Bluevine Small Business Loans Review – BlueVine is a fintech company that focuses on providing financing solutions for small businesses. Established in 2013, the company has garnered favorable feedback from its customers. This review examines why BlueVine stands out as one of the top small business lenders currently available, while also considering any potential drawbacks associated with their financial product.
Small Business Owner, get the working capital you need.
Best for lines of Credit
BlueVine is an ideal choice for individuals seeking a prompt and efficient process to open a line of credit. Typically, it takes only one to three business days to complete. Moreover, BlueVine offers a higher credit limit, allowing customers to access up to $250,000 in revolving credit. Opting for a line of credit through an online lender such as BlueVine can be a simpler and quicker alternative compared to traditional banking institutions.
Bluevine small business loans pros and cons
- High borrowing limits for business owners
- Funds available in a few business days
- 24 months in business required
- Not available in all states or U.S. territories (NV, ND, PR or SD)
- Repayment terms may require weekly payments
- Personal guarantee required
High borrowing limits for business owners
A line of credit offers your business the advantage of swift financing that can be continuously accessed as you repay the borrowed amount. With BlueVine, businesses as new as two years in operation can obtain a line of credit of up to $250,000. It is important to note, however, that this convenience comes with higher interest rates.
Funds available in a few business days
After BlueVine completes the review and approval process for your application, you gain the ability to request funds directly from your account dashboard. If you opt for a wire transfer, which incurs a $15 fee, the company can deposit the funds into your bank account within just a few hours. Alternatively, you can choose the free ACH electronic transfer option, which typically delivers funds to you within three business days.
24 months in business required
To qualify for a line of credit with BlueVine, your business must have a minimum operating history of 24 months, which aligns with standard requirements from banks. If you don’t meet this criterion, BlueVine offers an alternative called invoice factoring, or accounts receivable factoring. This option allows you to receive a cash advance based on your outstanding invoices. BlueVine has partnered with FundThrough, a third-party provider, to offer invoice factoring services.
Not available in all states
Bluevine isn’t available in Nevada, North Dakota, South Dakota or the U.S. territories, including Puerto Rico.
Repayment terms may require weekly payments
BlueVine offers two repayment term options: six months or 12 months. For a six-month term, the company will deduct weekly payments from your bank account over 26 weeks. For a 12-month term, monthly payments will be deducted for 12 months.
It’s important to note that BlueVine may reject your application if your monthly earnings are less than $40,000. Fluctuations in revenue or cash flow shortages can make it challenging to consistently meet weekly payment obligations.
If you accumulate additional debt, BlueVine reserves the right to place a hold on your account or deny your withdrawal request, even if your line of credit has been approved. To understand the impact of obtaining another loan elsewhere on your BlueVine line of credit, it is recommended to contact their support team prior to applying for additional financing.
However, if you make timely payments on your outstanding draws, avoid defaults on your personal credit profile, and maintain a steady financial activity and deposits in your linked business bank account, BlueVine may proactively consider increasing your credit limit. You can also contact the company directly to request a credit limit increase.
Personal guarantee required
To successfully submit an application to BlueVine, you need to have a personal FICO credit score of 625 or higher. It is also required to sign a personal guarantee, which means that if you fail to meet your obligations, BlueVine has the authority to seize your personal assets as a means to recover any losses incurred.
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Bluevine small business loans policy plans/offerings
Bluevine offers two options for business lines of credit, which we cover below. Neither loan type is available for the following industries:
- Illegal gambling
- Pornography and paraphernalia
- Political campaigns
- Illegal substances
- Controlled substances — including medicinal marijuana, marijuana, cannabis and hemp — and paraphernalia
- Financial institutions and lenders, including insurance, penny auction companies and cryptocurrency
- Donation-based nonprofits
- Auto dealerships
Bluevine operates solely online, so its applications are streamlined and easy to complete from a computer or smartphone. These are the steps to apply for a line of credit with Bluevine:
- Go to the Bluevine website: Click on “Get Started” to begin the application. Then, choose “Start application” under “Business Line of Credit.” Borrowers who have QuickBooks Online accounts can log in using those existing login credentials.
- Fill in the required information: Utilize the online application wizard to provide essential details about yourself and your business. As part of the application process, the company mandates the submission of recent bank statements or linking your business bank account directly through the platform.
- Wait for approval. After submitting the required documentation, wait for approval, which can take anywhere from a few minutes to three business days.
- Request funds. When you’re prepared to access funds from your line of credit, simply visit the borrower dashboard and submit a request for the desired cash amount. If you opt for the bank wire option, funds may be deposited in your account within a few hours after BlueVine approves the request. For ACH electronic funds transfers, you can expect the funds to arrive within one business day in most cases. The funding process may take up to three business days to complete.
Once a borrower has drawn on the credit line, Bluevine starts to deduct automatic debits from the borrower’s business bank account to make payments.
Flex6 business lines of credit
Borrowers have the opportunity to qualify for a Flex6 line of credit, which ranges from $6,000 to $250,000. After 45 days of making payments, borrowers can request an increase in their line of credit. Repayments for the loan are made on a weekly basis over a period of 26 weeks, with the first payment being withdrawn from the borrower’s bank account one week after the loan is funded.
To meet the eligibility criteria for a Flex6 business line of credit, borrowers must have a personal credit score of at least 625 and no bankruptcies within the three years prior to their application with Bluevine. Additionally, their business should have been in operation for a minimum of 24 months and generate monthly revenues of at least $40,000 (equivalent to $480,000 annually).
The business must be registered as either a corporation or LLC. To apply, borrowers are required to provide bank statements or establish a direct link to their business checking account, enabling Bluevine to verify the provided information.
Flex12 business lines of credit
The Flex12 small business line of credit is designed for businesses that have a minimum of 36 months of operation. Similar to the Flex6 option, businesses can borrow amounts ranging from $6,000 to $250,000. However, borrowers are required to wait 90 days before they can request an increase in their line of credit.
To qualify for the Flex12 line of credit, the business must be registered as an LLC or corporation and generate a monthly revenue of $80,000 (equivalent to $960,000 annually). Borrowers need to have a personal credit score exceeding 650 and must not have any bankruptcies within the past three years.
Bluevine small business loans pricing
Bluevine offers an Annual Percentage Rate (APR) that falls between 20% and 50%, which is comparatively higher than rates offered by other lenders in the business lending industry. Additionally, whenever borrowers make a draw from their line of credit, Bluevine applies a draw fee ranging from 1.6% to 2.5%. It’s worth noting that Bluevine does not impose any early repayment fees, monthly maintenance fees, or account closure fees.
Bluevine small business loans financial stability
Bluevine has secured a remarkable $769 million in funding from various investors, including the venture capital divisions of Citigroup and Microsoft. Coastal Community Bank serves as Bluevine’s banking partner for business checking, ensuring FDIC insurance coverage. Furthermore, Bluevine’s business lines of credit are issued by Celtic Bank, an industrial bank chartered in Utah and a proud member of the FDIC.
Bluevine small business loans accessibility
- Bluevine is widely available, and customer support is simple to reach via phone, online or live chat.
Bluevine operates in all states across the United States, with the exception of Nevada, North Dakota, and South Dakota. To qualify for a loan, borrowers need to have a minimum personal credit score of 625 and must not have had any bankruptcies within the last three years.
Bluevine’s customer support is accessible Monday to Friday, from 8 a.m. to 8 p.m. Eastern Standard Time (EST). You can reach their customer service team by dialing 1-888-216-9619. Alternatively, you have the option to submit a support ticket directly on Bluevine’s website.
Bluevine provides a seamless and efficient user experience, enabling prospective borrowers to complete a line of credit application within minutes. They receive a decision within three business days, and in some cases, even on the same day.
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Bluevine small business loans customer satisfaction
On a popular online review website, Bluevine has received a rating of 4.3 out of 5 from customers. Users have expressed their satisfaction with obtaining a loan from Bluevine, especially after facing rejections from other lenders. They appreciate the assistance provided by Bluevine representatives throughout the setup process and the overall efficiency of the application process, which is notably faster compared to traditional banks.
Bluevine has earned accreditation from the Better Business Bureau and holds an A+ rating. The Better Business Bureau takes customer interactions into account when evaluating companies, and this high rating reflects Bluevine’s commitment to addressing customer concerns and resolving complaints in a responsible manner.
However, Bluevine has received a rating of 1.72 out of 5 in customer reviews on the Better Business Bureau website. It’s worth noting that most of these reviews seem to focus on Bluevine’s business checking product rather than its line-of-credit offerings.
Bluevine small business loans FAQ
Is Bluevine legit?
Indeed, Bluevine has been in operation for a decade, establishing itself as a reputable and successful business. The company has demonstrated its legitimacy by actively participating in the administration of COVID-19 Paycheck Protection Program loans in collaboration with the U.S. Small Business Administration. Additionally, Bluevine has formed partnerships with FDIC member banks to provide its range of financial products to customers.
Does Bluevine run a credit check?
Bluevine conducts a soft inquiry on your personal credit, ensuring that it doesn’t impact your credit score. During the application process, you will be required to provide certain personal information, including your full legal name, address, phone number, date of birth, Social Security number, the percentage of the business you own, and details about any beneficial owners associated with your business.
What bank owns Bluevine?
Bluevine is not owned by any banks, but it has established partnerships with financial institutions. Coastal Community Bank is the bank partner for Bluevine’s business checking accounts, while Celtic Bank is the bank that provides the business lines of credit offered by Bluevine.
How we evaluated Bluevine small business loans insurance
To evaluate Bluevine’s small business lines of credit, we considered the following:
- Fast funding times, allowing business owners to get working capital quickly
- Easy application process with a simple online application and possible same-day approval
- Financial stability and the company’s ability to meet its financial obligations
- Eligibility requirements that make it possible for more small businesses to qualify than is typical with traditional banks
- High loan amounts available
Summary Bluevine small business loans review
We selected Bluevine as the top choice for lines of credit based on its generous credit limit and efficient application processing and funding timelines. Bluevine is particularly accessible for newer small businesses and offers substantial borrowing limits. Furthermore, Bluevine excels in rapid loan disbursal, making it an ideal solution for small businesses in urgent need of working capital.
If you’re a small business owner seeking expedited funding, and if you don’t meet the eligibility criteria of other lenders or prefer a shorter repayment term of six or 12 months, Bluevine is a highly recommended option.
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