BlueVine

4.5/5 stars

One application with BlueVine gets you multiple different offers from their third party lending partners.

Pros

Fast Funding: Once approved, funds can be available as quickly as the same day, and generally within 1-3 business days.
Flexible Credit Score Requirements: A minimum FICO score of 625 is required, which makes it more accessible for businesses with fair credit.
No Prepayment Penalties: BlueVine allows businesses to pay off balances early without additional fees.
Simple Application Process: The application process can be completed online in a matter of minutes

Cons

Higher Costs: BlueVine’s APR can reach up to 50%, making it more expensive than traditional lenders.
Frequent Repayments: The short repayment terms (6 or 12 months) often require weekly payments, which can create cash flow pressure for some businesses.
Availability: Not available in Nevada, North Dakota, or South Dakota.
Higher Revenue Requirements: Businesses must have at least $10,000 in monthly revenue to qualify

The Bottom Line

Bluevine is great for businesses with a steady cash flow that need fast access to a line of credit.

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Loan Types

Business Lines of Credit

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Loan Amounts: From $6,000 to $250,000
Terms: Either 6 months or 12 months
Repayment: Weekly or monthly payments depending on the term
APR: Interest rates typically range between 20% and 50% APR, although rates are quoted as simple interest and start as low as 6.2% for highly qualified borrowers

Pricing information is retrieved from publicly accessible pricing materials. The actual cost may vary based on specific plans chosen. Always check directly with the seller for the final quote.

Pricing information last updated March 7, 2024.

Qualifications

Minimum Credit Score: 625
Revenue: At least $10,000 in monthly revenue
Time in Business: At least 12 months
Business Structure: Must be a corporation or LLC. BlueVine does not provide lines of credit to sole proprietorships or general partnerships
Healthy Business: No bankruptcies in the past year
Bank Account: An active bank connection or statements from the last 3 months

Application Process

The application process is fully online and takes just a few minutes to complete. You will need to provide basic personal and business information, including a linked business bank account or recent bank statements. BlueVine evaluates applications based on your credit score and business’s cash flow. Funding can be available within hours if you opt for a wire transfer (with a $15 fee) or in 1-3 days via ACH.

Make sure you have the following documents:

Business Tax ID (EIN)
Your Social Security number and personal details for verification
Estimated monthly and annual gross revenue and information about your business’s industry
Bank statements from the last 3 months (or be ready to connect your bank account directly for faster confirmation)

When you apply with BlueVine, you’ll also be considered for credit offerings, including term loans, from its network of third party lending partners. You’ll be able to get a decision in as fast as 5 minutes from BlueVine and 24 hours from its partners, and viewing an offer won’t affect your credit score. Once you accept an offer, you may get a hard inquiry on your credit report.

Product Review

BlueVine is a financial technology company that specializes in providing business lines of credit to small businesses. It is popular for its fast funding, flexible credit options, and relatively easy qualification process.

BlueVine charges no fees for maintenance, prepayment, or account closure. This means that businesses can pay off their balance early without penalty. The straightforward pricing can offer ease of mind in the complicated lending world.

Some of its key features include:

Flexible Lines of Credit: Businesses can draw from the credit line as needed and pay interest only on the amount drawn.
No Fees for Maintenance or Prepayment: There are no hidden fees, making it a transparent option for businesses looking for flexibility.
Fast Access to Funds: BlueVine offers one of the quickest turnaround times for accessing funds.
Credit Flexibility: With a lower credit score requirement (625) compared to many other lenders, BlueVine is accessible to more businesses with fair credit.

Best for: Businesses with Steady Cash Flow

BlueVine focuses more on cash flow than just credit scores, making it perfect for business owners with lower personal credit scores that still have a strong revenue stream. Plus, with a revolving line of credit, businesses can draw funds on an as needed basis and repay only on what they borrow.

However, it is important to note that BlueVine is a short-term lender. Repayment terms only go up to 12 months and the interest rates are still on the higher side, so you’ll need to be sure that you’re able to stay on top of payments for that year. If you need a long-term loan, consider another lender.

Overall, BlueVine is a strong option for businesses that prioritize fast access to credit, but it can be more costly compared to traditional bank loans. It’s especially well-suited for companies with strong revenue streams and those that prefer short-term, flexible financing.