M&T Bank Personal Loans: Your Guide to Borrowing Options and Benefits

When you need extra funds for major expenses, debt consolidation, or unexpected bills, a personal loan can provide financing on your own terms. M&T Bank offers personal loans with flexible loan amounts, terms, and competitive rates. Read on to learn more about M&T Bank’s personal loan options, benefits, requirements, and how to apply.

Overview of M&T Bank Personal Loans

M&T Bank provides two main types of personal loans

• Unsecured loans – No collateral required. Amounts from $2,000 to $50,000 with terms from 1 to 7 years.

• Cash-secured loans – Backed by funds in your M&T CD or savings account Can get better rates by securing with your deposits

As an established regional bank based in Buffalo, New York since 1856, M&T offers the resources and financial experience to meet your borrowing needs. They provide loans and banking services to over 7 million consumer, business, and commercial customers across eight Northeastern and Mid-Atlantic states and Washington, D.C.

Benefits of an M&T Personal Loan

M&T personal loans offer the following advantages:

• Fast financing – Get a decision in as little as 24 hours and funding quickly
• Flexible terms – Pick loan amount and repayment terms that fit your budget
• No collateral required – Unsecured loans don’t require you to pledge assets
• No application or origination fees – You won’t incur upfront costs to apply or get approved
• No prepayment penalties – Can pay off early without extra fees
• Fixed rates – Interest rate remains the same over life of loan
• Multiple ways to manage payments – Pay online, by phone, automatic transfer, mail or in branches

An M&T personal loan simplifies access to financing and consolidating debt at competitive rates.

M&T Unsecured Personal Loan Details

M&T unsecured personal loans provide an easy way to get funds from $2,000 up to $50,000 without pledging collateral.

Loan Amounts

• Minimum loan: $2,000
• Maximum loan: $50,000

Terms

• 1 year
• 2 years
• 3 years
• 4 years
• 5 years
• 6 years
• 7 years

For loans over $15,000, you can qualify for terms up to 7 years. For smaller loans under $15,000, the maximum term is 5 years.

Rates

Rates range from 7.99% APR to 17.99% APR and depend on your credit profile, loan amount, and term. You may qualify for discounted rates with an existing M&T checking account in good standing or opening a new premium checking account.

Fees

There are no application fees, origination fees, or prepayment penalties with M&T personal loans. You may incur late fees or returned payment fees if delinquent on making your monthly payments.

Usage

Use loan funds for almost any personal purpose – debt consolidation, home improvements, medical bills, major purchases, vacations, life events, etc. The loan cannot be used for post-secondary educational expenses or real estate investment purposes.

M&T Cash-Secured Personal Loan Options

In addition to unsecured loans, M&T also offers cash-secured personal loans. With these loans, you pledge funds from an existing M&T Bank deposit account as collateral to secure the loan. This allows you to tap into your CD or savings to access better rates.

You can borrow against accounts including:

• Certificates of Deposit
• Savings accounts
• Money Market accounts
• Market Rate accounts

Benefits include:

• Lower rates than unsecured loans or credit cards
• Access cash without liquidating your CD early
• Maintain deposit account flexibility

Loan amounts, terms, and rates vary. Rates are based on the type of account securing the loan. Speak to an M&T Banker for details on cash-secured lending options.

M&T Personal Loan Requirements

To qualify for an M&T personal loan, here are some general requirements:

• At least 18 years old
• Valid U.S. identification
• Social Security Number
• Regular source of income
• Minimum credit score of 660 for unsecured loans
• Debt-to-income ratio typically below 50%

Note that credit standards are more flexible for cash-secured loans since your funds in an M&T account serve as collateral.

Documents needed for loan application:

• Identification (driver’s license, passport, permanent resident card)
• Proof of income (pay stubs, W-2s, tax returns, etc)
• Social Security card
• Evidence of residency if current address under 2 years
• Bank account statements
• List of debts and assets

Meeting minimum requirements does not guarantee approval. Your actual rate and loan offer depends on your credit history, income, debts, and the specific loan product.

How to Apply for an M&T Personal Loan

Follow these steps to apply for a personal loan from M&T Bank:

1. Check your credit score and report – Make sure they are accurate and resolve any errors. This helps ensure you get the best rate possible.

2. Determine needed loan amount – Consider the expense and factor in any costs related to financing.

3. Decide on a loan term – Select between 1 and 7 years depending on monthly budget and total payoff goals. Shorter terms have higher monthly payments but you pay less interest over the life of the loan.

4. Compare loan options – Consider both unsecured and cash-secured loans and compare rates, fees, and terms.

5. Submit a loan application – Apply online, in an M&T branch, or over the phone. Supply all required documentation.

6. Get a loan decision – Once your application is reviewed and verified, you will receive a loan decision within 24 hours in many cases.

7. Accept loan terms – If approved, you can accept the loan offer by signing the loan agreement.

8. Close on the loan – Final steps include underwriting, documentation, and funding your loan upon acceptance.

9. Receive loan funds – Disbursement options include direct deposit, account transfer, or mailed check.

With some preparation and comparing options, applying is straightforward. M&T representatives can assist you through every step of the process.

Tips for Getting the Best M&T Personal Loan Rate

Follow these tips to help qualify for the lowest rate possible on your M&T Bank personal loan:

• Maintain excellent credit – Work toward a score over 740 or higher before applying
• Reduce credit card balances – Lower balances compared to limits help your case
• Pay all bills on time – Prompt payments improve your credit profile
• Keep credit inquiries low – Limit new credit requests that result in hard inquiries
• Verify income – Confirm annual earnings with tax returns and pay stubs
• Watch debt-to-income level – Keep debts below 40% compared to your regular monthly income
• Open an M&T checking account – Can qualify for rate discounts with a premium checking account
• Autopay from an M&T account – Setting up automatic payments saves on interest rate
• Know your loan purpose – Being able to state the reason for your loan helps strength of application

These tips assist you in demonstrating creditworthiness and getting the most favorable interest rate.

Alternatives to an M&T Personal Loan

While M&T Bank personal loans offer quick access to financing, they aren’t your only option. Some other borrowing methods to consider:

• Credit cards – Revolving credit lines but with generally higher interest rates
• 401(k) or retirement plan loans – Borrow against existing account balances
• Home equity loan – Fixed-rate loans using home equity as collateral
• Home equity line of credit (HELOC) – Revolving credit backed by home value
• Peer-to-peer lending – Borrow from individual investors via online platforms
• Payday loans – Small short-term loans with very high rates and fees
• Auto title loans – Secured debt using your car title as collateral
• Pawn shop loans – Get a small loan with personal property used as security
• Family loans – Borrow from relatives or friends

Compare all alternatives to find the right fit based on your situation, timeline, interest rates, fees, loan amount, credit profile, and budget. M&T Bank personal loans provide a balance of flexibility, transparent terms, and competitive rates.

The Bottom Line

When in need of funds for personal expenses, M&T Bank offers online unsecured loans from $2,000 to $50,000 with fixed rates and terms up to 7 years. Their cash-secured loans allow you to use eligible M&T deposit accounts as collateral for access to better rates.

M&T personal loans feature fast approvals, no application fees or prepayment penalties, and discounts for account relationships. Their requirements are