Do you own a business that needs access to quick and easy funding?
BlueVine might be just the solution you’re looking for. Let’s check out what this company is and what it offers.
In this BlueVine Review, I’ll go over:
- Loan offers
- Qualifications and terms
- BlueVine reviews
- Alternatives
- Application process
- Customer service
- Pros and cons
BlueVine Bio and History
To get started, let’s check out the basic information you need to know about BlueVine.
BlueVine provides financing for small or medium-sized businesses. The company was founded in 2013, with headquarters in Redwood City, California, and offers a fast, fully digitized application and underwriting process.
BlueVine Bio and History
- Business term loans
- Lines of credit
- Invoice factoring
- Short-term loans
- Equipment loans
- Commercial real estate loans
- Merchant cash advances
If you want to find out even more about the services this company offers, stay tuned for the full BlueVine Review.
BlueVine Borrower Terms and Requirements
Now let’s get into some more detail regarding the loans. Here are the terms and qualification criteria for a BlueVine loan:
| Feature | Data |
| Minimum time in business | 6 months |
| Credit score | 600 (if annual revenue is above $200,000)
650 (if annual revenue is between $60,000 and $200,000) |
| Annual revenue required | Depends on the loan type |
| Borrowing amounts range | $5,000–$5,000,000 |
| Borrowing fee | None |
| Origination fee | 1.5% |
| Funding time | In a couple of hours |
| Location requirements | US |
| Bankruptcies | No active bankruptcies allowed |
| Eligible industries | B2B companies |
| Personal loan guarantee required | Yes |
| Collateral | None |
| APR | 17%–60% |
Overall, the minimum qualifications that you must meet to apply for a loan at BlueVine are:
- 600+ FICO
- 6+ months in business
- $10,000 in monthly revenue
Qualifying for BlueVine funding will also depend on what product you apply for. BlueVine does not fund businesses that work in the sphere of:
- Gambling
- Adult entertainment or paraphernalia
- Political campaigns
- Legal and illegal substances (e.g., marijuana)
- Firearms and paraphernalia
- Lenders and financial institutions
- Donation-based nonprofits
- Auto dealerships
What about repayments?
Repayments depend on the type of loan that you choose. Let’s check out the terms:
- The repayment period for business term loans is 1.5 to 5 years. The interest rates vary depending on the credit score but begin at 8–10%.
- The repayment period for SBA loans can be up to 25 years. If you’re borrowing a larger sum of money (up to $5.5 million), then the interest rates begin at about 5%. However, these loans are usually given only to the most qualified business owners.
- Business lines of credit have short repayment terms—up to 12 months, which means you’ll have to pay a larger sum of money in a shorter period (weekly or monthly). Interest rates start at 5% but go up to 35% (depending on your credit score).
- With invoice financing and factoring, you can either sell the invoice to a financing company or repay the lender when a customer pays you. Fees for invoicing involve a processing fee and a daily percentage. Additionally, the loan lasts until your customer pays.
- Short-term loans can be repaid in 18 months. Repayments are set up weekly or even daily.
- The loan rates for equipment loans are not always the same as they depend on the equipment. The interest rates are around 8–30% (depending on your credit score and type of equipment). You can bring a quote to the lender who will finance the buying of the equipment, or you can take a business line of credit and use the draw to pay for the equipment.
Additionally, lines of credit and term loans are not available for North Dakota, South Dakota, and Vermont businesses. The other types of products are available in Vermont, but the Dakotas are only limited to the invoice financing option.
Competitors
Some of the top competitors of BlueVine are Kabbage and OnDeck. Let’s see how they differ:
BlueVine vs. Kabbage
Both BlueVine and Kabbage provide business lines of credit, and both offer up to $250,000 with APRs starting at 18%. Both company’s repayment terms for the lines of credit are 6 to 12 months. But the two differ in their requirements:
- Kabbage: 1 year in business and $50,000 annual revenue
- BlueVine: 6 months in business and $100,000 annual revenue
BlueVine vs. OnDeck
OnDeck generally has lower starting and maximum APRs than those offered by BlueVine. But while OnDeck has a monthly maintenance fee, BlueVine has no fee, making it more affordable for many businesses.
BlueVine Application Process
How do you apply for a loan with BlueVine? Easy—just follow the steps below:
1) Apply online or by phone
Go to the official BlueVine website and enter your basic information:
- Personal and business details
- Bank statements for the last three months
- Basics on invoices
If you prefer to apply by phone, you can call:
- (888) 216-9619 for lines of credit
- (650) 446-8747 for invoice factoring
Get approved
Getting approved can take as little as five minutes if you’re applying for lines of credit or 24 hours if you are applying for invoice factoring.
Get funds
Once approved, get cash in your bank account as fast as within a few hours if you’ve been approved for lines of credit, or get an 85%–90% cash advance for invoice factoring.
Payments are auto-debited from your bank account each week, so there’s no need to worry about missing one.
Customer Service and Technical Support
BlueVine customer service is available by:
- Phone – You can call customer support reps at (888) 216-9619 Monday through Friday from 8 am to 8 pm ET and Saturday from 12 pm to 4 pm ET.
- Email – You can also email support using the contact form or by sending a message directly to [email protected].
- Social Media – For less formal contact methods, the company maintains accounts on Twitter and Facebook.
Not only are there several ways to reach BlueVine, but there’s also a way to learn about the company’s offers without getting in touch with a person. BlueVine has an outstanding FAQ, which makes it even easier to learn about the company’s services. But don’t get me wrong, BlueVine representatives are beneficial and responsive.
BlueVine User Reviews
Like every company, BlueVine has both positive and negative responses from its users. So let’s check them out.
Negative Reviews and Complaints
The Covid-19 pandemic has created a challenging situation for BlueVine, which gained the company some negative reviews.
Nevertheless, the Better Business Bureau gives the company an A rating. Sadly, this is down from an A+ rating with around 30 complaints, most of which were in 2020.
Negative feedback cites a number of issues that some companies have:
- Denial of funding despite meeting all application requirements
- Difficulties with the underwriting or approval process
- A lender requiring excessive information for approval
- Draws rejected or sudden inability to draw on a credit line
- High-interest rates
Positive Reviews and Testimonials
With more than 5,000 reviews on Trustpilot, BlueVine has gained a rating of 4.4 out of 5. Merchant Maverick gives the company 4 out of 5 stars.
Positive feedback from customers includes:
- A good alternative to bank loans
- Fast access to funding
- User-friendly platform
- Reliable communication from the lender
- Attentive and responsive customer service
In general, merchants like BlueVine’s services for solving their cash flow problems.
Pros and Cons
Let’s check out some of the main advantages and disadvantages of BlueVine.
Pros
- Financing available for startups
- Low credit score qualifications
- Fast and easy application
- Funds get disbursed quickly
- No-fee checking accounts
- Easier to qualify for than bank or SBA loans
Cons
- Financing not available in some states
- Rates can be high
- Repayment terms not flexible
- No savings account
Conclusion
If you haven’t been in business for a long time or don’t have a high credit score, that won’t be a problem for BlueVine, since it has less demanding requirements than banks.
The company’s application process is quick and easy, and its customer service is outstanding. There is more than one way to reach client reps, and they’re happy to help you get a loan.
As you may have noticed in our BlueVine review that loans from the company can be a bit steep, but the quick financing and the many options make up for that.
FAQ
1. Is BlueVine legit?
BlueVine is a legitimate financing provider for small and mid-sized businesses. The company has been on the market for around eight years and has a good reputation.
2. How does BlueVine work?
All you need to do to get financing for your business from BlueVine is apply online by filling in all the necessary information. Once you’re approved, funds will be sent to you within hours!