Full Review
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. 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:
Bluevine loan features
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+. 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 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.
Bluevine loan requirements
Bluevine’s minimum borrower eligibility requirements include:
Minimum credit score: 625
. Minimum time in business: 12
months. Minimum annual revenue: $120000
.
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 35
% to 80
%. 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.
Fundbox’s line of credit can be a good option for startups and businesses with bad credit, as Fundbox accepts borrowers with 6
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. Compare your business loan options
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.