WebBank is a nationally chartered niche financial provider. They offer business loans, personal loans, credit cards, and various alternative loans through strategic partners.
For instance, the business loan that PayPal offers its customers is actually a loan from WebBank, not PayPal. WebBank also partners with companies like Fingerhut, Yamaha, and Dell Computers to provide credit to their customers.
WebBank also offers very competitive rates for direct savings and certificate of deposit accounts.
Together with their brand partners, they offer business loans, personal loans, store credit loans, and various alternative loan products.
This review will help you understand what WebBank is and what they have to offer.
WebBank is a nationally chartered niche financial provider for strategic partners who offer business loans, personal loans, credit cards, and various alternative loans. Together with internationally recognized companies, such as Paypal, Dell, Yamaha, and Fingerhut, they provide their customers with the financing and loans they need to purchase products on credit.
Multiple Alternative Loans
Specialize In OK Credit Scores
Brand Partnering Opportunity
Higher APR Rates
No Real Estate Loans
Who Is WebBank?
WebBank was founded in the State of Utah in 1997 under an industrial state bank charter. They are FDIC insured, which means they must comply with federal banking laws, and your deposits are Federally insured up to $250,000.
WebBank Corporate Financial, not to be confused with Webank China, has an A+ rating with the Better Business Bureau (BBB).
The BBB accredited WebBank in 2013, which requires the company to follow more stringent business ethical standards.
They are actively involved in many professional organizations, including:
- Commercial Finance Association (CFA)
- Economic Development Corporation of Utah
- Utah Association of CPAs
- Utah Bankers Association (UBA)
- American Bankers Association (ABA)
- Utah Community Reinvestment Corporation
- Utah Association of Financial Services (UAFS)
- Habitat for Humanity
- NeighborWorks Salt Lake
- University of Utah/Opportunity Scholars Program
- Junior Achievement of Utah
- National Association of Industrial Banks (NAIB)
- Salt Lake Valley Habitat for Humanity
In 2011, the board of directors promoted Kelly Barnett to President after serving as their Chief Financial Officer (CFO) for six years.
According to the leadership team section on their website, Mr. Barnett has extensive experience in management, financial analysis, regulatory compliance, credit card processing and operations, budgeting, and management reporting.
What Does WebBank Do?
WebBank offers alternative and traditional loans through its branded partners.
While many of the loans underlying the products are traditional revolving or installment types, the products and the way they are offered vary with the partners offering the loans.
Also, WebBank credit requirements are much lower than most lenders, making them a top choice for people with no credit, limited credit, or bad credit.
Here is a list of some of the loans offered with their branded partners:
- Business loans
- Personal loans
- Credit cards
- Auto repair loans
- FreshStart loans for no credit/bad credit
- Merchandise financing through alternative loans
- Auto refinance loans
- Home improvement loans, including solar conversion
In most cases, you will not deal directly with WebBank to use these products. You will deal with the branded partner offering the loan.
Top Branding Partnerships (What Companies Use WebBank)
Avant Credit Card & Personal Loan
WebBank partners with Avant to provide two financial products to their customers.
The first product offered is the Avant WebBank personal loan, which you can use for major purchases, debt consolidation, or other needs. There is no prepayment penalty.
Can Capital provides working capital loans to small businesses with WebBank financing the loans.
Can Capital has an A+ BBB rating with over 20+ years of experience, 7 billion dollars in funds lent, and 81,000 businesses served.
You can borrow between $2,500 and $250,000. If you’re approved the funds can be deposited by the next business day.
Dell Financial Services
Dell Financial Services provides consumers with integrated computing technology and services.
In addition, they have partnered to offer the WebBank Dell Business Card for small to medium businesses.
When applying for a Dell Preferred Account you may see one of the following entries appear on your credit report, ‘DFS/WebBank,’ ‘WebBank/DFS,’ ‘DFS WebBank’, or ‘WebBank DFS.’
The ‘DFS’ stands for ‘Dell Financial Services’ and should only be alarming IF YOU DID NOT APPLY for a WebBank DFS credit card.
DigniFi (Formerly CFS Financial)
DigniFi, formerly known as CFS Financial, offers its consumers auto repair loans with the help of WebBank.
Customers can borrow between $500 and $7,500. Loans are interest-free if paid off in the first 60 days.
WebBank Fingerhut Credit Account
Fingerhut provides the Fingerhut Advantage Credit Account and the Fingerhut FreshStart installment loan.
These products are usually issued to people with no credit, limited credit, or bad credit and can be used to finance purchases from Fingerhut’s online catalog.
The Fingerhut advantage credit account is a revolving loan that allows customers to access their credit for online Fingerhut catalog purchases.
Because of the relationship between WebBank Fingerhut, they can offer credit to many people who usually would not qualify.
People with bad credit or lower credit scores (below 550) can usually qualify for the Fingerhut Fresh Start Installment Loan.
A Fingerhut account can help you build credit, but the products you buy may be much more expensive than they would be at other suppliers. Compare prices and decide whether it’s worth it.
This program is extremely inexpensive, with a total of six months of payments for under $5.00 a month offered through Fingerhut.
At the end of the FreshStart program, the customer will then be eligible for a Fingerhut credit account.
Having credit with Fingerhut is like having a Fingerhut credit card without a physical card.
You can contact Fingerhut customer service to learn more about both of these programs or click on the ‘Learn More’ button below.
Gettington Credit Account Issued By WebBank
The Gettington credit account offers its consumers the opportunity to purchase a wide range of items from its online store catalog.
WebBank makes this possible by financing the Gettington Credit Account for catalog purchases.
You will see your account show up on your credit report as either ‘WebBank GTN’ or ‘WebBank/GTN.’
This is the standard way credit furnishers provide information to credit agencies.
You should only be concerned with the GTN entry on your credit report if you never applied for a WebBank Gettington Credit Account.
Klarna offers an alternative shopping experience to their customers with their, ‘Shop now. Pay later.’ motto.
They have partnered with your favorite stores to bring you this unique experience.
You shop their merchants’ stores and use your Klarna WebBank revolving loan to pay for the merchandise which is then conveniently billed to you monthly.
WebBank Lending Club
The Lending Club auto refinance program has no origination fees or prepayment penalties.
Refinancing your car loan can save you money, and you can find out if you qualify without affecting your credit score.
Mosaic Solar Loan
WebBank has partnered with Mosaic Solar to offer financing for solar energy systems, batteries, and other home improvements that increase energy efficiency.
Solar Mosaic works with contractors to offer financing to the contractor’s clients and with homeowners to finance the purchase of environmentally sound home improvements.
PayPal, one of the world’s largest transaction facilitators, offers its business customers loan options with WebBank.
They offer business loans from $5,000 to $500,000 with approval in minutes and next-day funding options.
Petal Card offers a traditional revolving loan credit card with no annual fees to its customers.
WebBank provides financing for the Petal credit card through their Brand Partnership program.
Petal offers its consumers a unique cash back rewards program that grows with the number of on-time payments you make.
Prosper WebBank offers consumers the option of a fixed rate or unsecured personal loan through WebBank.
They recently started offering home equity lines of credit (HELOC) loans in a limited number of states at myprospercash.com.
Proper loans have no prepayment penalty.
Upgrade Personal Loans
WebBank and Upgrade offer fixed-rate, unsecured installment loans for debt consolidation, home improvements, and many other occasions.
Upgrade personal loans are available for $1,000 to $50,000 with payment terms between 36 months and 60 months.
Yamaha Motor Finance Corporation
Yamaha Motor Corporation has been producing world-class motorcycles and other products for decades.
They have partnered with WebBank to provide their consumers with a Yamaha open-ended revolving credit card for the purchase of their products nationwide.
The Yamaha card application is straightforward, and you get a decision almost instantly.
Zero offers the Zerocard MasterCard Credit Card with WebBank as the issuer.
The Zerocard can be used at any location MasterCard is accepted and does not have an annual fee.
WebBank Credit Cards Issued By Their Brand Partners
WebBank credit cards are offered through their brand partners Avant and Petal.
These credit cards are issued by WebBank MasterCard and Visa to Avant and Petal customers with the bank underwriting the loan and deciding on credit approval.
Cards are issued with their branding partner’s name and custom design.
The credit card list includes:
Cashback Visa Card
WebBank also offers four revolving loan credit accounts that can only be used to purchase products from each store’s product catalog.
In most instances, there aren’t physical cards for store credit accounts.
These are the four store credit accounts.
- Fingerhut Credit Account
- Gettington Credit Account
- Dell Preferred Account Credit
- Yamaha Credit Account
Check out one of these merchants whether you are looking for credit card offers or a credit account.
What Happened To The WebBank Pearl Card Gold MasterCard?
If you are trying to apply for WebBank Pearl Card Gold MasterCard, you are out of luck.
In the 2000’s Genesis Financial Solutions, Inc. (GFS) and NCO Portfolio Management Inc. approached WebBank about issuing a credit card.
They agreed on issuing the WebBank Pearl credit card and started marketing efforts..
At some point in 2010, Genesis Financial Solutions, Inc. (GFS) and NCO Portfolio Management, Inc. began attempting to collect debts by using fake pre-approved WebBank Pearl Gold MasterCard letters.
A class-action lawsuit for consumer fraud was filed against GFS Financial Solutions and NCO Portfolio Management along with WebBank.
At no time was it ever alleged that WebBank knew of any of GFS and NCO’s actions.
WebBank promptly discontinued the Pearl Gold MasterCard and their partnership with the two bad actors.
We assume that the parties settled the lawsuit with a non-disclosure agreement as there have been no further reports on the matter.
WebBank issues many different types of loans for a large number of brand partners.
Many people appear to be confused with who they need to speak to when there is a problem with their loan.
There are over 80 complaints against WebBank on their BBB website, but almost every one of them should have been directed towards their brand partners.
There are also many favorable reviews for companies such as Fingerhut and PayPal that should probably be attributed to the brand partner and not the bank.
However, many people forget that they do directly work with customers and offer savings accounts and certificates of deposits at competitive rates.
WebBank reviews for these services tend to generally be very positive and favorable for their customer service and high interest rates offered.
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements, or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved, or otherwise endorsed by any of these entities prior to publication.