Bluevine Small Business Loans: 2023 ReviewCheck Your Rate
Overview of Bluevine
Pros and Cons of Bluevine
Types of Small Business Loans Offered by Bluevine
Bluevine Line of Credit
Bluevine Small Business Line of Credit Terms, Rates, and Fees
Who May a Bluevine Small Business Line of Credit Be Right For?
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
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
Bluevine Loan Repayment
Bluevine Funding Eligibility Requirements
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
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)
Bluevine Alternatives to Consider
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.
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