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Bluevine Line of Credit: 2024 Review
The Bluevine business line of credit is a good option for short-term financing, but interest rates can be high compared to other online lenders.
Writer | Small business, business banking, business loans
Randa Kriss is a lead writer and NerdWallet authority on small business. She has nearly a decade of experience in digital content. Prior to joining NerdWallet in 2020, Randa worked as a writer at Fundera, covering a wide variety of small-business topics and specializing in the lending and banking spaces. Her work has been featured by The Washington Post, The Associated Press and Nasdaq, among others. Randa earned a bachelor's degree in English and Spanish at Iona University (formerly Iona College).
Sally Lauckner has over a decade of experience in print and online journalism. Before joining NerdWallet, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She has a master's in journalism from New York University and a bachelor's in English and history from Columbia University. Email: slauckner@nerdwallet.com.
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Our Take
5.0
NerdWallet rating
The bottom line:
Bluevine loans are well suited for when working capital is needed fast — particularly for businesses with bad credit.
Bluevine is an online lender that offers business lines of credit up to $250,000. It can be a good option for small-business owners looking for short-term working capital. The Bluevine line of credit is issued by Celtic Bank, a Utah-chartered industrial bank, member FDIC.
Bluevine is known for its simple application process in which borrowers can connect their business checking accounts, and in most cases, receive a decision in minutes. Although you can sign up for Bluevine business checking, business owners are not required to use that account to qualify for financing.
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Bluevine is best for borrowers who:
Need cash fast: 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 within hours, but transfers may take up to three business days.
Don’t meet credit score eligibility requirements with other lenders:Bluevine considers borrowers with bad credit (minimum FICO score of
625
).
Prefer a short repayment period: Bluevine offers lines of credit with repayment terms of
Bluevine offers revolving business lines of credit up to $250,000 with repayment terms of
6
or 12 months.
Loan amount
$6,000 to $250,000.
Estimated APR range
Bluevine typically lists its rates as simple interest rates — starting at 6.2% (calculated from total repayments over 26 weeks).
Rates calculate to an approximate APR of
20
% to
50
%.
Fees
No prepayment fees, monthly maintenance fees or account closure fees.
$15 fee to receive funds via wire transfer.
Late fees may apply based on the information in your loan agreement.
Terms
6 or 12 months.
Repayment schedule
Weekly or monthly.
Funding speed
As fast as the same day. May take up to three business days for funds to process, depending on your bank.
Where Bluevine stands out
Quick funding
Bluevine is a good option if you need access to fast cash. You can apply quickly online and only need to provide basic information about you and your business — and then connect your business bank account or upload bank statements.
After you’ve submitted your application, Bluevine may be able to offer you a same-day business loan, with funds in your bank account in as little as 24 hours. If you opt to pay a $15 fee for a wire transfer, you can get your funds in just a few hours.
Flexible credit score requirements
Bluevine has more lenient qualification requirements for its minimum credit score compared to other traditional and online lenders. The Bluevine line of credit can be a good option for businesses with bad credit (FICO score of 629 or lower), as you can qualify with a credit score of
625
or higher.
This lender focuses on your business’s cash flow (on top of credit score), which is why you’re required to connect your business bank account — or provide bank statements — as part of your application.
Keep in mind, however, the
625
credit score minimum only applies to the line of credit with weekly repayments. To qualify for the 12-month term, you'll need a score of 700+.
💬 From our Nerds: Don’t underestimate the importance of speedy draw approvals and disbursements on your line of credit
"Borrowers may overlook the layers of approval that can be involved with a line of credit. When I worked in small-business lending, I saw several borrowers become frustrated over delays in accessing new draws — depending on the lender, you may have to seek approval and indicate the intended use behind each draw. Furthermore, with lenders that don’t have the technology to provide instant access to funds, each time you take a draw from your line of credit it can feel like another loan approval process.
This is where online lenders like Bluevine shine as, in contrast, there is not a lot of red tape involved."
Where Bluevine falls short
Can be expensive
With annual percentage rates of up to
50
% on its business lines of credit, Bluevine is more expensive than many business loan options.
More frequent repayments
The Bluevine line of credit carries short repayment terms of up to
6
months, which results in higher payment amounts. This
6
-month line of credit is actually repaid weekly.
To qualify for a 12-month term with monthly payments, you'll need to meet much stricter qualification requirements. Nevertheless, the high frequency of weekly payments can pose an issue for businesses that have uneven sales or don't hold much cash in a bank account.
The Bluevine line of credit is not available in North Dakota, South Dakota or Nevada.
Alternatives to Bluevine
Headway Capital
Headway Capital offers lines of credit of up to $100,000. To qualify, you must have at least
6
months in business, a credit score of
625
and at least $50,000 in annual revenue. With a lower minimum annual revenue requirement than other lenders, Headway's line of credit can be a good option for low revenue businesses.
Headway offers a weekly or monthly repayment schedule. It has repayment terms of 12, 18 or 24 months. Interest rates range from
Fundbox offers business lines of credit of up to $150,000 with shorter repayment terms than Bluevine — 12 or 24 weeks. Fundbox can provide application decisions within minutes and transfer funds to your bank account as fast as the next business day.
Fundbox’s line of credit can be a good option for startups and businesses with bad credit, as Fundbox accepts borrowers with
3
or more months in business and a minimum credit score of
600
or higher.
Fundbox’s minimum annual revenue requirement of $100,000 is slightly lower than Bluevine’s, which is $120,000. Read our full Fundbox review.
The best business loan is generally the one with the lowest rates and most ideal terms. But other factors — like time to fund and your business’s qualifications — can help determine which option you should choose. NerdWallet recommends comparing small-business loans to find the right fit for your business.
Former NerdWallet writer Andrew L. Wang contributed to this article.
NerdWallet’s review process evaluates and rates small-business loan products from traditional banks and online lenders. We collect over 30 data points on each lender using company websites and public documents. We may also go through a lender’s initial application flow and reach out to company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer small-business friendly features, including: transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to business credit bureaus and responsible lending practices. We weigh these factors based on our assessment of which are the most important to small-business owners and how meaningfully they impact borrowers’ experiences.
The short answer is yes. Bluevine is a financial technology company. The Bluevine line of credit is issued by Celtic Bank, a Utah-chartered bank, member FDIC.
Bluevine also offers a small-business checking account through Coastal Community Bank. The private company has raised $769.2 million in funding, according to Crunchbase, which tracks startups.
Bluevine is a financial technology company that provides business lines of credit through its partnership with Celtic Bank. You can apply online in a few minutes, and once approved, you may have access to cash by the same day.
Bluevine was approved as a direct non-bank lender for the U.S. Small Business Administration’s Paycheck Protection Program, and Bluevine accepted applications until the program ended on May 31, 2021. As of January 2022, Bluevine is no longer accepting new PPP loan forgiveness applications and is not approved to issue any other type of SBA loan.