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Medallion Bank in Salt Lake City, UT
Medallion Bank provides point-of-sale consumer financing for RV/boat dealers and home improvement contractors, plus banking-as-a-service partnerships for lenders.
Data compiled from public sources · Rating from CreditDoc methodology
Medallion Bank Review
Medallion Bank specializes in indirect consumer lending through B2B partnerships rather than direct-to-consumer loans. The company functions as a financing facilitator, providing point-of-sale lending solutions to dealers and contractors who want to offer their customers financing options at the moment of purchase. Their business model centers on partnering with recreation vehicle dealers, boat dealers, home improvement contractors, and strategic partners building lending platforms.
Medallion Bank's core services include financing programs for RV and boat purchases through recreation dealers, home improvement project financing for contractors, and banking-as-a-service (BaaS) solutions for strategic partners seeking lending program support and regulatory compliance assistance. For borrowers, they offer online account management through two platforms depending on loan origination date (my.medallionbank.com for post-November 2024 loans, Accountinfo.com for earlier loans). They explicitly market themselves as serving customers with credit challenges, positioning inclusive lending as a competitive advantage for their dealer partners.
The company distinguishes itself through dedicated, specialized support for each market segment—separate phone lines, account management systems, and even different holiday schedules between recreation and home improvement departments reflect their segmented approach. They emphasize modern technology paired with traditional customer service, and operate extended borrower services hours (Monday-Friday 8am-11pm MT, Saturday 9am-1pm MT) compared to standard business hours. Their advocacy work on Capitol Hill suggests engagement with regulatory and policy issues affecting their lending model.
Medallion Bank is fundamentally a B2B lending enabler, not a direct consumer lender. This positioning means consumers cannot apply directly but must go through their dealer or contractor network. Their profitability depends on volume through partners, and their success requires robust dealer relationships. While their inclusive lending approach is genuinely consumer-friendly, prospective borrowers have no direct control over whether financing will be available—it depends entirely on whether their chosen dealer or contractor partners with Medallion.
Services & Features
Banking-as-a-service (BaaS) lending program support and regulatory compliance infrastructure
Borrower customer service and loan support (8am-11pm MT weekdays, 9am-1pm MT Saturdays)
Dealer and contractor business development and financing solutions consultation
Dedicated support lines for recreation dealers (866-688-6983) and home improvement contractors (888-833-8570)
Home improvement project financing through contractor partnerships
Inclusive lending programs targeting customers with credit challenges or limited credit history
Legacy loan account management (Accountinfo.com for loans funded before November 2024)
Online loan account management and payment processing (my.medallionbank.com for post-November 2024 loans)
Point-of-sale RV and boat financing through recreation vehicle dealer partnerships
Technology platform partnerships for embedded lending in third-party financing platforms
Feature Checklist
Mobile App
Online Portal
Score Tracking
Credit Education
Personal Advisor
Identity Theft Protection
Pros & Cons
Pros
- Extended customer service hours for borrowers (8am-11pm MT weekdays, 9am-1pm MT Saturdays) beyond typical business hours
- Explicitly designed to serve customers with credit challenges through partner dealers, expanding access for subprime borrowers
- Dual online account management platforms with transition support for borrowers with loans from different time periods
- Specialized support teams for distinct markets (recreation, home improvement) with dedicated phone lines and expertise
- Banking-as-a-service partnerships enable regulatory compliance support for lenders building their own platforms
- Point-of-sale financing eliminates need for consumers to apply separately—integrated into dealer/contractor purchase process
- Transparent holiday schedule and operational hours published clearly for all customer types
Cons
- No direct consumer application process—financing only available through partner dealers and contractors, limiting borrower choice
- Consumers cannot shop rates or terms independently; available only if their specific dealer/contractor uses Medallion
- Website provides minimal information about loan terms, rates, eligibility requirements, or APR ranges for consumers
- Account management system migration (pre/post-November 2024 split) creates potential confusion for some borrowers
- No transparent disclosure of whether subprime lending comes with significantly higher rates or fees
Rating Breakdown
Value 5.0
Effectiveness 3.7
Customer Service 3.8
Transparency 3.8
Ease of Use 4.5
Frequently Asked Questions
Is Medallion Bank legitimate?
Yes. Medallion Bank is a registered company, headquartered in Salt Lake City, UT, founded in 2003.
How long does Medallion Bank take to show results?
Account opening typically takes 1-3 business days. Loan decisions vary by product.
Quick Facts
- Founded
- 2003
- Headquarters
- Salt Lake City, UT
- BBB Accredited
- No
- Certifications
- FDIC Insured FDIC Cert #57449
- Starting Price
- Contact provider
- Setup Fee
- None
- Money-Back Guarantee
- No
CreditDoc Diagnosis
Doctor's Verdict on Medallion Bank
Medallion Bank is best for consumers purchasing RVs, boats, or home improvements through dealers or contractors already partnered with the company—particularly those with limited credit options. The primary caveat is that financing availability depends entirely on whether your specific dealer or contractor uses Medallion; you cannot apply directly or shop rates independently as an individual consumer.
Best For
- RV and boat buyers purchasing from dealers partnered with Medallion Bank who have limited credit options elsewhere
- Home improvement contractors seeking to offer financing as a value-added service to their customers
- Recreation dealers wanting to expand their addressable market by offering credit-inclusive purchasing options
- Financial technology companies and strategic partners building lending platforms requiring banking-as-a-service infrastructure
Updated 2026-04-29
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Read guide →Financial Terms Explained (7 terms)
New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
Interest & Rates
APR — Annual Percentage Rate
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Why it matters
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
Interest Rate
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Why it matters
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
How Loans Work
Cosigner — Loan Cosigner
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Why it matters
Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example
A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
Loan Term (Tenor) — Loan Term / Tenor
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Why it matters
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
Origination Fee — Loan Origination Fee
A one-time fee the lender charges to process and set up your loan. It covers their costs for underwriting, verifying your information, and preparing paperwork.
Why it matters
Origination fees are usually 1-8% of the loan amount and are often deducted from your loan proceeds — so you receive less than you borrowed.
Example
You're approved for a $10,000 personal loan with a 5% origination fee. The lender deducts $500 upfront, so you receive $9,500 in your bank account but owe $10,000 plus interest.
Principal — Loan Principal
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Why it matters
Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the fastest way to reduce your total cost and pay off a loan early.
Example
You borrow $25,000 for a car. That $25,000 is your principal. Your first payment of $450 might split as $150 toward interest and $300 toward principal, bringing your balance to $24,700.
Underwriting — Loan Underwriting
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Why it matters
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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