First Union Lending business loans review
Pick from a variety of loan options — but be prepared to reach out for more details.
finder.com’s rating: 4.3 / 5.0
- Best for business owners who want help navigating the borrowing process.
- Pick something else if you need money fast — it can take up to two weeks to fund your loan.
Calculate how much the loan will cost beforehand
First Union Lending’s term loans span from three to seven years. Loan amounts run from $5,000 to $5,000,000 — but your business will likely only qualify for a loan up to eight times its monthly revenue. Rates start at 6.75%, and First Union Lending doesn’t list the types of fees it charges.
Use the calculator below to estimate your monthly payments and ensure a loan from First Union Lending fits your business’s budget.
Monthly repayments calculator
Calculate how much you could expect to pay each month
|Loan terms (in years)|
Loan terms are based on your business earnings and your personal credit score
If you only just meet First Union Lending’s minimum requirements, you’re unlikely to qualify for its low starting rates — and may not qualify for a long-term loan at all. If you have a higher credit score, decent revenue and an established business, you may be able to score a larger loan at a competitive rate.
4 loan qualification requirements
You must meet the following requirements at a minimum to qualify for a business loan from First Union Lending:
- At least a 450 personal credit score
- In business for at least three months
- At least $15,000 monthly revenue
- No open bankruptcies
5 pieces of documentation needed to apply
To complete First Union Lending’s online application, have the following information handy:
- Last month’s revenue
- Annual revenue
- EIN or tax ID number
- Social Security number
- Date of birth
You may also need to submit the last six months of your business bank states and credit card processing statements, if applicable.
First Union Lending bills itself as an alternative lender
While it isn’t clear which industries it works with, if your business is involved in a nontraditional field — like cannabis or adult entertainment — contact a representative to see if First Union Lending can provide financing.
First Union Lending offers 8 other financing options
Beyond term loans, rates and terms will depend on your business’s financial situation. Note that you must have an established business to qualify with First Union Lending — including a relatively high monthly revenue. Businesses in the startup phase might qualify with three months of solid documented production.
- SBA Express loans
- Short-term loans
- Commercial real estate loans
- Lines of credit
- Business debt consolidation loans
- Bridge loans
- Equipment financing
- Invoice factoring
- Borrow up to eight times your monthly revenue
- All credit types OK
- Works with new businesses and startups
- Limited information available online
- Potentially long turnaround of three days to two weeks
- May act as a connection service, not a direct lender
See other top business loan options
First Union Lending is a legit lender
First Union Lending reviews and complaints
|BBB customer reviews||4.1 out of 5 stars, based on 9 customer reviews|
|Trustpilot Score||4.5 out of 5 stars, based on 24 customer reviews|
|Customer reviews verified as of||12 October 2020|
Borrowers are particularly happy with the quality of customer service, and many mention going back to the same loan specialist multiple times. The few negative reviews claim First Union Lending was misleading about rates and terms, or that they didn’t hear back after they applied for a loan.
4 steps to apply online
- Visit First Union Lending’s website and select Apply today.
- Select your desired turnaround time and the general purpose of your loan, then enter your loan amount, previous month’s revenue and annual revenue.
- Enter your business’s name, your name and your contact information.
- Enter information about your business and yourself, including your business’s tax ID number and your Social Security number.
A First Union Lending rep will contact you for more details
After you apply, a representative from First Union Lending should reach out to you to discuss your options. Its online application is general, so you may need to specify what type of loan you’re looking for and your desired terms.
First Union Lending has numerous repayment schedules
Term loans typically come with monthly repayments, though some businesses might be on the hook for bimonthly, weekly or even daily repayments. Some loans might also come with biyearly repayments, though these are only available to businesses in specific industries.
If you signed up for the interest-only loan, consider making extra repayments toward the principal whenever possible to lower your total loan cost. And if you have any questions or concerns about your loan, reach out to customer service as soon as possible.
See how First Union Lending stacks up to the competition with our guide to business loans.
Frequently asked questions
Business loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
First Union Lending can help you choose a loan product that’s right for your business — most online reviews are from repeat customers who praise the quality of its customer service. It’s willing to work with business owners with less-than-perfect credit, and your business only needs to be around for three months to qualify.
However, the turnaround time of up to two weeks on its long-term unsecured loans might make other providers a better choice if speed is your top priority.
Not sold on First Union? You can compare your other business loan options and find the best fit for your business.