Bluevine Small Business Loans: 2023 Review

Q: Is Bluevine a legitimate lender?

Yes. Bluevine has an A+ rating with the Better Business Bureau. Bluevine, which was launched in 2012, is a financial technology (fintech) company, not a bank. However, the Bluevine line of credit is issued by Celtic Bank, a Utah-chartered bank, member FDIC.

Q: Does Bluevine report to credit bureaus?

Yes. Bluevine reports payment activity back to credit bureaus. This means that if you meet your payment obligations and utilize your line of credit responsibly, it can help you build business credit over time.

Q: Is Bluevine a good loan company?

Bluevine could be a financing option worth considering for companies that need cash quickly and/or may not qualify for more traditional financing, either because they haven’t been in business long enough or don’t have the required credit scores.

Q: How does Bluevine work?

Bluevine is a financial technology company that provides business lines of credit up to $250,000 through its partnership with Celtic Bank. You can apply online in just a few minutes, and once approved, you may have access to cash within a day or two.

Check Your Rate

Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.

Susan GuilloryUpdated January 13, 2023

Overview of Bluevine

Founded in 2013, Bluevine is an online lender that offers small business lines of credit up to $250,000. Prior to 2022, the company also offered an invoice factoring product. They now direct interested borrowers to apply through a partnership with an invoice factoring company called FundThrough. Bluevine also offers business checking accounts and a business bill-paying platform.Bluevine is known for its fully digitized application and underwriting process, fast approvals, and fast funding. Once approved, borrowers can connect their business checking account (which doesn't have to be at Bluevine), and access funds within a day or two. If you opt to pay a $15 fee for a wire transfer, you can get your funds in just a few hours.While Bluevine’s rates tend to be high compared to traditional (and some online) lenders, their credit line is easy to qualify for and convenient to use. The Takeaway: Bluevine’s lines of credit aren’t the cheapest, but their qualification requirements are among the lowest on the market. Even if your business is new or has poor credit, you may be able to qualify for a line of credit from Bluevine.

Pros and Cons of Bluevine

Pros	Cons
• Cash can be available within 12 to 24 hours• Multiple term length available for different funding needs• Low minimum credit score requirement• Accepts borrowers with just six months in business• Multiple business service offerings mean you have the option to keep more under one umbrella	• Interest rates can be expensive• Repayment period is short – either 6 or 12 months• 6-month term line of credit may require automatic weekly payments • Personal guarantee required• Lines of credit not offered in Nevada, North Dakota, or South Dakota

Types of Small Business Loans Offered by Bluevine

Bluevine Line of Credit

A business line of credit is a revolving loan that gives you access to a fixed amount of capital, which can be used for any type of business expense. You can draw what you need from your line when you need it, and you only pay interest on the amount you borrow, not the full credit line. Available funds replenish as you pay them back.A line of credit can be a good option if you need extra working capital to cover recurring business expenses or bridge gaps in cash flow, or you simply want to have a safety net to rely on in case of emergency.Bluevine offers credit lines up to $250,000; the amount you can borrow will depend on the strength of your business. Borrowers pay back each draw with fixed weekly or monthly payments over six or 12 months. Qualifications for the 12-month term credit line are more rigorous than those for six-month term. This is due to the fact that longer terms represent higher risk to the lender. Bluevine lines of credit are available in all states except Nevada, North Dakota and South Dakota.

Bluevine Small Business Line of Credit Terms, Rates, and Fees

Loan amounts	Up to $250,000
Loan terms	6 or 12 months
Repayment schedule	Weekly or monthly
Minimum credit score	625
Time to funding	As fast as 24 hours
Fees	1.7% per week or 7% per month for credit draws; $15 wire transfer fee

Information accurate as of Jan. 13, 2023.

Who May a Bluevine Small Business Line of Credit Be Right For?

Bluevine may be best for a business owner who:

Needs capital quickly. You can complete an application for a Bluevine business line of credit in just minutes and receive a decision the same day. Funds can be available anywhere from a few hours (for a $15 wire transfer free) to a couple of days.
Doesn’t meet criteria required by other lenders. For their six-month term line of credit, Bluevine considers borrowers with poor credit (a minimum FICO score of 625), as well as those who have only been in business for six months.
Has established revenue. While Bluevine’s time in business requirements aren’t rigorous, businesses must still demonstrate at least $120,000 in annual revenue.

Who Bluevine May Not Be Right For

Bluevine may not be a good lending solution for a business owner who:

Can qualify for more affordable financing. If your business has the ability to qualify for a business line of credit from a traditional lender (or online lender with stricter qualifications), you will likely pay less in interest.
Wants a longer repayment term. Bluevine’s lines of credit are only available with six- or 12-month terms, with the six-month product being easiest to qualify for. As a result, the shorter term may be the only option for many borrowers. If you’re looking for a longer term loan, you may need to look elsewhere.
Operates in certain industries. The following businesses or industries may not be eligible for Bluevine lines of credit: political campaigns, firearms, auto dealerships, controlled substances (including medicinal marijuana and hemp), financial institutions and lenders (including insurance, penny auction companies, and cryptocurrency), and donation-based nonprofits.

Bluevine Loan Fee Structure

The line of credit draw fee is 1.7% per week or 7% per month, and there is a $15 fee to receive funds via wire transfer. Late fees may apply based on the information in your loan agreement.A note about annual percentage rates (APRs): Bluevine charges a simple interest rate that starts at 6.2%. Based on these rates, however, the APR (which includes draw fees and represents the total annual cost of a loan) could go as high as 78%, which is significantly higher than many other business financing options.Bluevine does not charge origination fees, early payment penalties, monthly maintenance fees, or account closure fees.

Bluevine Loan Repayment

Bluevine offers business lines of credit up to $250,000, with repayment periods of six or 12 months. Payments are then automatically deducted from the borrower’s business checking account on a weekly or monthly basis.

Bluevine Funding Eligibility Requirements

These are the minimum requirements for a Bluevine business line of credit:

625+ FICO score
6+ months in business
$10,000 in monthly revenue
Business is operating or incorporated in an eligible U.S. state (BlueVines credit lines are not available in Nevada, North Dakota, or South Dakota)

Applying for a Bluevine Small Business Loan

You can apply for a Bluevine line of credit online, and the company states that the entire process will take under two minutes. To apply, you’ll need to supply basic details about yourself and your business.What to have on hand:

Business name
Business address
Your tax ID/EIN
Annual revenue
Information about any existing financing
Personal information (your name, address, and social security number)
Percent of the business that you own
Information about any beneficial owners of your business
A connection to your bank account (or statements for the last three months)

Once you finish your application, Bluevine will work to verify your information. They will also do a soft check on your personal credit, which they say will not impact your credit score. They may get back to you regarding any additional information they need.If approved, you can request and receive funds in as fast as 24 hours. You’ll also get immediate access to your Bluevine digital dashboard, where you will be able to draw funds and schedule payments.

Bluevine Alternatives to Consider

Other lenders offer business lines of credit, including Fundbox, Kabbage, and Bank of America. Here’s how they compare to BlueVine:

Fundbox offers business lines of credit of up to $150,000 with terms of 12 or 24 weeks. Although the amount is less and terms are shorter than Bluevine’s, interest rates can be lower. Fundbox’s qualification requirements are also a bit lower. They accept borrowers with six or more months in business, a minimum credit score of 600, and a minimum annual revenue of $100,000.
Kabbage offers business lines of credit of up to $150,000 to borrowers with a minimum credit score of 640 and at least one year in business. Unlike Bluevine, Kabbage only has a monthly repayment schedule, and offers terms of six, 12, or 18 months. Like Bluevine, Kabbage is a good option for quick access to working capital, typically offering funding within a few days.
Bank of America If your business is well-established, you may want to look at a line of credit with Bank of America. Compared to Bluevine, qualification requirements are stricter and the application process and time to funding is generally slower. However, rates and terms will likely be more competitive.
Lantern by SoFi: Unlike Bluevine, Lantern by SoFi is a lending platform that connects borrowers to small business loans offered by a variety of trusted lenders. By filling out a single application, you get access to multiple loan options, including lines of credit, short-term loans, term loans, invoice financing, and commercial real estate loans. Loans up to $2 million are available to help you grow your enterprise.

Let Lantern by SoFi connect you with the right lender for your small business financing needs.

Frequently Asked Questions

Is Bluevine a legitimate lender?

Does Bluevine report to credit bureaus?

Is Bluevine a good loan company?

How does Bluevine work?

About the Author

Susan GuillorySu Guillory is a freelance business writer and expat coach. She’s written several business books and has been published on sites including Forbes, AllBusiness, and SoFi. She writes about business and personal credit, financial strategies, loans, and credit cards.

Brand names: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.

LCSB1022007: