First Union Lending offers multiple business financing options including term loans, SBA loans, lines of credit, and equipment financing for established U.S. businesses with 600+ credit scores.
Editorially reviewed by Harvey Brooks
First Union Lending is a business financing company that has been operating for over 16 years and claims to have funded more than $1 billion in business loans. The company holds an A+ rating with the BBB and reports hundreds of 5-star reviews from business owners. They position themselves as a one-stop financing platform that simplifies the borrowing process for small to mid-sized businesses across the United States.
The company offers nine customized funding products: Business Term Loans, SBA Loans, Business Lines of Credit, Equipment Loans, Invoice Factoring, and Credit Card Processing services. Their application process is designed to be straightforward—applicants provide basic business information, submit a quick application, and then select from available loan options. First Union emphasizes that applying does not affect credit scores and that they can fund loans in as little as 24 hours. They maintain dedicated underwriters to help match borrowers with appropriate loan products.
First Union distinguishes itself through its stated speed of funding (24 hours or less), the variety of nine financing options available through a single application, and personalized service highlighted by testimonials mentioning specific loan officers. The company was recognized by ConsumerAffairs and the Orlando Sentinel as one of the Best Business Loan Companies. Their minimum requirements are straightforward: U.S.-based businesses with at least six months operating history, $20,000 in monthly bank deposits, and a 600+ credit score.
Potential borrowers should note that while the website emphasizes ease and speed, specific terms, rates, and APR information are not disclosed on the site. The company requires established business history (no startups) and relatively substantial monthly cash flow ($20,000+), which excludes many small businesses. Like most business lenders, approval depends on credit evaluation and underwriting, despite claims that the application doesn't affect credit scores.
Yes. First Union Lending is a registered company headquartered in 4900 Millenia Blvd, Orlando, FL 32839. They hold a NR rating with the Better Business Bureau.
CreditDoc Diagnosis
First Union Lending is best for established businesses with consistent monthly revenue ($20K+) and solid credit (600+) seeking multiple financing options in one application with stated fast turnaround. The main caveat is that specific rates, terms, and fees are not provided on their website, making it impossible to evaluate actual cost before application, and the $20K monthly deposit requirement excludes many genuine small businesses.
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the fastest way to reduce your total cost and pay off a loan early.
Example
You borrow $25,000 for a car. That $25,000 is your principal. Your first payment of $450 might split as $150 toward interest and $300 toward principal, bringing your balance to $24,700.
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
A one-time fee the lender charges to process and set up your loan. It covers their costs for underwriting, verifying your information, and preparing paperwork.
Origination fees are usually 1-8% of the loan amount and are often deducted from your loan proceeds — so you receive less than you borrowed.
Example
You're approved for a $10,000 personal loan with a 5% origination fee. The lender deducts $500 upfront, so you receive $9,500 in your bank account but owe $10,000 plus interest.
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example
A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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