Banks are a good starting point when browsing for personal loans. M&T Bank is a regional option for some, and while LightStream started as an online lender, it is now backed by Truist. They have relatively competitive rates for their personal loans, limited fees and a quick application process for their borrowers.
M&T Bank vs. LightStream at a glance
While both M&T Bank and LightStream have similar loan terms, M&T Bank has more competitive rates — but LightStream lets you borrow more.
| M&T Bank | LightStream | |
|---|---|---|
| Bankrate Score | 4.6 | 4.6 |
| Better for | Competitive rates | Large loans |
| Loan amounts | $2,000-$50,000 | $5,000-$100,000 |
| APRs | 8.24%-15.24% | 7.99%-25.49% *with AutoPay |
| Loan term lengths | 12-84 months | 24-84 months |
| Fees | Late fees and nonsufficient funds fees | None |
| Minimum credit score | Not disclosed | Not disclosed |
| Time to funding | As soon as the next business day | As soon as the same day |
M&T Bank personal loans
If you are already a customer, M&T Bank is a good option. You will be able to qualify for rate discounts based on the type of checking account you have, and the application process is streamlined.
If you aren’t, it may still be a good choice if you live in one of its serviced states. You don’t need an account with M&T to qualify, and its personal loans are much more robust than other banks. While you will need to borrow at least $15,000 to get a term longer than 60 months, having the option of a 72- or 84-month term is rare with a bank.
Pros
-
Low maximum APR.
-
APR discounts available.
-
Quick funding speed.
Cons
-
Late and nonsufficient fees.
-
Discounts only for current customers.
-
No joint applications.
LightStream personal loans
LightStream is the best option if you live outside M&T’s serviced areas — or simply want to borrow a larger personal loan. It is a top lender and doesn’t charge any fees, including late fees. Plus its rate discounts are available to anyone who signs up for automatic payments.
Its main benefits are its speed and large loans. While you will need to meet more strict eligibility requirements to qualify for a loan over $50,000, having the option to borrow $100,000 is rare. In addition, LightStream offers joint applications. However, the high maximum APR may not be worth it if you are able to qualify for lower rates elsewhere.
Pros
-
No fees.
-
APR discounts available.
-
Quick funding speed.
Cons
-
High minimum loan amount.
-
High maximum APR.
-
Excellent credit required.
How to choose between M&T Bank and LightStream
M&T Bank and LightStream are both good options with minimal fees. You’ll be able to score a lower rate with M&T Bank. But for large loans, turn to LightStream.