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BlueVine Review: Fast Line of Credit, Invoice Factoring

April 26, 2019
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If your small business grapples with cash flow gaps, like when customers take their sweet time paying their bills, BlueVine offers two types of financing to address short-term needs.

BlueVine’s business line of credit or invoice factoring products may be right for your business if you:

Need cash fast: You can get approved for a line of credit in as little as 12 hours. For invoice factoring, once you’re approved you’ll have access to funds within 24 hours.

Have B2B customers who don’t pay promptly: If your customers are other businesses or organizations who don’t pay their invoices right away, invoice factoring can help fill your cash gap.

Don’t meet the credit requirements with other lenders: BlueVine will consider lending to you even if your personal credit score is below 600.

BlueVine

Line of credit

  • Loan amount: $5,000 to $250,000
  • APR: 15% to 78%
  • Loan term: 6 or 12 months
Get started at BlueVine
Before you apply for a BlueVine line of credit, find out whether you meet the lender's minimum qualifications.

Six-month line of credit:

  • 600+ personal credit score
  • At least 6 months in business
  • $100,000+ annual revenue

12-month line of credit:

  • 620+ personal credit score
  • At least two years in business
  • $450,000+ annual revenue
  • Not available in North Dakota, South Dakota or Vermont
Do I qualify?
BlueVine

Invoice factoring

  • Loan amount: $20,000 to $5 million
  • APR: 15% to 68%
  • Loan term: One to 13 weeks
Get started at BlueVine
Before you apply for BlueVine invoice factoring, find out whether you meet the lender's minimum qualifications.
  • 530+ personal credit score
  • At least 3 months in business
  • $100,000+ annual revenue
Do I qualify?

» MORE: How to use invoice factoring for your business

Reasons to use BlueVine

You need fast cash

The application process is quick. It takes an average of 12 hours to be approved for a BlueVine line of credit and a few minutes to a day for an invoice factoring account. Once you’re approved, you’ll have access to funds within 24 hours.

» MORE: Fast business loans: Best options for quick cash

You typically deal with unpaid invoices

If your customers are other businesses or organizations, they may not always pay you promptly. BlueVine’s invoice factoring, also known as invoice financing or accounts receivable financing, could ease cash flow hiccups caused by such delays.

Here’s how BlueVine invoice factoring works: You get paid on day one for invoices due in one to 13 weeks. BlueVine will advance you 85% to 90% of an invoice amount and then the rest of the sum when a customer pays you, minus fees.

» MORE: BlueVine vs. Fundbox: Compare invoice financing options

You have bad credit

Poor credit can be an obstacle to obtaining a line of credit or any form of financing for your small business, but not with BlueVine. The lender considers you a potential customer even if your credit score is below 600. BlueVine focuses on your business’s cash flow and, if you’re applying for an invoice factoring account, on the creditworthiness of your customers.

» MORE: Bad credit? Where to find business loans

Where BlueVine falls short

Pricey financing option

With annual percentage rates of up to 68%, BlueVine’s lines of credit and invoice factoring accounts are more expensive than many online term loans. This financing works as a short-term solution, such as making payroll while waiting on customers to pay you.

You get penalized for deadbeat customers

BlueVine invoice factoring lets you tap unpaid invoices as a source of capital, but you must have reliable and reputable customers who have strong credit and diligently pay their bills. If a customer is late, BlueVine will give you an extra two weeks past the due date. If a customer fails to pay, you have to pay back the invoice. There’s a late fee of 3% after two weeks, although BlueVine could decide to waive it.

Compare business loans

If you’d like to compare loan options, NerdWallet has a list of small-business loans that are best for business owners. All of our recommendations are based on the lender’s market scope and track record and on the needs of business owners, as well as rates and other factors, so you can make the right financing decision.