Bluevine vs. Fundbox: Compare Business Lines of Credit
Bluevine and Fundbox offer fast, revolving credit options for small businesses. Here's a comparison of the business lines of credit offered by these lenders.
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Lead Writer Bluevine and Fundbox are both online lenders that offer fast, unsecured and flexible business lines of credit to help businesses buy inventory, bridge seasonal cash flow gaps or fund day-to-day expenses. Bluevine can fund higher loan amounts and offers added benefits for its checking account holders, whereas Fundbox is a better fit for new businesses looking for a revolving source of capital to grow.
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Here are some of the key similarities and differences between these two small-business loans.
Bluevine vs. Fundbox overview
| Feature | Bluevine | Fundbox |
|---|---|---|
| Loan amount | $5000 to $250000 | $100 to $250000 |
| Estimated APR | 14% to 48% | 36% to 99%. |
| Repayment terms | 6 months | 3 months or 6 months |
| Minimum credit score | 625 | 600 |
| Minimum time in business | 12 months | 3 months |
| Minimum annual revenue | $120000 | $30000 |
Bluevine line of credit details
Bluevine Bluevine - Line of credit
Max Loan Amount
$250,000 Bluevine offers a business line of credit between $5000 and $250000 for short-term financing needs, with repayment terms of six months. You can get a decision in as little as five minutes, and it’s possible to get funding on the same day.
Pros
Cash can be available within 12 to 24 hours.
Can be used to build business credit.
Low minimum credit score requirement (although Fundbox’s is lower).
Does not file UCC liens on loans below $200,000.
Cons
Must have a year in business to qualify.
Rates can be high compared to traditional lenders.
Minimum qualifications
- Minimum credit score: 625.
- Minimum time in business: 12 months.
- Minimum annual revenue: $120000.
- No bankruptcies in the past year.
Where Bluevine stands out
Higher loan amounts
If you need financing above Fundbox’s maximum amount of $250000, Bluevine’s line of credit can go up to $250000.
Added benefits for Bluevine Business checking account holders
When you’re approved for a Bluevine line of credit, you get a free Bluevine Business checking account. In addition to perks like potentially discounted rates and high-yield interest, checking account holders can access instant funding of any approved draws, which can be key for small businesses purchasing inventory or covering unexpected expenses.
No UCC liens on loans under $200,000
If your funding needs are under $200,000, you won’t have to worry about a UCC lien on your business. This can help preserve your assets in the event of a default on your loan. It also keeps your assets free for other forms of financing, as many lenders won’t want to take a second position lien to secure a business loan.
Speed of draws
Unlike with a term loan, with a business line of credit you may be getting multiple disbursements over the life of the loan, which makes speed of funding all the more important. With Bluevine, you can access approved draws instantly if you have the checking account, and in only a few hours if you pay a $15 wire fee.
Fundbox line of credit details
Fundbox Fundbox - Line of credit
Max Loan Amount
$250,000 Fundbox offers a business line of credit between $100 and $250000 for businesses that need fast access to capital. You only need a 600 credit score, $30000 in annual revenue and 3 months in business to qualify, making it a good option for startup businesses that could use a revolving source of capital for ongoing needs.
Fundbox has higher APRs than Bluevine, which means you should be careful about how you’re using your Fundbox line of credit — ideally not for large, long-term purchases.
Pros
Startup friendly — accepts borrowers with a minimum of three months in business.
Financing available within one business day after approval.
Can be used to build business credit.
Low minimum credit score requirement.
Low minimum loan amounts.
Cons
Files UCC lien.
Higher APR range compared with Bluevine.
Minimum qualifications
- Minimum credit score: 600.
- Minimum time in business: 3 months.
- Minimum annual revenue: $30000.
Where Fundbox stands out
Time in business requirement
While Bluevine requires at least 12 months in business, Fundbox can fund startups with only 3 months in operation. Having a revolving source of funding for working capital or unexpected expenses can be crucial during your business’s early growth stage.
Low minimum loan amounts
With a line of credit or any loan, you don’t want to have to take more than you need. For smaller businesses that need less than $5000 of a revolving line, Fundbox is the better option. You can get a line of credit as low as $100.
Key similarities between Bluevine and Fundbox
While there are some significant differences between Bluevine and Fundbox’s lines of credit, they share some features as well.
- No origination fees. Neither lender charges an origination fee to take out a line of credit, which can be a perk of many online lenders over traditional bank lenders.
- Streamlined application processes. Both lenders offer online applications and can give you a decision within minutes, which can be crucial if you’re trying to purchase new inventory or cover an unexpected expense.
- Help build business credit. Bluevine and Fundbox both report to major business credit bureaus, which helps you build your business credit as you pay off your loan. Strong business credit can help you qualify for more financing and lower rates in the future.
- Repayment schedules. Both lines of credit require weekly payments, which may place a strain on your business depending on your business model and your weekly cash flow.
What to consider when choosing between Bluevine and Fundbox
To help you decide between Bluevine and Fundbox, here are some things to consider:
- How much money you need. For larger funding needs over $250000, you’re better off going with Bluevine. On the other hand, if you’re looking for a small amount of funding, you should consider Fundbox, which offers lines as low as $100.
- How long you’ve been in business. Bluevine’s time in business requirement is four times that of Fundbox. If you’ve been operating for less than 12 months, your best option is to stick with Fundbox.
- How quickly you need money. Although they can both fund fast, you may find that the added benefit of instant access for Bluevine’s checking customers gives it a slight edge over Fundbox, which can fund as soon as the next business day after approval.
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