Finding the right loan can make a big difference when you need cash for life’s big moves, like a home remodel, a family vacation, or consolidating debt. M&T Bank personal loans offer a simple, no-hassle solution with clear terms and flexible options.
With both unsecured and cash-secured loans available, M&T gives you choices that fit different needs and credit situations. In this guide, we’ll walk you through everything you need to know, from how the loans work to what rates to expect, so you can decide if M&T is the right fit for your financial goals.
Overview of M&T Bank Personal Loans
M&T Bank (short for Manufacturers and Traders Trust Company) has been a trusted financial institution since 1856. Based in Buffalo, New York, it operates over 950 branches across 12 states and Washington, D.C., mainly along the East Coast. Known for steady growth and strong community ties, M&T offers reliable banking with a personal touch.
The bank focuses on building local relationships through in-person service, easy-to-understand M&T loan options, and support for community programs, charities, and cultural initiatives.
M&T Bank offers two main types of personal loans:
- Unsecured Personal Loans: No collateral required. Get up to $50,000 in funding.
- Cash-Secured Personal Loans: Use your M&T savings account or CD as collateral. Borrow up to $100,000.
Both options come with fixed M&T Bank personal loan interest rates, flexible terms, and no application, origination, or prepayment penalty fees. You can use the funds for just about anything: debt consolidation, medical expenses, weddings, vacations, or home projects.
Types of M&T Bank Personal Loans
When choosing a personal loan from M&T Bank, one of the first decisions you’ll need to make is whether to go with an unsecured or a cash-secured option.
Unsecured Loans
An unsecured loan means you don’t need to provide any collateral. In other words, you won’t have to risk your car, home, or savings account to borrow money. Approval is based mainly on your credit score, income, and ability to repay.
Loan details:
- Amounts from $2,000 to $50,000
- Terms from 12 to 84 months
- Fixed APR from 7.74% to 13.94%
- No fees for applying or paying off early
- Discounted rates for checking account holders with autopay
If you want a fast, simple way to borrow money without putting anything at risk, this type of loan is likely your best bet. It’s also great if you prefer to apply online and want your funds quickly.
Cash-Secured Loans
A cash-secured loan is a bit different. Instead of borrowing based only on your credit, this loan is “secured” by your own money. You deposit funds into a savings account or certificate of deposit (CD) at M&T, and that money acts as collateral for the loan. Since it’s backed by your own cash, you get better rates.
Loan details:
- Amounts from $2,000 to $100,000
- Terms from 12 to 120 months
- Fixed APR from 7.24% to 9.49%
- Collateral must equal 100% of the loan amount
- No fees, plus potential rate discounts with qualifying accounts
Your savings remain untouched during the loan period. Once the loan is repaid, you can access your full deposit again. Cash-secured M&T Bank personal loans are ideal if you want to borrow while keeping your credit usage low or improving your credit history. They’re also a smart way to access lower rates without going through a full credit check process.
M&T Personal Loan Features, Rates & Terms
M&T Bank personal loans come with features that make borrowing simple, transparent, and affordable.
M&T Personal Loan Terms
Whether you choose an unsecured or cash-secured option, you’ll benefit from these core terms:
- Fixed Interest Rates: Your rate is locked in when the loan is approved. You’ll pay the same amount each month, with no surprises.
- No Origination Fees: M&T doesn’t charge a fee just for setting up the loan, which saves you money from the start.
- No Prepayment Penalty: You can pay off the loan early, in part or in full, without any extra fees. This is a big plus if you come into extra cash and want to reduce interest costs.
- Minimum Loan Amount of $2,000: You don’t need to borrow a large amount. This makes M&T personal loans useful even for small projects or one-time needs.
Overall, M&T Bank personal loans are designed to offer peace of mind. You know exactly how much you’ll pay each month, and you won’t be surprised by extra fees.
M&T Bank Personal Loan Rates and Discounts
One of the most appealing things about M&T personal loans is the interest rate. The Annual Percentage Rates (APRs) are competitive, often lower than many credit cards. But keep in mind that the exact interest rate you receive will depend on your credit score, income, and loan type. While M&T doesn’t publish fixed rate ranges online, customers with strong credit tend to get more favorable offers.
Even better, M&T offers relationship discounts that can reduce your rate even further.
How Relationship Discounts Work:
You can save between 0.15% to 0.50% on your APR if you meet certain criteria. Here’s how:
- Already have an M&T qualifying checking account (such as MyChoice Premium or Power Checking)
- Or, open a qualifying checking account during your loan application
- Set up automatic payments from your M&T checking account
Key Features of M&T Bank Personal Loans at a Glance:Â
| Feature | Unsecured Loan | Cash-Secured Loan |
|---|---|---|
| Loan Amount | $2,000 – $50,000 | $2,000 – $100,000 |
| APR Range | 7.74% – 13.94% | 7.24% – 9.49% |
| Terms | 12 – 84 months | 12 – 120 months |
| Collateral Required | No | Yes (cash deposit) |
| Approval Time | As fast as 24 hours | As fast as 24 hours |
| Fees | No application or prepayment penalties | No application or prepayment penalties |
| Relationship Discounts | Up to 0.50% off APR | Up to 0.50% off APR |
Even if you’re a new customer, opening the right type of account and setting up autopay could help you qualify for the lowest rates available.
Eligibility Criteria for M&T Bank Personal Loans
Wondering whether you qualify for an M&T personal loan? Here’s what you need to know before applying:
- You Must Live in an Eligible State: M&T Bank only offers personal loans in certain states. You must live in one of the following:
Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia, Washington D.C., or West Virginia. - You Must Be at Least 18 Years Old: Like most lenders, M&T requires you to be at least 18 years old to apply for a loan. This is a standard rule for any loan agreement.
-  M&T Bank Personal Loan Credit Score: M&T doesn’t publish a minimum required score, but based on customer feedback and industry standards, having a credit score of around 670 or higher improves your chances of approval, especially for unsecured M&T Bank personal loans. A higher score may also get you a lower interest rate. If your score is lower, you might still qualify for a cash-secured loan, since that option uses your own savings as collateral.
- Proof of Identity and Residency: You must be a U.S. citizen or legal resident, with a valid form of identification such as a driver’s license, state ID, or passport.
- Stable Income: M&T will review your income level to ensure you can afford monthly payments. This can include pay stubs, tax returns, or other proof of earnings. You don’t need a high income, but it should be steady.
- Reasonable Debt-to-Income Ratio (DTI): Your DTI compares the amount of debt you have to your income. A lower DTI (typically below 35-40%) means you’re using less of your income to pay off debts, which makes lenders more confident in your ability to handle new loans.
- Loan Amounts and Terms Come With Conditions: If you want a longer repayment term (more than 60 months), you’ll need to borrow at least $15,000. For cash-secured loans, your savings account or CD must cover 100% of the loan amount.
- M&T Bank Relationship (Optional): You don’t need to be an M&T Bank customer to apply, but having an existing checking or savings account can make the process smoother. It also lets you set up autopay, which earns you an APR discount.
 M&T Bank Personal Loan Application
Applying for M&T Bank personal loans is fast and simple. You can apply either online or by visiting a local branch. Here’s what the process looks like:
- Make Sure You’re Eligible: M&T Bank personal loans are only available to residents in the following states and areas, as mentioned above. You also need to be at least 18 years old and have the financial documents ready for your application.
- Check Your Rate: If you’re applying for an unsecured loan, you can prequalify online. This allows you to check your estimated interest rate with no impact on your credit score.
- Start the Application: Whether you prefer applying online or want to visit a branch, M&T gives you multiple ways to get started. You can visit the M&T Bank website and go to the personal loans section. Or you can head to one of M&T’s many branch locations, and then a bank representative can guide you through the process step-by-step.
- Complete Your Application: To submit your loan application, gather the following:
- A valid government-issued photo ID (e.g., driver’s license)
- Proof of income (like pay stubs or tax returns)
- Social Security number
- Your banking information
- Current address and mailing address
- Receive the Funds: Once your application is complete, M&T will review your details and make a decision, often within the same business day. If approved, you could get your loan funded as soon as 24 hours later, especially for unsecured loans. Secured M&T Bank personal loans may take a little longer to process due to collateral verification.
Making Payments on Your M&T Personal Loan
Repaying your loan is easy and flexible. M&T Bank personal loans give you several ways to make payments, so you can pick the method that works best for your schedule and preferences.
- Online or Mobile Banking: Log in to your M&T account to set up one-time or automatic recurring payments.
- By Phone: Call the M&T Bank personal loan phone number 1-877-686-8424 to manage your loan over the phone.
- In-Person: Visit any local M&T branch to make a payment or ask questions.
- By Mail: Send your payment by post. You’ll find the payment address on your monthly statement.
To make things easier, setting up autopay from an M&T checking account not only ensures on-time payments but also qualifies you for an APR discount.
M&T Digital Experience & Customer Service
Managing your M&T Bank personal loan online is easy with M&T’s tools. But keep in mind that the experience may differ depending on your device.
Mobile BankingÂ
If you prefer to manage your finances on the go, M&T’s mobile banking app offers a convenient way to track your loan, make payments, and access other services anytime.
- For iPhone users, the mobile app gets high praise for its smooth design and ease of use.
- However, for Android users, the app has received mixed reviews due to occasional bugs and login issues.
Besides the app, M&T also offers:
- An interactive payment demo to show you how to pay online
- Money Mentor, a helpful digital resource with financial tips, videos, and planning tools
These features make it simple to apply for, manage, and understand your loan.
Loan Calculators
M&T Bank gives you free online tools to help plan your M&T Bank personal loans. These tools make it easier to understand your loan costs and monthly payments before you apply:
-  M&T Bank Personal Loan Calculator: This is one of M&T’s most useful tools. You can type in how much you want to borrow, between $2,000 and $50,000, and choose your repayment term (from 1 to 7 years). You also enter your credit score range. Based on that, the calculator shows an estimated interest rate and monthly payment. It even includes possible discounts if you set up autopay from an M&T checking account.
- Debt Consolidation Calculator: If you have several debts like credit cards or store loans, this calculator helps you see if combining them into one M&T personal loan will save you money. It compares your current interest rates and balances to a single loan, so you can understand the difference in total interest and how long it will take to pay off.
- Credit Card Payoff Planner: This tool is perfect if you’re trying to pay off credit cards. Just enter your card balance, interest rate, and how quickly you want to be debt-free. The tool tells you how much you need to pay each month and how much interest you’ll pay in total.
Customer Support for M&T Bank Personal Loans
If you need help, M&T gives you several ways to connect with support:
- Call 877-686-8424 for personal loan questions
- Call 800-724-2440 for general banking help (available 24/7)
- Visit a local branch for in-person assistance
Just note that customer reviews are mixed. While many people get quick help, others mention long hold times or delays in getting responses. Your experience may depend on how you choose to reach out.
Pros and Cons of M&T Bank Personal Loans
Choosing the right personal loan is important, and M&T Bank offers a lot of strong features. But like any lender, there are a few things to watch out for. Here’s a balanced look:
Pros of M&T Bank Personal Loans:Â
- No origination or prepayment fees.
- Fixed rates and terms add predictability.
- Fast funding, often a few days.
- Option to lower rates with a cash‑secured loan.
- Autopay discount helps save.
- Strong, local bank presence and good customer service.
Pros of M&T Bank Personal Loans:
- Limited geographic reach, mostly Eastern U.S.
- No co‑signer allowed.
- Not ideal if you have poor credit.
If you’re looking for a personal loan with low rates, no fees, and fast approvals, and you live in M&T’s service region, this lender should be on your radar. While there are some limitations, like geographic availability and mobile app glitches on Android, the pros clearly outweigh the cons for most borrowers. And with funding in as little as one day, you won’t have to wait long to tackle your goals.
FAQs About M&T Bank Personal Loans
What credit score do I need to qualify?
- M&T doesn’t list a minimum credit score publicly, but having good to excellent credit will give you the best chance at approval and the lowest rates.
Does M&T Bank offer personal loan pre-approval or pre-qualification?
- Yes, M&T Bank offers a pre-qualification process online, which lets you check your estimated loan terms without affecting your credit score. It’s a helpful step before submitting a full application.
Does M&T charge any loan fees?
- No. There are no fees to apply, no origination fees, and no penalties for paying your loan off early. Just be careful to avoid late fees or returned payment fees, which may apply.
How fast will I get my loan money?
- If approved, you could get your loan funds in as little as 24 hours, making it a great option for urgent expenses.
Can I apply without being an M&T customer?
- Yes. You don’t need to have an M&T account to apply. But if you want the best rate discounts, you’ll need to open a qualifying M&T checking account and enroll in autopay.
With two loan types to choose from, flexible terms, and generous APR discounts for checking customers, M&T Bank personal loans offer real value. Their fixed rates and no prepayment penalties make planning easy. If you live in their service area and have a steady income, it’s worth checking out. Finally, don’t forget to use their loan calculator to explore your options before applying.
