BlueVine Review [2021 Business Loans]

Bucky Wucky Finance > Business Loans > BlueVine Review [2021 Business Loans]
BlueVine Review

Bucky Wucky does have sponsors, and we may work with companies to provide you with the best content, information, and data on business and personal finance. Some links on our site may be affiliate links. While our sponsors may pay us, we only work with companies that align with Bucky Wucky’s values.

BlueVine Review 

Launched in 2013, BlueVine is an online lending service that helps businesses quickly access loans and lines of credit.

In the last seven years, BlueVine has lent out over $3 billion in funds to more than 25,000 borrowers and has created a reputation for being a transparent and convenient way for business owners to borrow money. 

However, this transparency and convenience come at a cost, as BlueVine’s services can sometimes be more expensive than other alternatives.

The cost however does not seem unreasonable when you look at the helpful services that BlueVine provides.

Let’s discuss whether BlueVine is right for you, as a business owner searching for business financing with our BlueVine review. 

What Services Does BlueVine Offer?

  • Invoice factoring
  • Lines of credit
  • Term loans
BlueVine Small Business Loans

Eligibility Requirements

The eligibility requirements vary among the three services provided. You must at a minimum meet the requirements listed below for the financing solution that interests you. However, some borrowers may need to meet additional requirements in certain cases. 

Invoice Factoring Requirements 

BlueVine’s invoice factoring service gives you access to fast cash by selling your unpaid customer invoices to BlueVine at a discount. BlueVine then gives you an advance on the invoice and the customer that owes you money pays off the invoice with BlueVine. 

Time in Business: 3 months
Credit Score: Minimum 530
Business Revenue: At least $10,000 per month
Location: U.S based

Six Month Line of Credit (Flex 6) Requirements

The six-month line of credit is called Flex 6 and requires weekly payment. 

  • Time in Business. 6 months
  • Credit Score. Minimum 600
  • Business Revenue. At least $120,000 per year
  • Location. U.S based except North and South Dakota
  • Industry. Most except prohibited industries, financial services, and nonprofit organizations

12 Month Line of Credit (Flex 12) Requirements

BlueVine also offers a twelve-month line of credit. It is possible to switch from a six-month credit line to a twelve-month credit line. Customers that want to switch from Flex 6 to Flex 12 must make at least ten weeks of repayments to qualify, in addition to meeting revenue and credit score requirements.

  • Time in Business. 2 years
  • Personal Credit Score. Minimum 650
  • Business Revenue. At least $500,000 per year
  • Personal Credit Score. 620
  • Business Revenue. $900,000 per year
  • Location. U.S based except for North and South Dakota
  • Business Type. LLC Corporation, Ineligible Businesses, Sole Proprietors
  • Industry. Most except prohibited industries, financial services, and nonprofit organizations.

Term Loan Requirements

  • Time in Business. 6 months
  • Credit Score. Minimum 600
  • Business Revenue. At least $120,000 per year
  • Term Limit. 6 or 12 months

BlueVine Rates and Terms

The terms and rates for each service are listed below.

Invoice Factoring Terms and Rates

Here are the terms and rates for BlueVine’s invoice factoring service:

  • Credit Facility Size. $20,000 to $5 million
  • Advance Rate. 85% – 90%
  • Discount Rate. 0.25% to 1.7% per week
  • Max Overdue Account. 13 weeks (91 days)
  • Additional Fees. $15 wire transfer fee (no charge for ACH transfers)
  • Contract Length. Not Applicable
  • Monthly Minimums. Not Applicable
  • Factor All Invoices. Not Applicable
  • Recourse or Non-Recourse. Recourse
  • Notification or Non-Notification. Both

Lines of Credit Terms and Rates

Here are the rates and fees for both Flex 6 and Flex 12 credit line products:

  • Credit Facility Size. $6,000 – $250,000
  • Term Length. 6 or 12 months
  • Interest Rate. Flex 6: 0.3% – 1.5% per week. Flex 12: 1.5% – 6.5% per month
  • Draw Fee. 1.6% – 2.5% per draw
  • APR Range. 15% – 78%
  • Personal Guarantee. Yes

BlueVine offers two different lines of credit. 

  • Flex 6 with a term length of 6 months, with lower eligibility requirements, and
  • Flex 12 with a term length of 12 months, with higher eligibility requirements.  

What’s nice about BlueVine is that you can secure funding as a new business, with only a fair credit score. However, they have high turnover requirements, as your business must bring in at least $10,000 a month. 

Although the maximum line of credit is $250,000, the amount that your business receives will depend on your financial strength and creditworthiness. There are no extra or hidden charges but every time that funds are drawn from the line of credit, BlueVine charges 1.6% in fees. 

Lines of credit have no early payment penalty; therefore, borrowers can save money by making early interest payments. Interest will only accrue on the outstanding amount, so the earlier your business pays, the more you can save.

More About Term Loans

BlueVine’s newest financial product is their business term loans. On the surface, the loans seem like the lender’s lines of credit. The primary difference is that instead of drawing funds as needed on a line of credit, you will instead receive your loan as one lump sum payment.

These are the terms and fees for BlueVine’s term loans:

  • Borrowing Amount. $5,000 – $250,000
  • Term Length. 6 or 12 months
  • Interest Rate. Starts at 4.8%
  • Origination Fee. Not Applicable

Once again, the higher limit for the loan depends on the financial strength of the borrower. Term loans require a weekly repayment plan and the amount is deducted automatically from the borrower’s account by BlueVine. 

BlueVine Financial Product Application Process

The application process is simple and convenient. To apply, you simply need to create an account and provide personal and business-related financial details such as bank statements. BlueVine representatives can also help you fill out financial documents and complete the application process. 

Once you submit your business financing application, BlueVine will contact you after at least 24 hours. If approved, you will receive your loan, line of credit, or invoice advance into your account in 24 to 72 hours. 

It takes around 3 days to receive your funds if you’re using the invoice factoring service, as your customer’s creditworthiness also determines the terms of your advance from BlueVine. 

BlueVine Customer Service 

 You can contact BlueVine via:

  • Phone
  • Email
  • Social media platforms

BlueVine’s customer service is helpful and responsive. Their FAQs are also helpful whenever you have a question about the application or repayment process. As mentioned above BlueVine scores high on transparency. Their site is set up in a manner that is helpful for both new and existing customers.

BlueVine Reviews

BlueVine has mostly positive reviews from customers. Negative reviews are rare and when customers do leave negative reviews they are mostly about expensive fees or the inability of the applicants to qualify for BlueVine. 

The most frequent complaint is that BlueVine often rejects line of credit withdrawal attempts if the credit score of a borrower drops below a certain threshold. BlueVine is therefore very strict when it comes to the creditworthiness of their loan holders.

Positive reviews often discuss the ease of making payments and tracking transactions. When it comes to keeping payments and accounting straight, you can either use BlueVine’s platform or sync payments with your own software. There are app integrations available for QuickBooks, Xero, and FreshBooks.

BlueVine Pros and Cons

Pros

  • Low eligibility requirement
  • Low cost
  • Top-notch customer service

Cons

  • The cost can be high for businesses with low fundamentals
  • Quick repayment structure

BlueVine Competitors

Some BlueVine alternatives are:

BlueVine Review: Parting Thoughts

BlueVine is a good option for small businesses that need capital quickly. The products BlueVine offers help businesses meet their short-term financing needs. This is especially true of the invoice factoring service, which is meant to provide financing over a short period of time. BlueVine’s rates are market competitive with low eligibility requirements, except for business income. The combination of these factors makes BlueVine one of the most suitable lenders available to finance small businesses and recently established companies.

Get Started With BlueVine

Find out how much you can borrow without affecting your credit score

Enjoy our BlueVine review?

You may also be interested in our Fundbox Review.

Find Us On Social Media

Own A Home And Need Cash?

haus calculator

Switch & Save On Your Car Insurance

Newsletter

Join our mailing list!

Apply For A Clearbanc Business Loan