Effective resource allocation has always been one of the serious challenges in wireless communication. A considerable number of machine type communication (MTC) devices in 5G with variable quality of service (QoS) aggravates this challenge even further. Existing Resource allocation schemes in MTC are usually considering signal to noise ratio (SNR), which provides preference to MTC devices based on distance rather than their QoS requirements. This paper proposes a resource allocation scheme with dynamic priorities for MTC devices with multiple radio access technologies (RATs). The proposed resource allocation scheme has two main parts namely medium access and resource allocation. The medium access leverages the broadcast nature of wireless signal and MTC devices' wait time to assign priorities using capillary band in a secure and integral way. At resource allocation, SNR, total induced transmission delay, and transmission-Awaiting MTC devices are used to assign resources in the cellular band. The rumination of two-staged dynamic priorities in the proposed scheduling scheme brings significant performance improvements in outage and success probabilities. Compared to SNR-based schemes, the proposed mechanism performs well by expressively improving the outage and success probability by 20% and 30%, respectively.