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. They also partner with companies like Fingerhut, Yamaha, and Dell Computers to provide credit to their customers.
Together with their brand partners, WebBank offers business loans, personal loans, store credit loans, and various alternative loan products. WebBank also offers very competitive rates for direct savings and certificate of deposit accounts.
Multiple alternative loans
Specialize in OK credit scores
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).
They are actively involved in many professional organizations, including:
- American Fintech Council
- American Bankers Association (ABA)
- Commercial Finance Association (CFA)
- Economic Development Corporation of Utah
- Utah Bankers Association (UBA)
- Utah Association of CPAs
- and many others.
In 2011, the board of directors promoted Jason Lloyd to President after serving as their Executive Vice President for three years. According to the leadership team section on their website, Mr. Lloyd has over 25 years of banking and financial services industry experience with companies such as CIT Group (CIT Bank) and Mitsubishi Corporation.
What Does WebBank Do?
WebBank offers alternative and traditional loans through its branded partners. In addition, they do work directly with customers and offer savings accounts and certificates of deposit at competitive rates.
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.
WebBank’s 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 personal financial products WebBank offers through its branded partners:
- Personal loans
- Credit cards (traditional, secured, crypto rewards and more)
- Auto repair loans
- HSA advances
- Merchandise financing through alternative loans
- Auto refinance loans
- Home improvement loans
WebBank works with a number of partners to offer business solutions like:
- Small business loans
- Working capital loans
- Business credit cards
In most cases, you will not deal directly with WebBank to use these products. You will deal with the branded partner offering the loan.
What Companies Use WebBank
Here is the list of the most prominent WebBank partners and descriptions of products they offer that are issued by WebBank.
Avant Credit Card & Personal Loans
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.
The second product offered through Avant is the AvantCard, a traditional credit card that does not affect your credit score when you apply.
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.
They offer their consumers a Dell Preferred Account Credit Card with no annual fees.
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 known as CFS Financial, offers its consumers auto repair loans with the help of WebBank.
Customers can borrow between $350 and $7,500. Loans are interest-free if paid off in the first 90 days.
If you don’t have the money to repair your automobile, DigniFi can get you back on the road fast.
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.
⚠️ Fingerhut Warning: 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.
Klarna offers an alternative shopping experience to their customers with their, ‘Shop now. Pay later.’ motto. They are one of the leaders of the buy now pay later industry.
They have partnered with your favorite stores to bring you this unique experience.
You shop at their merchants’ stores and use your Klarna Card to pay for the merchandise which is then conveniently billed to you in four bi-weekly installments.
Klarna also offers Klarna Financing which lets you spread the cost of your purchase for up to 24 months.
WebBank has partnered with Mosaic to offer financing for solar energy systems, batteries, and other home improvements that increase energy efficiency.
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.
Together they offer three business WebBank loan options; PayPal Working Capital Loans, PayPal Business Loans for Small Businesses, and Loan Builder loans.
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. What makes Petal different is that they evaluate your creditworthiness based on your banking history, not your credit score. This makes Petal one of the top unsecured credit cards for people with bad credit.
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 offers consumers the option of a fixed rate or unsecured personal loan through WebBank.
They recently started offering home equity lines of credit (HELOC) and home equity loans in a limited number of states.
Proper loans have no prepayment penalty.
Yamaha Motor Finance
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.
Other WebBank patterns include:
- Oportun, Inc. – Oportun® Visa® Credit Card
- Lane Health – Health Savings Account (“HSA”) Advance
- iCreditWorks – Loans for financing dental care procedures
- Gemini – Crypto rewards credit card
- Cleo – Cleo Credit Builder Card
- OneMain Financial – OneMain Financial Brightway credit card
- Capital on Tap – Business credit card
- Libertas Funding – Small business loans
- Shopify – Shopify Capital
- Toast – Small business loans
WebBank Credit Cards
WebBank credit cards are offered exclusively through their brand partners. All cards are issued with their branding partner’s name and custom design, with WebBank underwriting the loan and deciding on credit approval.
Here’s the list of WebBank credit cards as of November 2022:
- AvantCard Mastercard®
- Cleo Credit Builder Card
- Gemini Credit Card
- Klarna Card
- OneMain Financial Brightway℠
- Oportun® Visa® Credit Card
- Petal Visa® Credit 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 three store credit accounts.
Check out one of these merchants whether you are looking for credit card offers or a credit account.
WebBank issues many different types of loans for a large number of brand partners. Many people appear to be confused about who they need to speak to when there is a problem with their loan.
There are over 123 complaints against WebBank on their BBB website, but almost every one of them should have been directed toward 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 deposit 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.
DFS refers to Dell Financial Services which provides financing programs for Dell computers. DFS financing is delivered by WebBank.
You can get credit through WebBank to shop at Fingerhut, Dell and Yamaha. You can Klarna’s buy now pay later service to shop at all of their partner stores as well.
WebBank issues the following credit cards:
1. AvantCard Mastercard®
2. Cleo Credit Builder Card
3. Gemini Credit Card
4. Klarna Card
5. OneMain Financial Brightway℠
6. Oportun® Visa® Credit Card
7. Petal Visa® Credit Card