Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

First Union Lending business loans review

Last updated:  

Unsecured funding and more for all credit types.

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.

$5,000

Min. Amount

$5,000,000

Max. Amount

Details

Product NameFirst Union Lending Unsecured Long-Term Business Loan
Min. Amount$5,000
Max. Amount$5,000,000
Loan Term3 to 7 years
Requirements450+ credit score, 3+ months in business, $15,000+ monthly revenue, no open bankruptcies
Check eligibility

Expert review

Anna Serio

Review by


Anna Serio is a trusted loans expert who's published more than 800 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 Fundera, Business.com, and ValueWalk feature her professional advice, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

First Union Lending could be a great option if you need help choosing a loan product that’s right for your business — most online reviews are from repeat customers who praise the quality of 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? Compare your other business loan options below.

First, do I qualify?

You must meet the following requirements at a minimum to qualify for a business loan from First Union Lending:

  • Personal credit score of 450 or higher
  • At least three months in business
  • Monthly revenue of $15,000 or more
  • No open bankruptcies

What makes First Union Lending business loans unique?

First Union Lending offers standard business term loans. Prospective borrowers can potentially qualify for loan amount up to eight times their monthly revenue, with repayments that are comprised more of interest than the principal amount. Its loans aren’t secured, meaning that you won’t need to put up any collateral to get approved.

This could be useful for businesses that expect to grow significantly the coming decade.

What is a First Union Lending business loan?

First Union Lending offers several types of business loans, including an unsecured long-term loan. Loan amounts run from $5,000 to $5,000,000 and come with rates starting at 6.75% APR. Business owners have two options when they choose the unsecured long-term loan:

  • Long-term loan. Take between three and 7 years to repay the loan with fixed interest and principal repayments.
  • Short-term loan. These loans are unsecured, come with an 18-month term and have a turnaround time of up to one day.

What other business loans does First Union Lending offer?

In addition to unsecured long-term business loans, you can find the following types of loans at First Union Lending:

  • Small Business Administration (SBA) loans. First Union Lending mainly offers SBA Express loans from $20,000 to $350,000, which come with a typical APR of 7.5% and a term as long as 10 years. It typically takes around a month or two to close — faster than your typical 7(a) loan.
  • Commercial property loans. Find a wide range of real estate loans from construction loans to mortgage refinancing.
  • Lines of credit. First Union Lending offers credit lines up to $100,000, which you can withdraw from as needed. Withdrawals turn into term loans, which you repay with weekly payments over three to six months.
  • Debt consolidation loans. Loans specifically designed to lower your business’s debt repayments and increase your cash flow.
  • Bridge loans. These fast, short-term loans are meant to provide cash flow while you’re waiting for a larger amount of funding to come in — your balance gets added to the long-term loan once your terms are finalized.
  • Healthcare provider loans. First Union Lending offers working capital to cover cashflow gaps for healthcare providers while you wait for insurance companies to fill invoices.
  • Equipment financing. This funding can help your business purchase equipment and avoid long-term leases, even without excellent credit.
  • Invoice factoring. An advance on unpaid invoices that are due within 30 to 90 days to cover gaps in cash flow.

What are the benefits of a First Union Lending business loan?

From its lenient eligibility requirements to its wide range of loan amounts, here are a few perks of borrowing from First Union Lending:

  • All credit types OK. You still might qualify for a First Union Lending business loan even if you have a credit score as low as 450.
  • Works with new businesses. Your business only has to be three months old to meet First Union Lending’s time-in-business requirement.
  • Wide range of loan amounts. You can borrow anywhere from $5,000 to $5,000,000, depending on factors like your business’s revenue.

What to watch out for

Consider these potential drawbacks before taking out a business loan from First Union Lending:

  • Higher cost on balloon loan. Interest-only payments might seem attractive at first, but they can cost significantly more than if you make payments on interest and principal — especially if you have to refinance the ballon payment.
  • Limited information online. You have to reach out to First Union Lending’s team to get the information you need to make a meaningful comparison with other business loan providers.
  • Potentially long turnaround. It can from three days to two weeks to fund an unsecured long-term loan.

Compare more business loan options

Updated February 21st, 2020
Name Product Filter Values Min. Amount Max. Amount Requirements
LoanBuilder, A PayPal Service Business Loans
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Customizable loans with no origination fee for business owners in a hurry.
Become Business Loan Marketplace
$5,000
$500,000
12+ months in business and $10,000+ monthly revenue
Compare loan offers from top lenders using this marketplace. It’s free & won’t affect your credit.
National Business Capital Business Loans
$10,000
$5,000,000
Your company must have been in business for at least 6 months and have an annual revenue of at least $100,000.
Get a large business loan to cover your financing needs, no matter what the purpose is.
OnDeck Small Business Loans
$5,000
$500,000
600+ personal credit score, 1+ years in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
BlueVine Business Loan
$5,000
$5,000,000
6+ months in business, $10,000 in monthly revenue, 600+ personal credit score.
Get approved for a business loan in as little as 5 minutes. Applications won't affect your credit score.
First Down Funding business loans
$1,000
$300,000
Varies by type of loan
Alternative financing up to $300K with highly competitive rates.
Kabbage Small Business Line of Credit
$500
$250,000
1+ years in business, $50,000+ annual revenue or $4,200+ monthly revenue over last 3 months
A simple, convenient online application could securely get the funds you need to grow your business.
First Union Lending Unsecured Long-Term Business Loan
$5,000
$5,000,000
450+ credit score, 3+ months in business, $15,000+ monthly revenue, no open bankruptcies
Unsecured funding and more for all credit types.
Sheer Funding Business Loans
$5,000
$2,000,000
6+ months in business, 550+ credit score, $150,000+ annual revenue, eligible industry
Multiple financing options available for business owners with less-than-perfect credit scores.
Efundex long-term business loans
$50,000
$1,000,000
2+ years in business, 620+ credit score, not a sole proprietorship or nonprofit, strong financial history
Financing for high-risk industries with transparent rates and terms.
Lendio Business Loan Marketplace
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.

Compare up to 4 providers

What do borrowers say about First Union Lending?

BBB accredited Yes
BBB rating A+
BBB customer reviews 4.1 out of 5 stars, based on 9 customer reviews
Trustpilot Score 4.3 out of 5 stars, based on 20 customer reviews
Customer reviews verified as of 06 December 2019

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.

How do I apply?

You can get started on your First Union Lending loan application online or over the phone. Follow these steps to apply online:

  1. Click the Go to Site button on this page.
  2. Click Apply Today.
  3. Select your funding amount, how fast you need the funds, your funding needs and monthly revenue range. Click Next.
  4. Fill in the required fields with information about your business. Click Next.
  5. Complete the required fields with information about the primary owner. Click Next.
  6. Answer the required questions and click Submit.

After you submit your application, you should receive an email with a request for you to electronically sign the application. Follow the directions to give your e-signature, then wait for an underwriter to contact you with your options.

What documents do I need to apply?

While it depends on your application, you may need to provide the following documents when you apply:

  • Four months of bank statements
  • Credit card processing statements
  • Business tax returns
  • Profit and loss statements
  • Business balance sheets

How do repayments work with First Union Lending?

Term loans typically come with monthly repayments, though some businesses might be on the hook for bi-monthly, weekly or even daily repayments. Some loans might also come with bi-yearly 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 when you can 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 by calling 863-825-5626.

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

We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site