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.
|Product Name||First Union Lending business loans|
|Loan Term||36 to 84 months|
|Min. Credit Score||450|
|APR||Starting from 6.75%|
|Requirements||450+ credit score, 1+ year in business, $25,000+ monthly revenue, no open bankruptcies|
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.
How much will this loan cost me?
First Union Lending’s term loans last between 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.
You can 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)|
How it works
Your loan terms will be based on your business’s financial situation 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.
What do I need to qualify?
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
What information do I need to apply?
To complete First Union Lending’s online application, you will need to submit the following information:
- 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.
What industries does First Union Lending work with?
First Union Lending bills itself as an alternative lender, but it isn’t clear which industries it works with. If your business is involved in a nontraditional field, like cannabis or adult entertainment, reach out to a representative to see if First Union Lending can provide financing.
What other types of financing does First Union Lending offer?
Beyond term loans, First Union Lending offers seven other options — but rates and terms will depend on your business’s financial situation.
- 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
Is First Union Lending legit?
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.
How do I apply?
To apply online, follow these steps:
- Visit First Union Lending’s website and click 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.
What happens after I apply?
When you submit your application, 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.
How do repayments work with First Union Lending?
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 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.
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