Union Bank business loans review

Union Bank rates, fees and terms

Like many banks, Union Bank doesn't disclose the rates and fees that come with its business loan. Typically, banks offer lower rates than online lenders — think around 4% or 5% APR. But you'll have to reach out to a banker to find out what you might expect.

Its term loans can run as high as $1 million with terms from 12 to 84 months. Other loan programs might have different loan amounts and terms.

How Union Bank compares with other lenders

Here's how Union Bank compares with two companies that specialize in connecting business owners with banks and other financing options.

★★★★★

Finder Rating: 4 / 5

Find out more
Loan amount $1,000,000 to $2,500,000
APR Not stated
Loan term 12 to 84 months
Requirements

★★★★★

Finder Rating: 4.75 / 5

Check eligibility
Loan amount $500 to $5,000,000
APR Starting at 6%
Loan term 12 to 300 months
Requirements Operate business in US or Canada, have a business bank account, 560+ personal credit score

★★★★★

Finder Rating: 4.5 / 5

Check eligibility
Loan amount $30,000 to $5,000,000
APR 4.75% to 7%
Loan term 120 to 300 months
Requirements 650+ personal credit score, US citizen or permanent resident, 2+ years in business, $50,000+ annual revenue, no outstanding tax liens, no bankruptcies or foreclosures in past 3 years

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Name	Product	Filter Values	Loan amount	APR	Requirements
Fora Financial business loans Finder Rating: 4.1 / 5: ★★★★★			$5,000 – $500,000	Varies	6+ months in business, $12,000+ monthly revenue, no open bankruptcies	Get qualified for funding in minutes for up to $500,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.	Go to site More Info	Compare	loading Fetching your data…
Lendio business loans Finder Rating: 4.75 / 5: ★★★★★			$500 – $5,000,000	Starting at 6%	Operate business in US or Canada, have a business bank account, 560+ personal credit score	Submit one simple application to potentially get offers from a network of over 300 legit business lenders.	Go to site More Info	Compare	loading Fetching your data…
OnDeck short-term loans Finder Rating: 4.6 / 5: ★★★★★			$5,000 – $250,000	As low as 35%	600+ personal credit score, 1 year in business, $100,000+ annual revenue	A leading online business lender offering flexible financing at competitive fixed rates.	Go to site More Info	Compare	loading Fetching your data…
National Funding business loans Finder Rating: 4.75 / 5: ★★★★★			$5,000 – $500,000	4% to 8%	Be in business at least one year and make at least $150,000 in annual sales. Other loan types have additional requirements.	Working capital loans and equipment financing, some high-risk industries may be eligible.	Go to site More Info	Compare	loading Fetching your data…
Fundbox lines of credit Finder Rating: 4.2 / 5: ★★★★★			$1,000 – $150,000	Not stated	6 + months in business, $100,000+ in annual revenue, 600+ credit score	Get flat rate, short-term financing based on the financial health of your business, not your credit score.	Go to site More Info	Compare	loading Fetching your data…
Bitty Advance business cash advances Finder Rating: 2.8 / 5: ★★★★★			$2,000 – $25,000	Not applicable	$5,000 monthly bank revenue, 6+ months in business, business bank account open 3+ months, 450+ credit score	With APRs in the triple digits, this is best saved as a last resort.	Go to site More Info	Compare	loading Fetching your data…

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Union bank reviews and complaints

Union Bank doesn't have online reviews or complaints to help you make a judgment about this lender. To get an idea of what you're signing up for, ask other business owners in your area if they've worked with this provider. This typically gives you more details than you'd get by reading online reviews anyway.

How to qualify

Union Bank doesn't list any specific requirements on its website. One benefit of working with a small bank is it can often be more flexible with requirements than big banks or online lenders.

If you think your business could benefit from a Union Bank loan, reach out to see if you're eligible. If not, a good loan officer should give you tips on how to strengthen your application.

How the application works

You can get started on your application by setting up an appointment with a Union Bank loan officer. You can do this over the phone or by filling out a quick form on its website. Usually, the loan officer will ask you to bring financial statements and tax returns to get a picture of what type of financing your business will benefit from the most.

If you apply for a loan under $250,000, you can get an offer in as soon as 48 hours. But applications for higher loan amounts take at least five days to process. If your application is approved, Union Bank can send the funds to your bank account or write a check payable to a third party.

What sets it apart

Union Bank's 48-hour approval is lightning-fast compared to other banks that can take weeks or months to process loan applications. It's also one of the few lenders to highlight its diversity lending program. This makes it a particularly good choice for small business owners who have struggled to get financing due to their race, gender or veteran status.

But it's not quite as fast as online lenders — or even other banks that offer online applications.

Compare Union Bank to top lenders with our guide to the best business loans.