M&T Bank Personal Loan Full Review
Benefit from M&T Bank's personal loans offering up to $100,000 with one of the United State's lowest interest rates.
Looking for a personal loan to meet your financial needs and get your life back on track? Look no further than M&T Bank. With M&T Bank, you can borrow up to $100,000 to address any emergency, whether it’s high credit card debt, sudden expenses, education costs, or even travel expenses. The best part is that you’ll have up to five years to repay the loan, all while enjoying some of the lowest interest rates in the market.
Learn More About M&T Bank
M&T Bank was established in 1856 in Buffalo, New York and has since grown to become one of the largest banks in the United States. With over $3.6 billion in assets, more than 3.6 million customers, and 700 branches spread across several states, M&T Bank is a trusted and reliable financial institution.
How Do M&T Bank’s Personal Loans Work?
M&T Bank’s personal loans are designed to cover a wide range of financial needs, from unexpected expenses to medical emergencies, travel, significant purchases, and more. Currently, M&T Bank offers up to $50,000 on unsecured personal loans for both customers and non-customers, as well as cash-secured loans.
Cash-secured loans require customers to use a savings account within the bank or a CD as collateral to secure the loan. By doing so, customers can borrow between $2,000 and $100,000, with interest rates ranging from 4.24% to 6.49% APR. Repayment terms for these loans range from 12 to 60 months.
Unsecured loans, on the other hand, do not require any collateral. The minimum amount that can be borrowed with this type of loan is $2,000, while the maximum amount is $50,000. Interest rates for unsecured loans vary from 6.24% to 18.24%, depending on the customer’s creditworthiness. Repayment terms also range from 12 to 60 months.
Main Benefits and Discounts
One of the main advantages of M&T Bank’s personal loans is the flexibility of its repayment plans. Customers can choose a term that best suits their financial situation. Additionally, M&T Bank does not charge any origination, processing, or prepayment fees, making it a cost-effective option. Other benefits include:
- No collateral required for unsecured loans
- Fast and easy online application process
- Discounts for current checking customers
- Lowest rates in the market
M&T Bank also offers a 0.25% interest rate discount for automatic loan payments. Current M&T Bank checking customers can save between 0.15% and 0.5% on their APRs. The approval and funding processes for loans are typically fast and easy, with loans usually approved within one business day.
Are There Any Disadvantages?
While M&T Bank’s personal loans offer many benefits, there are a few potential disadvantages to consider. The availability of M&T Bank’s services is limited to certain states, including New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, Vermont, Massachusetts, and Washington, D.C. This may restrict accessibility for some customers.
Furthermore, customers with poor credit scores may not qualify for the best interest rates, resulting in higher monthly payments and increased interest costs over the life of the loan. It’s also important to note that M&T Bank may impose penalties for missed payments, although the specific late fee value is not disclosed on their website.
How Do I Apply for M&T Bank Personal Loans?
Applying for a personal loan from M&T Bank is quick and easy. Simply click on the green button below to check out how to apply for a Fifth Third Bank personal loan online.
