BlueVine Small-Business Loans: 2022 Review

BlueVine's business line of credit is a good option for short-term financing, but interest rates can be high compared to other online lenders.

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Our Take

The bottom line:

BlueVine loans are well suited for when working capital is needed fast — particularly for startups and businesses with bad credit.

BlueVine - Line of credit
Est. APR
15.00-78.00%
Min. credit score
600
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Pros & Cons

Pros

  • Cash can be available within 12 to 24 hours.
  • Multiple term lengths for different financing needs.
  • Low minimum credit score requirement.
  • Startup-friendly; accepts borrowers with a minimum of six months in business.

Cons

  • May require weekly repayments.
  • Requires personal guarantee.
  • Not available in North Dakota, South Dakota or Vermont.
  • Rates can be high compared to traditional lenders.

Full Review

Online lender BlueVine offers business lines of credit up to $250,000 that can be a good option for small-business owners looking for short-term working capital.

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.

Editor's note: As of December 2021, BlueVine no longer offers its own invoice factoring product, and instead directs borrowers to apply for financing through a partnership with an invoice factoring company called FundThrough. FundThrough has also taken over the management of existing BlueVine invoice factoring accounts.

How Much Do You Need?

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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 eligibility requirements with other lenders: BlueVine considers borrowers with bad credit (minimum FICO score of 600 or higher) and six or more months in business.

  • Prefer a short repayment period: BlueVine offers lines of credit with repayment terms of six or 12 months.

BlueVine loan features

BlueVine offers revolving business lines of credit up to $250,000 with repayment terms of six or 12 months.

Loan amount

$5,000 to $250,000.

Estimated APR range

15% to 78%.

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 eligibility requirements

BlueVine has more lenient qualification requirements compared to other traditional and online lenders. BlueVine’s 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 600 or higher.

Similarly, BlueVine will consider borrowers with six or more months in business, making it a good option for startup business loans as well.

This lender focuses on your business’s cash flow (on top of credit score and time in business), which is why you’re required to connect your business bank account — or provide bank statements — as part of your application.

Large credit lines; limited fees

BlueVine offers a line of credit up to $250,000 — which is a higher maximum loan amount than some of its closest online competitors.

BlueVine also doesn’t charge monthly maintenance fees, account closure fees or prepayment penalties for paying your balance back early.

Where BlueVine falls short

Can be expensive

With annual percentage rates of up to 78% on its business lines of credit, BlueVine is more expensive than many business loan options.

More frequent repayments

BlueVine's line of credit carries short repayment terms of up to 12 months, which results in higher payment amounts.

Its line of credit is repaid weekly or monthly. The high frequency of payments — especially when done on a weekly basis — can pose an issue for businesses that have uneven sales or don't hold much cash in a bank account.

BlueVine loan requirements

BlueVine’s minimum borrower eligibility requirements include:

  • Credit score: 600 or higher.

  • Time in business: Six months or more.

  • Annual revenue: $120,000 or more.

BlueVine's line of credit is not available in North Dakota, South Dakota or Vermont.

Alternatives to BlueVine

Kabbage

Kabbage offers business lines of credit of up to $250,000 to borrowers with a minimum credit score of 640 and at least one year in business. Like BlueVine, Kabbage is a good option for quick access to working capital, typically offering funding within a few days.

Unlike BlueVine, however, Kabbage only has a monthly repayment schedule, and offers terms of six, 12 or 18 months. The estimated APR on Kabbage’s line of credit is much lower than BlueVine’s, ranging from 9% to 36%, but the monthly fee structure on this product can be confusing.

» Learn more about this line of credit in our Kabbage review.

Fundbox

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.

Like BlueVine, Fundbox’s line of credit can be a good option for startups and businesses with bad credit, as Fundbox accepts borrowers with six 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.

» Learn more about how these lenders compare in our BlueVine vs. Fundbox review.

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.

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