Bluevine vs. Fundbox: Compare Business Lines of Credit
Bluevine and Fundbox are both online lenders that can fund up to $250,000. Fundbox has much lower qualification minimums and longer terms, but Bluevine has a lower APR range and can fund faster (for a small fee).
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Managing Editor Bluevine and Fundbox both offer fast and flexible small-business loans in the form of business lines of credit. You can use these loans to buy inventory, bridge seasonal cash flow gaps or fund day-to-day expenses. Plus they’re both unsecured, which means you don’t need to put your business assets on the line as collateral.
But they diverge in a few key areas, most notably their qualification requirements. Read on to determine which may be a better fit for your business funding needs.
Quick-decision guide: Choosing between Bluevine and Fundbox
If you’re short on time, use these tips to quickly determine which of these business lines of credit may be best for your business:
🗓️ If you’ve been in business for less than 12 months: Give Fundbox a go since you’ll need only 3 months in operation to qualify.
🕓 If you need the funds ASAP: Bluevine can get you the funds the same day you’re approved if you pay the $15 wire transfer fee.
📉 If your annual revenue is on the low end: You’ll have better luck with Fundbox and its $30000 revenue requirement.
How much do you need?
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Bluevine vs. Fundbox overview
| Feature | Bluevine | Fundbox |
|---|---|---|
| Loan amount | $5000 to $200000. | $100 to $250000. |
| Estimated APR | 14% to 95%. | 36% to 99%. |
| Repayment terms | 12 months. | 3 to 26 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 offers a business line of credit between $5000 and $200000 for short-term financing needs, with repayment terms of 12 months. You can get a decision in as little as five minutes, and it’s possible to get funding on the same day.
Bluevine Bluevine - Line of credit
Max Loan Amount
$200,000 Pros
Cash can be available within a few hours after approval (with a fee).
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.
No origination fee, draw fee or prepayment fee.
Cons
Must have a year in business to qualify.
Rates can be high compared with traditional lenders.
Weekly repayments can be tougher to keep up with than monthly ones.
Not available in all 50 U.S. states.
Where Bluevine stands out
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 you 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.
No fees outside of interest
Many lenders charge a fee each time you draw from your line of credit, called a draw fee. It’s also common to pay an origination fee when you first sign for a business loan. And some lenders charge a fee if you pay your loan off early. Bluevine doesn’t charge any of these fees. It also doesn’t charge the late payment and non-sufficient funds fees that Fundbox sometimes charges.
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.
Fundbox line of credit details
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. It’s possible to be approved the same day you apply, and you can receive funds within two business days.
Fundbox Fundbox - Line of credit
Max Loan Amount
$250,000 Pros
Startup friendly — accepts borrowers with a minimum of three months in business.
Can be used to build business credit.
Low minimum credit score and annual revenue requirements.
Low minimum loan amounts.
Available in all 50 U.S. states.
Cons
Files UCC lien.
Higher APR range compared with Bluevine.
May charge late payment and non-sufficient funds fees.
Where Fundbox stands out
Qualification requirements accessible to startup, low-revenue and bad-credit businesses
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.
Plus Fundbox has a minimum annual revenue requirement of only $30000. That’s one quarter the requirement to qualify for a Bluevine line of credit. With a slightly lower credit score requirement (600 vs. 625), Fundbox beats Bluevine in all three minimum qualification categories.
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 $1000 of revolving credit, Fundbox is the better option. You can get a line of credit as low as $100.
Available in all U.S. states
Unlike Bluevine, Fundbox issues its line of credit in all 50 U.S. states plus Guam, American Samoa, North Mariana Islands, Puerto Rico, and U.S. Virgin Islands.
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, draw or penalty fees. Neither lender charges these fees, which many traditional bank lenders often charge.
- 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.
Want more options?
Bluevine and Fundbox are both online lenders, which can often fund faster than bank loans. They also tend to have more flexible qualification requirements. If you’re interested in exploring other online lenders, check out NerdWallet’s complete list of the best online business loans.
» MORE: Best online business loans
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