M&T Bank Personal Loan Review - S'witty Kiwi (2024)

Choose M&T Bank (Manufacturers and Traders Trust Company) if you are a resident of any of these 12 states: Connecticut, Washington, West Virginia, New York, Pennsylvania, Maryland, New Jersey, Virginia, Maine, Delaware, Vermont, and District of Columbia.

Tap into its robust branches that are 1000+ in number including its two personal loan products which you can use for any purpose except educational fees. Ready to put your personal investment account on the line as collateral for its cash secured personal loan. Likewise, prepare for a higher fee on rate for an unsecured personal loan.

Enjoy some benefits when you choose M&T as your preferred lender — like a discount on rates, flexible rate and term, relationship discount, and credit-building opportunity.

Nevertheless, consider alternative lenders if you place priority on lenders with higher lending amounts, wider availability by state, and a lower rate on unsecured loans.

M&T Bank

Corporate Headquarters

One M&T Plaza,

Buffalo, New York, U.S

Phone Number: 1-800-724-2440

www.mtb.com

Head on for this lender if you are an individual who:

• Has a good credit score
• Wants a lender that offers a credit-building opportunity
• Doesn’t mind bank with limited availability
• Doesn’t mind using his/her DC account or investment account as collateral for a secured loan
• Doesn’t need a loan amount higher than $100,000

Turn away from this lender if you are a borrower who:

• Doesn’t have a good credit score
• Wants a loan limit that exceeds $100,000
• Can’t risk his/her fixed deposit account or savings account as collateral for cash secured loan
• Prefers a lender that has a presence in more than 12 states
• Wants a lender with numerous loan products

Unsecured personal loan: Get this loan if you want to consolidate debts, to make them one and thereby cut down the higher interest rate to be able to pay it off at a fixed rate in no time.

Improve the quality and the outlook of your home by using this loan to fix the leaky roof, repaint the walls, change the room furniture, and buy new energy appliances.

Also, take advantage of this loan to cover an unexpected financial situation like paying a medical bill, repairing your car, paying taxes, or paying a fine. Moreover, you can use this loan to finance a variety of needs excluding education fees. For instance, you can use this loan to finance your wedding or go on vacation with your spouse, friends, or colleagues.

Cash secured personal loan: Put your CD account or investment account on the line as collateral to take out this loan amount. Use this loan for a general purpose just like an unsecured loan. However, expect a reduction in rate, and a higher loan amount with a longer term than an unsecured personal loan.

Unsecured personal loan

Consider this product if you are looking for a personal loan which can serve you any purpose including emergency spending.

Expect a projected loan amount that can be as low as $2,000 and up to $50,000 at a rate that ranges from 6.24% to 13.49%. You can have a flexible repayment between 12 months to 84 months.

Look forward to a relationship discount if you are already running a Select checking account or MyChoice Plus and Power checking account or MyChoice Premium. Your discount ranges between 0.15% and 0.25%. In addition, activate automatic payment to also earn an additional 0.25% discount on your rate.

Know that you don’t have to worry about origination fees, prepayment penalties, or application fees. M&T offers you these services freely.

Cash secured personal loan

Use this loan for whatever purpose of your choice but you have to secure it with your CD or savings account which you are running with M&T Bank.

You can receive a loan equivalent amount that is up to 100% of the cash in your collateral account. Watch out for a possible amount that can be as low as $2,000 and can reach up to $100,000 at a very low rate that begins at 4.24% and reach up to 6.49%. Your repayment period starts from 12 months and can reach up to 120 months.

Look forward to a 0.25% autopay discount rate when you set up an automatic deduction from your checking account. Also, another discount rate between 0.15% to 0.25% awaits you if you are already a banking customer with M&T. This rate depends on the kind of account you keep with the bank.

Don’t anticipate further fees on origination, application, and prepayment penalties because they are all free services when you consider M&T as your lender.

Discount rate on autopay

Set up an autopay system to allow M&T Bank to carry out automatic deductions directly from your checking account, and then you can take home with you a 0.25% discount on your loan rate.

Know that you must activate an automatic payment system if you are taking out an unsecured loan from M&T Bank.

Discount rate for existing banking customer

Watch out for another discount rate if you have been running a regular bank account with M&T Bank before considering its personal lending products. Understand that your bank history with M&T is the big determining factor in what rate you can get. Nevertheless, expect a discount rate between 0.15% to 0.25%.

Flexible rates on loan products

Take the advantage of competitive rates that M&T Bank offers on its personal loans. Get as low as 6.24% when you choose its personal unsecured loan and 4.24% when you go for its cash secured personal loan.

Credit building services

Choose this lender if you are a borrower who wants to get his/her credit score back on track. You can qualify for an M&T personal loan even with a fair credit score of 680 but not without contacting the bank’s specialist to confirm how you can qualify.

To successfully enroll for the M&T credit building program, choose the bank’s cash secured personal loan and be ready to put your CD or investment account on the line as a security for the loan.

Fixed rates on loan products

Enjoy fixed rates on M&T personal loan products which mean your loan interest remains unchanged throughout its expiration. You can see that this lender is your best bet for debt consolidation.

Limited operation by states

Don’t consider this lender if you prefer a lender with wider regional availability. You can only access M&T Bank in just 12 states of the United States.

Regional restriction

Look for another lender if you are not from the Eastern coast of the USA. Understand that although M&T Bank serves 12 states, these states are majorly on the Eastern coast. You have difficulty reaching out to any of its branches if you live outside this region.

Few lending options

Don’t expect numerous lending products from this lender. M&T Bank only offers unsecured personal loans and cash secured personal loans. However, these loans are disguisedly multifaceted because you can use them for general purposes except for education fees.

Dictated collateral for secured loans

Don’t think of choosing a collateral of your choice. M&T Bank already compulsory your Certificate of Deposit account or your Savings account as your possible collateral. Moreover, note that you cannot decide your desired amount unless the recommended amount is from M&T.

Favorable to borrowers with good credit scores

Before you dive into this lender, be aware that you may have to look for alternatives if your credit score is below 680.

Visit the bank website to prequalify for any of its personal lending products to know your projected rates and terms including a possible required credit score for the loan amount of your choice. However, know that there are specific requirements for any of this bank’s loan products unless you call the bank specialist to inquire what your requirements are. Here are the general requirements for M&T personal loans that can boost your eligibility.

• Posses a credit score of 680 plus
• Have an existing checking account with the bank
• Have an active CD or Savings account with the bank
• Be a resident of any of the 12 states this lender serves.

Visit the bank branch, seek help from a specialist on call, or begin your application online. Get the following documents ready before you begin your application.

• SSN (Social Security Number)
• Good credit report
• State of residence
• Proof of bill payments
• Purpose of the loan

Note that you need to choose between secured and unsecured loans while applying. If you are lucky you may secure approval within days.

Upgrade

Choose Upgrade if you have a bad to fair credit score. Get a loan amount of up to $50,000 with a credit score that can be as low as 580 at a competitive rate of 8.49%. You also have a repayment term that reaches up to 84 months. Additionally, don’t worry about the prepayment fee when you choose this lender.

Upstart

Go for Upstart to get a loan amount between $1,000 to $50,000 with a credit score of 580. Know that the interest rate can be as low as 6.12%. If you think your credit score may prevent you from getting an M&T personal loan, here is a perfect alternative lender you can settle for.