BlueVine 2020 Review
Alternative lenders take the easy availability of the internet and use it to their advantage, but BlueVine lending has taken it one step further.
This lender is completely paperless, meaning borrowers don’t even have to sign a contract and send it back to the company.
BlueVine offers business lines of credit, term loans, and invoice factoring, providing small and medium businesses with flexible options to meet their financing needs. Funding is available from $5,000 to $5 million, and BlueVine says they can approve financing in as little as five minutes.
BlueVine financing reviews point to their easy, transparent application process as a main draw for many business owners.
BlueVine Lending: What You Need to Know
Founded in 2013, BlueVine has provided more than $2 billion in financing to more than 20,000 business customers. They have offices in California, New Jersey, and Louisiana.
Unique to BlueVine among other lenders is invoice factoring, which allows businesses that invoice clients to obtain financing against those unpaid invoices.
For businesses that do not invoice clients, there are more traditional term loans or business lines of credit.
BlueVine reviews say qualifying for funding is relatively easy for many businesses, and the company’s overall requirements for funding are lower than many other lenders. Their fees can be a little higher than what you may find with other lending companies, but the quick turnaround time for receiving funding, the easy access to financing, and the helpful customer service representatives make it a top choice for many.
Why Business Owners Choose BlueVine
BlueVine offers a limited range of financing options - invoice factoring, lines of credit, and term loans - but the options they do offer are enough to cover a variety of business needs.
The minimum credit score required to qualify for BlueVine's line of credit or term loan is 600 and for BlueVine's invoice factoring is 530, making funding more accessible to business owners with not-so-great credit.
They also do approve funding for businesses with problems that may be disqualifying factors for other lenders, including:
- Tax liens, as long as the business can provide proof of a repayment plan
- Personal bankruptcy, as long as it has been at least one year since discharge
BlueVine also does not require a minimum bank balance to be eligible.
Applying for funding through BlueVine is quick, with some borrowers seeing offers as soon as a few minutes after their applications. The large funding amounts make them a great option for businesses that need lots of money in a short amount of time to cover an emergency expense or pay for something that has a short turnaround time.
BlueVine’s lending reviews note that the customer service experience is friendly and helpful, with representatives available to answer their questions and take care of problems as they arise.
- Funding from $5,000 to $5 million
- Flexible minimum qualifications, depending on product
- Funding to cover a variety of business needs
- Easy online application
- Fast time to approval and receive funding
- Excellent customer support
- Great for small businesses
How Does BlueVine Financing Work?
BlueVine offers three major products to its small business borrowers: term loans, invoice factoring, and business lines of credit. Funding from $5,000 to $5 million is available depending on the product chosen and the individual business’s qualifications.
Borrower qualifications vary from product to product at BlueVine, although they are more lax across the board than many lenders.
BlueVine financing isn’t available for all industries, including:
- Pornography and paraphrenalia
- Political campaigns
- Legal and illegal substances (including medicinal marijuana) and paraphernalia
- Firearms and paraphernalia
- Financial institutions and lenders, including insurance
- Donation-based non-profits
- Auto dealerships
BlueVine offers an easy online application, fast approvals, and quick access to funding.
Applying for BlueVine Financing
Business owners interested in receiving funding from BlueVine fill out a simple online application.
Provide basic information about yourself and your business, including your personal credit score, the amount of time you’ve been in business, and your annual revenue. You also need to give BlueVine either read-only access to your bank account or your last three months of bank statements so they can verify your financial information.
Approval is fast, with many applicants for term loans and lines of credit learning of their eligibility minutes after completing the application. The company does say that they typically reply to all applications within 24 hours, so a decision can take longer in some cases.
You can choose to receive your funds through bank wire for $15, or through an ACH transfer directly into your business bank account. A bank wire takes just a few hours, giving you quicker access to your cash, while an ACH transfer can take up to three days to clear.
Documents Needed to Apply for BlueVine
The documentation you need to apply for BlueVine depends greatly on your individual financial situation, the product you’re applying for, and how much funding you want.
All applicants are required to give BlueVine either read-only access to their bank account, or to provide the prior three months’ worth of banking statements.
BlueVine also may ask for documentation to verify your identity and your business information.
Where is BlueVine Available?
Eligibility for BlueVine's products varies from state to state.
Its business lines of credit are not available to businesses located in North Dakota, South Dakota, and Vermont.
Term loans are not available to businesses located in North Dakota or South Dakota.
Invoice factoring is available to businesses in all 50 states and the District of Columbia.
How to Apply for BlueVine Loans
- Visit BlueVine's official site.
- Select “Apply Now.”
- You will be asked some basic information, including how much funding you need, the type of financing you’d like, and your contact information.
- If you have Quickbooks Online and would like to connect it to BlueVine to easily transfer your information, select the option to connect. If not, select “Get Started.”
- You will need to provide information about yourself and your business, including your tax ID number, your credit score, and your average annual revenue.
- Upload your last three months’ worth of business banking statements, or connect your online bank account so BlueVine has read-only access.
Contact BlueVine: Website: www.bluevine.com Customer Service: (888) 216-9619 Hours: Monday-Friday, 8 a.m.-8 p.m. EST Saturday, 12 p.m.-4 p.m. EST Address: 401 Warren Street Redwood City, CA 94063
- Accredited service: BlueVine holds the top accreditation of an A+ from the BBB (Better Business Bureau).
- Experian reporting: BlueVine reports to the Experian credit bureau on the business credit side.
- Great customer service: BlueVine's representatives have overwhelmingly positive reviews from their customers, who reported that they were knowledgeable and quick to respond.
- Transparency: BlueVine's website provides two FAQ pages for those who are interested in signing up and consumers who are already customers. BlueVine provides excellent transparency on their rates and fees.
- Relaxed criteria: Borrowers do not necessarily need to have excellent credit scores to use BlueVine, since they accept a wide variety of qualifications.
- Fast funding: BlueVine is known for their quick funding.
- Flexible eligibility and financing options
- Funding from $5,000 to $5 million available
- Simple application with little required documentation
- ACH and wire transfers available
- Rates for borrowing can get expensive
- Weekly or monthly repayment options
- Terms only up to 12 months
- Not available in all states
How much you will pay to borrow money from BlueVine depends greatly on the product chosen.
BlueVine’s term loans have rates starting at 4.8%, and must be repaid in 6 or 12 months. There are no origination fees.
If you choose a business line of credit, you will make weekly or monthly payments on the money you borrow. Rates for lines of credit start at 4.8%
BlueVine’s invoice factoring is a little different.
When you choose invoice factoring, BlueVine advances you between 85% and 90% of the invoices’ value. You then receive the remaining amount, less any fees, when the client pays the invoice. These rates start at 0.25% per week.
For all of BlueVine’s products, choosing to receive your money via a wire transfer instead of ACH deposit costs $15.
What Types of Financing Are Available Through BlueVine?
BlueVine offers three types of financing for businesses: term loans, lines of credit, and invoice factoring.
These loans are the traditional loans many small businesses receive. Term loans from BlueVine are available in amounts from $5,000 to $250,000, and come with either 6 or 12-month repayment terms.
To qualify for a term loan through BlueVine, a business must have:
- Been in business for at least six months
- Have a personal credit score of at least 600
- Have at least $120,000 of annual revenue
Business Lines of Credit
Business lines of credit give owners the ability to access funding when they need it, up to their credit limit.
If, for example, you are eligible for up to $100,000 in a line of credit and only need $20,000 now, you can withdraw $20,000 from your line of credit. A few months down the line, if you need $90,000 of funding, you can withdraw that from your line of credit provided you’ve paid back at least $10,000 of your original draw.
BlueVine’s lines of credit are available from $5,000 to $250,000, and payments are automatically taken from your account on a weekly or monthly basis for either 6 or 12 months.
To qualify for a line of credit through BlueVine, a business must have:
- Been in operation for at least six months
- Have a personal credit score of 600 or more
- Have at least $120,000 in annual revenue
With invoice factoring, BlueVine advances a business between 85% and 90% of the total value of its outstanding invoices. Businesses do not have to select all their outstanding invoices to be considered for funding, but the higher the total value of invoices a business puts up, the more money they will have access to.
Invoice factoring from BlueVine is available from $5,000 to $5 million, and for businesses that offer business-to-business or business-to-government products and services.
BlueVine then keeps the portion of the invoice it advanced plus its fees, and passes the rest on to the business.
Businesses may only submit invoices that meet the following criteria:
- The product or service was completed, delivered, and accepted by the business’s customer
- The customer is based in the United States or the English-speaking provinces of Canada
- The customer is a business, not an individual consumer
- The invoice’s face value is higher than $500
- The payment term is shorter than 13 weeks
- The due date is at least one week away
To qualify for invoice factoring with BlueVine, a business must:
- Have been in business for at least three months
- Generate at least $10,000 in monthly revenue
- Have a personal credit score of 530 or higher
Business financing needs aren’t a one-size-fits-all situation. To help small businesses find the financing solutions that are right for them, BlueVine offers flexible options.
Access to funding can be granted in as little as a few minutes after approval, and requirements for lending are less strict than many other lenders. Business owners can borrow between $5,000 and $5 million, depending on their qualifications and the type of funding chosen.
While BlueVine’s fees can be higher than many other lenders, they make up for it in customer service, quick processing of applications, and flexible borrower requirements.
Frequently Asked Questions
Who’s eligible for funding through BlueVine?
Most businesses in the United States are eligible for BlueVine’s term loans and lines of credit. However, those two products are not available in North Dakota and South Dakota. Additionally, business lines of credit are not available in Vermont.
BlueVine’s lender requirements vary from product to product, with minimum required credit scores starting at 530, minimum annual revenue starting at $120,000, and time in business starting at three months.
How much does BlueVine cost?
Here are BlueVine’s base interest rates and fees for its products:
- Lines of credit: Rates start at 4.8%
- Invoice factoring: Rates start at 0.25% per week
- Term loans: Rates start at 4.8%
BlueVine also charges draw fees on its lines of credit, as well as a $15 fee for wire transfers.
Is it easy to qualify for BlueVine?
With its varied financing options and more flexible requirements, many business owners find it easier to qualify for BlueVine than other lenders.
Will I be charged more if I pay my line of credit off early?
No. BlueVine does not charge repayment fees.
Does BlueVine report to the credit bureaus?
BlueVine reports to the Experian credit bureau.
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