Bluevine Business Line of Credit Review
 | Estimated interest range: Starts at 7.80% simple interest Loan amounts: $5,000 to $250,000 Our verdict: Bluevine is a good match for businesses that need to access a line of credit quickly. Its strong point is that it offers instant access to funding for qualified borrowers who connect to a Bluevine Checking account. Lower interest rates may be found elsewhere, however, and true startups may have trouble meeting the qualifying criteria. |
Pros and cons of Bluevine
Pros
- Quick funding options
- Limited fees
- Competitive starting interest rates compared to other online lenders
- Accepts fair credit scores
Cons
- Same-day funding could incur a fee
- Lower rates may be available elsewhere for well-qualified borrowers
- Not available in all states
- Doesn’t list maximum interest ranges
- Third-party term loans are managed by other lenders, not by Bluevine itself
Bluevine business financing review
Bluevine offers a range of small business financing solutions, including a business line of credit, a business checking account, a business credit card and term loan options.
Its line of credit offers access to up to $250,000 instantly when you connect to a Bluevine Checking Account. However, be aware that same-day funding does come with a fee for non-Bluevine accounts. Plus, while the company advertises a relatively low starting interest rate of 7.80%, you may be able to find lower rates elsewhere, particularly if you have a strong credit score.
For those interested, Bluevine offers three interest-bearing, business checking accounts. With competitive annual percentage yields (APYs), the accounts boast no monthly maintenance or overdraft fees. However, they also have some unique features that small business owners may enjoy. For example, you’ll have the ability to split your funds into different sub-accounts, which makes it easy to save for larger expenses or allocate money to pay bills.
Finally, for their part, Bluevine’s business credit card and term loan options are offered by third-party partners, which means you’ll be subject to their terms and conditions. You’ll also work with them directly instead of working with Bluevine.
- Those looking for quick funding. Bluevine can get your line of credit funded instantly to a Bluevine Business Checking account, or as little as a few hours to another bank — if you’re willing to pay a $15 wire fee. Otherwise, fee-free funding can take one to three business days.
- Borrowers with less-than-perfect credit who want to pay reasonable rates. While starting interest rates aren’t the lowest at Bluevine, they are competitive with other online lenders — and the minimum credit score is only 625.
- Those looking for a one-stop shop. Bluevine offers the chance to access a line of credit and a business checking account from the same provider, which can be easier than working with separate financial institutions.
Bluevine small business financing at a glance
| Product | Loan amounts | Repayment term | Starting interest | Fees |
|---|---|---|---|---|
| Line of credit | $5,000 to $250,000 | 6 or 12 months | Starting at 7.80% simple interest |
|
Line of credit
Businesses needing flexible funds can access between $5,000 to $250,000 with a Bluevine business line of credit. Repayment terms are 6 months with weekly repayments or 12 months with monthly repayments. Similar to a credit card, you can borrow up to your credit limit as often as needed, repay the debt and borrow again — only paying interest on the amount withdrawn.
Bluevine’s interest rates start at 7.80% simple interest. However, the company doesn’t disclose maximum interest rates so there’s no way to predict how high your rate will go until you apply. Plus, you may be able to access better rates from Bluevine’s competitors, particularly if you have a strong credit score.
Still, for those needing same-day funding, Bluevine claims you can get approved in as little as five minutes, with funds instantly delivered to your Bluevine Business Checking account. Each checking account option offers a higher-than-average APY and relatively few fees.
To get same-day funding to a non-Bluevine checking account, you will need to use a wire transfer with a $15 fee. Alternatively, you can receive your loan proceeds for free via ACH, which can take up to three business days to complete.
Bluevine borrower requirements
| Minimum annual revenue | $120,000 |
| Minimum time in business | 12 months |
| Minimum credit score | 625 |
Your business needs to operate for at least 12 months and have a minimum monthly revenue of $10,000 to qualify for a Bluevine line of credit. In addition, your business must also be registered as a corporation or LLC, sole proprietor, partnership or nonprofit organization.
Bluevine accepts credit scores as low as 625, but your business must be in good standing with your secretary of state and have no bankruptcies.
Businesses in the following industries are prohibited from receiving a Bluevine line of credit:
- Auto dealerships
- Financial institutions and lenders
- Insurance companies
- Cryptocurrency businesses
- Penny auction companies
- Businesses involved in illegal or controlled substances, including marijuana-related products
- Businesses dealing with firearms and related paraphernalia
- Political campaigns
- Pornography and related paraphernalia businesses
- Illegal gambling operations
Regardless of industry, businesses based in Nevada, North Dakota, South Dakota and U.S. territories aren’t eligible for Bluevine lines of credit.
Required documents
When applying for a business line of credit, Bluevine will ask for permission to access your business checking account data through Plaid. Alternatively, you could opt to provide bank statements from the past three months.
You will also be asked to provide basic contact and personal information and documents for yourself and your business, including your business tax ID or Employer Identification Number (EIN), articles of incorporation, and/or a W-9.
Alternatives to Bluevine
| Bluevine | Fundbox | American Express Business Line of Credit | |
|---|---|---|---|
| Minimum credit score | 625 | 600 | 660 |
| Loan products offered | Line of credit | Line of credit | Line of credit |
| Time to funding | Instant or up to three business days | As soon as next business day | One to three business days |
| Starting interest rates | 7.80% |
| 3.00%
|
| Maximum loan size | $250,000 | $150,000 | $250,000 |
| Minimum annual revenue | $120,000 | $100,000 | $36,000 |
| Minimum time in business | 12 months | 3 months | 12 months |
Bluevine vs. Fundbox
If you like the idea of a business line of credit but can’t meet Bluevine’s qualifying requirements, Fundbox is another online lender worth considering. Fundbox only requires a three-month business history, making it a great choice for startup business financing. However, Fundbox’s $100,000 annual revenue requirement could be a challenge for newly established companies.
Like Bluevine, Fundbox also offers quick business financing — delivering funds as soon as the next business day. When comparing interest rates, Fundbox’s line of credit starts at 4.66% compared to Bluevine’s lowest rate of 7.80%. That said, you won’t know your final rate with either lender until you submit an official application.
One advantage to Fundbox is its Flex Pay program, giving your business an extra three days to repay borrowed funds with no additional fees. You can also upgrade to Fundbox Plus to unlock 20% off fees and other exclusive benefits, like a 52-week loan term option and a monthly repayment plan.
However, those needing access to more funds might prefer Bluevine since it offers up to $100,000 more than Fundbox.
Bluevine vs. American Express Line of Credit
If your company has been operating for at least 12 months with a minimum credit score of 660, the American Express Business Line of Credit could be a good fit. The max borrowing limits are the same as with Bluevine — up to $250,000 in revolving funds. However, you only need $36,000 in annual revenue to qualify, while Bluevine requires at least $480,000.
Business owners with a business credit card from American Express might already be pre-approved for its business line of credit. You can sign into your account to view your options.
One benefit of the American Express Business Line of Credit is its range of flexible payment options. You can pick between a 6-, 12-, 18- or 24-month installment loan term with a corresponding monthly fee or a single-repayment option — allowing you to choose what works best for your business’s current needs. However, the fee structure can be a bit confusing, especially for new users.
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