range for both loan products is among the lowest on the market.
M&T personal loan purposes
You can use an M&T Bank personal loan for a range of needs, like financing home improvements, consolidating high-interest debt, financing unexpected expenses and to cover the cost of a major life event.
While the bank doesn't give specific details on how its loans can't be used, it does state that its unsecured loans must be for an "eligible purpose." That said, many personal loan lenders impose similar usage restrictions. For example, lenders generally don't allow borrowers to use personal loan funds for secondary education-related expenses, investing, gambling or illicit activities. Contact M&T Bank to ensure your intended loan purpose is allowed before applying.
Where M&T personal loans stand out
- Low APRs: M&T features one of the lowest APR maximums on the market. Minimum APRs for personal loans typically sit around 9 percent, and maximums are 30 percent or more in many cases. This makes M&T Bank's APR range exceptional.
- Repayment assistance: If you've fallen behind on your payments, the bank offers a loan payment extension or a payment arrangement option. It also offers a program for borrowers who need a new loan term to better match their financial situation.
- Discounts available for checking customers: APR discounts between 0.15 percent to 0.50 percent are available to people with qualifying M&T checking accounts.
Where M&T personal loans fall short
- Not available in every state: M&T bank only serves customers in Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia, Washington, D.C. and West Virginia.
- Best rates reserved for existing customers: If you don’t have a qualifying checking account and aren't enrolled in automatic payments, you won't qualify for the lowest rates.
- Restrictions on longest loan terms: If you want a repayment term greater than 60 months, your starting loan balance must be $15,000 or more.
M&T customer experience
Customer support
Borrowers in need of in-person support can visit one of the bank's branches. Customer support is also available by phone. In general, M&T doesn't have the highest ratings when it comes to its customer service department, with many of the bank's negative reviews citing poor experiences or long wait times.
Digital experience
The M&T Mobile Banking app is available for both Android and Apple products. The app has over 16,700 reviews and a 2.3 rating out of 5 stars on the Google Play store, with a majority of the negative reviews highlighting frequent outages and crashes. On the other hand, the app has 4.9 out of 5 stars on the App Store and has amassed over 237,000 reviews.
Along with a fully digital experience, it also offers an online Financial Education Center where users can access instructional videos and general financial resources. The bank also has a resource — M&T Money Mentor — that allows users to customize a "playlist" of resources based on their current situation or their next financial milestone.
What people are saying about M&T
As of June 2024, M&T Bank has 80 customer ratings on Trustpilot, averaging 1.5 out of 5 stars. Only 10 percent are 4 or 5 stars, which is quite low compared to other lenders. But only eight reviews focus on a loan product.
Reviewers warn of slow customer service wait times and other delays. One customer who used an M&T Bank loan to buy an RV said:
"Paid off the loan in February ‘24 and in March registered it with our town and went on vacation. It is now April and the state had sent the title to M&T but they say they don’t have it."
— Trustpilot User
Many of the commenters also mention dissatisfaction with the bank after its merger with People's United Bank. They cite personal account errors and accessibility problems.
Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.
How this lender compares
Rating: 4.6 stars out of 5 4.6 Bankrate Score
APR from
From 8.74%
Loan Amount
$2,000-$100,000
Term Length
12-120 months
Min Credit Score
Not disclosed
on Bankrate
Rating: 4.7 stars out of 5 4.7 Bankrate Score
APR from
8.49% to 35.99%*with autopay
Loan Amount
$1,000-$50,000
Term Length
24 to 84 months
Min Credit Score
600
on Bankrate
Rating: 4.4 stars out of 5 4.4 Bankrate Score
APR from
8.99%-21.74%
Loan Amount
$2,000-$50,000
Term Length
12-60 months
Min Credit Score
Not disclosed
on Bankrate
M&T vs. TD Bank
TD Bank also offers a secured personal loan option, but it comes with shorter loan terms and a variable interest rate. However, unlike M&T's maximum loan amount of $100,000, TD Bank's borrowing limit is the amount in the customer's TD deposit account. That said, if you're an existing TD Bank customer or want to switch banks all together — and don't mind a variable interest rate — then it may be the better option.
M&T vs. Fifth Third Bank
Fifth Third Bank offers secured loans that span up to $500,000. However, M&T Bank's secured option comes out on top due to its lower APR range. Plus, its loans have a longer repayment period than Fifth Third Bank's loans, which have a maximum repayment term of 60 months.
Do you qualify for an M&T personal loan?
M&T Bank doesn’t disclose its eligibility qualifications on the website so applicants will need to prequalify — which is only available for unsecured loans — or call the customer service department before applying. You also must live within its service footprint, which includes 12 states and Washington, D.C.
How to contact M&T Bank
Borrowers who prefer in-person support can visit one of the Bank’s brick-and-mortar locations. Outside of that, support can be found over the phone for inquiries on unsecured and cash-secured personal loans at 877-686-8424. Any general questions can be answered on the 24/7 service line at 800-724-2440.
How to apply for a personal loan with M&T
- Get a quote: The application process for both the unsecured and secured loan options can be completed online or in-person. However, the bank only allows prequalification for its secured loans.
- Add information and finalize your application: Its website doesn't list the specific information necessary to apply, but it's good practice to have personal and financial documents on hand. These include a photo ID, your Social Security number and pay stubs.
- Review the loan details: After looking at the loan details to make sure everything is correct, you'll sign the loan agreement. Funding information will then be provided by the bank.
How Bankrate rates M&T Bank
Score | Explanation | |
---|---|---|
Overall score | 4.6 | |
Affordability | 5.0 | M&T Bank boasts a low minimum loan amount and a quick approval process. |
Affordability | 4.7 | A low maximum APR coupled with minimal fees gives the bank high marks. |
Customer Experience | 5.0 | Extended customer service hours and online account access. |
Transparency | 3.8 | Although the lender does not disclose credit requirements some rates are and borrowers can prequalify. |
Methodology
Bankrate's trusted personal loans industry expertise
Read our full methodology
Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
On This Page
On This Page
- At a glance
- How this lender compares
- Do you qualify?
- How to apply
- Our rating
- Methodology
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