Analysts said they expected Weilidai to directly challenge the credit card business of traditional banks, by offering lower interest rates, most likely at a daily rate of around 0.05 percent, with repayments spread up to 20 months.
Tencent's rival, Alibaba Group Holding Ltd, already launched a similar service earlier this year, with a daily interest rate of 0.045 percent over 12 months.
By July, WeBank figures showed it had extended more than 800 million yuan in small personal loans to its customers.
The sudden rise in online finance businesses has become a major challenge for the country's financial regulators.