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BlueVine Review

BlueVine is an online lender that provides three financing products: invoice factoring, lines of credit, and term loans. According to countless online BlueVine reviews, this lender stands out for its fast and simple application process, which makes it possible for businesses with a low credit score to get the finances they need.

BlueVine Review - Business Loan Reviews - Fortunly

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Strengths

  • Same-day funding
  • Fast and simple application process
  • Low credit score requirement
  • Huge loan amounts
  • Fast invoice factoring
  • Offers financing for businesses less than one year old

Weaknesses

  • Frequent payments
  • Not available in North Dakota, South Dakota, and Vermont

BlueVine Breakdown

LOAN AMOUNTS

$5,000 – $5 million

LOAN TERM

1 week – 52 weeks

APR RANGE

15% – 88%

MIN. CREDIT SCORE

600 (530 for invoice factoring)

FEES

0% origination/closing fee

FUNDING TIME

24 hours

YEARS IN BUSINESS

At least 6 months (3 for invoice factoring)

BBB RATING

A+

MIN. REVENUE

$10,000 a month

AVAILABILITY

The US (except ND, SD, VT)

BlueVine Overview

Established in 2013, BlueVine is an online lender offering several types of financial support for small businesses: lines of credit, invoice factoring, and term loans. More than 25,000 companies have so far used BlueVine loans to overcome a financial crisis, cover payroll costs, or accelerate their business growth.

As of February 15, 2020, the lender started offering Paycheck Protection Program support for businesses that are affected by the COVID-19 crisis.

Invoice factoring is probably the most popular service that BlueVine provides. It’s a type of financing mainly designed for B2B businesses, and it enables owners to get funds in advance for their unpaid invoices. In this way, small businesses can free up cash and use it to take care of credit card bills, payroll, or make investments they otherwise couldn’t afford.

BlueVine also has traditional solutions for financing small businesses. With lines of credit or term loans, you can borrow up to $250,000 with a fixed interest rate. According to BlueVine line of credit reviews, many borrowers are limited to six months repayment periods, which results in higher weekly rates.

BlueVine Review - Business Loan Reviews - Fortunly

APR Range15% – 88%

Min. Credit Score600

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Types of Financing Available

At BlueVine, borrowers can apply for traditional term loans and lines of credit as well as invoice factoring services. Invoice factoring is primarily for businesses that need instant cash to overcome a gap in cash flow. It’s a good solution if you have customers who pay regularly but whose invoice isn’t due for a few weeks.

Lines of credit and term loan have fixed interest rates, billed monthly or weekly, depending on your agreement with BlueVine.

Paycheck Protection Program

BlueVine Paycheck Protection Program is a type of financing established to help businesses affected by the COVID-19. This is a forgivable loan that allows businesses to use the money to pay employee salaries, healthcare costs, rent, mortgage, or insurance.

However, the loan will only be forgiven if certain conditions are met: you can use the money exclusively to fund payroll, costs, mortgage interest, rent, and utilities payments over the eight weeks after getting the loan.

If you do not maintain your staff and payroll, the loan will not be forgiven. The interest rate for an unforgiven loan is 1% with a maximum term of two years. Make sure you fully understand all the requirements before applying for this loan.

BlueVine invoice factoring

BlueVine specializes in providing invoice factoring to small business owners who need some fast cash to invest in employee salaries, equipment, and other relevant expenses. If you apply for the loan, the company can pay you 85-90% of the total amount of the invoice, and the cash can be deposited in your account in a matter of days.

Instead of waiting for your clients to settle their debts with you, you can get money instantly. BlueVine factoring reviews show that clients use this type of financing mostly because the lender doesn’t require a high business credit score.

Also, thanks to BlueVine’s easy-to-use dashboard, obtaining invoice financing is fast and simple. As soon as you create your BlueVine account, you can connect your own invoicing software (currently, BlueVine is compatible with Quickbooks, Xero, and FreshBooks), or you can use BlueVine’s dashboard to choose which invoices you’d like to take a loan against.

Loan amounts range from $20,000 to $5 million, and the repayment term can be anywhere from one to 13 weeks.

To qualify for this loan, you’ll need to fulfill the following criteria:

  • Credit score of at least 530
  • Business revenue of at least $10,000
  • Business needs to have been in operation at least three months
  • Be based in the United States
  • Not have any active bankruptcies

BlueVine line of credit

The next type of BlueVine capital you can use is a traditional line of credit. As you probably already know, a line of credit is like a pool of money borrowed from the lender and used for a range of purposes, such as buying inventory. It works similarly to a credit card, meaning you can access your funds at any time you want. The amount you take needs to be less than or equal to the credit you’ve borrowed.

Like the majority of online lenders, BlueVine offers “revolving credit”. This means that you can spend money, repay the debt you’ve accrued, then use more funds.

This form of BlueVine credit allows you to borrow between $5,000 and $250,000. When you first take money from the account, the drawing limit ranges from $5,000 to the maximum amount of credit you qualify for.

There are two types of BlueVine lines of credit: Flex 6 (loan term is six months) and Flex 12 (loan term is 12 months). According to BlueVine line of credit reviews, clients generally don’t find BlueVine’s line of credit requirements to be too demanding:

To qualify for the Flex 6 package, a business must:

  • Have a credit score of 600 or higher
  • Generate at least $10,000 in monthly revenue
  • Be in operation at least six months
  • Be based in the United States (excluding North Dakota, South Dakota, and Vermont)
  • Not have any active bankruptcies

To qualify for the Flex 12 package, a business must:

  • Have a credit score of 650 or higher
  • Generate at least $500,000 in revenue annually
  • Be in operation at least two years
  • Be based in the United States (excluding North Dakota, South Dakota, and Vermont)
  • Not have any active bankruptcies

BlueVine term loans

If you’re looking for a short-time loan with a fixed interest rate, you might consider BlueVine’s term loans. The maximum amount you can borrow is $250,000.

With BlueVine’s term loans, you will receive the whole amount of money upfront and without origination fees. The only additional fee you need to pay is for the bank wire transfer, which costs $15. Although the repayment period is short, BlueVine term loans don’t have a draw fee, which is a plus. The minimum BlueVine interest rate is 4.8% over a period of six or 12 months, but in some cases can be much higher than that.

There’s also the option of renewing your term loan. Once you pay off 50% of your loan, you can expect to qualify for renewal.

To get term loan, a business must:

  • Have a credit score of 600 or higher
  • Be in operation at least six months
  • Generate at least $10,000 in monthly revenue
  • Present its three most recent monthly bank statements
  • Be based in the United States (excluding North Dakota, South Dakota, and Vermont)
  • Not have any active bankruptcies

Application Process

Before you start applying for a BlueVine loan, make sure your business fulfills the company’s minimum requirements. Depending on which type of loan you are applying for, your business needs to have a credit score of at least 600 (530 for invoice factoring) and at least $10,000 in monthly revenue.

Your business will also need to have been in operation for at least six months (three months for invoice factoring) before applying for a loan. As soon as you check these parameters, you can start the application process.

BlueVine offers perhaps the easiest and fastest way to get financing in the USA. The approval process takes only a few minutes, and the money arrives incredibly quickly. BlueVine lending reviews on the internet attest to the fact that you can start using your funds just a few hours after getting approval.

You need to follow further instructions to complete the application process:

  • Go to BlueVine’s homepage.
  • Click on the “Apply Now” button.
  • Fill out the required personal and business information.
  • Check the loan terms and conditions and upload the documents that the lender requires.

What information do I need to apply?

To open your BlueVine account and complete the application process, you’ll need to provide the following information:

  • How much money you need
  • Which financing type you want to use
  • First and last name
  • Preferred phone number
  • Email address
  • Password
  • Connect to Quickbox Online (optional)

BlueVine reviews almost unanimously testify that the application process is fast and smooth. After you’ve submitted your application, you can expect a call from a BlueVine representative. You’ll then need to provide some additional information, such as the business’s tax ID, the business owner’s Social Security number, and the business’s three most recent monthly bank statements.

The BlueVine representative will check your business to see if it is eligible for the loan you’re applying for. Besides standard requirements like your FICO score and the financial health of your business, the final decision regarding your loan will depend on a number of other factors. Some of these factors include your business history and cash flow as well as the reliability of your customers.

However, the great thing about BlueVine factoring is that it’s really easy to get even if your credit score isn’t so good. Our BlueVine review is just one among many confirming that the lender’s requirements are flexible, especially when it comes to credit score.

BlueVine is also well-known for lightning fast approvals and transfers of funds. No matter what type of financing you’re looking for, it will generally take less than 24 hours from the beginning of the application to approval. After that, your money will arrive in just a few hours.

In-Depth Description of Features

BlueVine offers multiple financing options, including lines of credit, term loans, and invoice factoring. Borrowing amounts range anywhere from $5,000 to $5 million and loans come with fixed BlueVine rates. To apply for any of these types of loans, a business needs to have been in operation for at least three months with a credit score of 530+ and a minimum monthly revenue of $10,000.

BlueVine is the first choice for many business owners mainly because of its easy and fast application process. The capital you borrow can arrive in your account just a few hours after you finish the application.

Besides fast funding, this lender allows businesses that don’t have a high credit score to get loans. Additionally, BlueVine user reviews praise the lender as a good solution for beginners since the minimum time you need to be in business is only three months.

However, borrowers should bear in mind that loans received from BlueVine are short-term, meaning they come with a higher interest rate. The APR depends on which type of loan you take out, the amount of money you use, and your business’s strength, but it can be as high as 88%.

Loan amount and APR details

BlueVine loans have fixed interest rates. However, the repayment period is usually short, and as such the APR is automatically higher than what you’d see with some other lenders. On the other hand, there are no surprising BlueVine fees like origination fees or termination fees.

  • Loan amount: $5,000 to $5 million
  • Interest rate: starts at 4.8% over a period of six or 12 months
  • APR: 15% to 88%
  • Fees: No origination fee
  • Loan term: 1-52 weeks
  • Payment terms: Weekly or monthly

Eligible and Ineligible Businesses

As evidenced by BlueVine credit reviews, this lender provides services to a variety of industries, including IT services and technology, wholesale trade and distribution, and manufacturing, just to name a few. As we’ve already mentioned, BlueVine is not strict in terms of enabling businesses with a low score to apply for credit. But there are a few other criteria that businesses need to fulfill to get funds.

Before you get confirmation as to whether or not you’re eligible for BlueVine’s services, your business will be checked thoroughly by the lender’s agents. There is a fairly long list of industries that are not suitable for BlueVine capital:

  • Gambling
  • Pornography and associated paraphernalia
  • Political campaigns
  • Potentially illicit substances (including medicinal marijuana) and associated paraphernalia
  • Firearms and associated paraphernalia
  • Financial institutions and lenders (including insurance providers)
  • Donation-based non-profits
  • Auto dealerships

Repayment Terms

BlueVine takes weekly or monthly payments, depending on which service you use. If you take out a line of credit, there are both weekly and monthly options. Meanwhile, a weekly rate is charged for loan terms. The maximum repayment period is 12 months.

BlueVine automatically charges a fixed interest rate each week or month, so you don’t need to worry about calculating how much you have to pay. Of course, this lender allows you to repay your loan ahead of time if you’re able to do so. Note, however, that you’ll need to repay the full interest amount; there are no discounts for paying early.

The Bottom Line

Overall, BlueVine is a good solution for small businesses looking for fast and simple solutions to get funding. Many positive BlueVine capital reviews show that this lender is an extremely popular choice for B2B businesses since it provides large amounts of money almost instantly with very low credit score requirements. On the other hand, BlueVine’s loan periods are short, which bumps the interest rate up higher.

BlueVine Review - Business Loan Reviews - Fortunly

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BlueVine Q&A

Is BlueVine legit?

Yes, BlueVine is legit. This company provides fast and simple access to funds whether you’re looking for invoice factoring services, short-term loans, or a line of credit for your business.

Who owns BlueVine?

BlueVine is owned by Eyal Lifshitz. The company was founded in 2013 and has since provided financial support to more than 25,000 small business owners.

How does BlueVine work?

BlueVine is known for its simple application process; there are hundreds of positive BlueVine reviews attesting to just how easy it is to get funding here. You’ll need only a few minutes to fill in the form on the company’s website, after which a BlueVine representative will promptly contact you to ask for additional information about your business. After that, your loan will be approved within 24 hours, and you can start using the money very soon after.