Bluevine Line of Credit: 2023 Review
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Pros and cons of Bluevine line of credit
| Pros | Cons |
|---|---|
Quick funding Very few fees Interest rates and credit requirements are fairly middle of the road | Must pay a $15 fee to access same-day funding. Otherwise, funding can take as long as three days Relatively high monthly revenue requirements While interest rates and credit requirements aren’t too high, you can find lower if you shop around. |
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Bluevine line of credit review
Bluevine is a financial technology company that also offers business checking accounts. Its only business lending product is a line of credit issued by Celtic Bank. Founded in 2013, Bluevine offers middle-of-the-road rates, but lightning-fast time to funding.
Who is Bluevine for?
- Newer businesses with relatively high revenue. You only need six months of business history to qualify for a Bluevine line of credit, but you will need to prove at least $10,000 in revenue per month.
- Those looking for quick funding. Bluevine can get your loan funded in as little as a few hours — if you’re willing to pay a $15 fee.
- People with less-than-perfect credit who want to pay reasonable rates. Starting rates aren’t the lowest at Bluevine, but they start out far from predatory — and the minimum credit score is only 625.
Bluevine line of credit at a glance
| Product | Loan amounts | Repayment term | Starting interest | Fees |
|---|---|---|---|---|
| Line of credit | $6,000-$250,000 | 6 or 12 months | Starting at 6.20% simple interest for a 26-week repayment term | $15 wire transfer fee for same-day draws |
Line of credit
Business owners can secure a Bluevine business line of credit for amounts between $6,000 and $250,000. Repayment terms are either 6 or 12 months, which makes the product a good option for working capital needs. Interest rates start at 6.20% simple interest for a 26-week repayment term.
Bluevine has speedy funding — they claim you can get approved in as little as five minutes, and that funding can be provided within a few hours. But to get the fast funding, you will need to use a wire transfer. There is a wire transfer fee of $15. You can avoid this fee by opting to receive your loan proceeds via ACH, but it will cost you in terms of time. ACH transfers are sometimes available the next day, but can take up to three business days to complete.
Bluevine line of credit borrower requirements
| Column-1 | Column-2 |
|---|---|
| Minimum annual revenue | $480,000 |
| Minimum time in business | 24 months |
| Minimum credit score | 625 |
Your business should be operational for at least 24 months to qualify for a Bluevine line of credit, and it must pull in at least $10,000 per month. You must also be a corporation or LLC — sole proprietors will not qualify. Your business must have a credit score of at least 625 with no bankruptcies in the past year. Your business must also be in good standing with your secretary of state.
Businesses in the following industries are prohibited from receiving a Bluevine line of credit:
- Auto dealerships
- Nonprofits that operate through donations
- Financial institutions and lenders
- Insurance companies
- Cryptocurrency businesses
- Penny auction companies
- Businesses involved in illegal or controlled substances, including marijuana-related products
- Businesses dealing with firearms and paraphernalia
- Political campaigns
- Pornography and paraphernalia businesses
- Illegal gambling operations
Regardless of industry, businesses based in Nevada, North Dakota or South Dakota aren’t eligible for Bluevine lines of credit.
Required documents
During the application process, Bluevine will ask for permission to access your business checking account data through Plaid. Alternatively, you could opt to provide bank statements from the past three months instead.
You will also be asked to provide basic contact and personal information and documents for yourself and your business, including your business tax ID/Employer Identification Number (EIN), annual revenue and information about any existing financing.
Alternatives to Bluevine line of credit
| Bluevine | Fundbox | American Express Business Line of Credit | |
|---|---|---|---|
| Minimum credit score | 625 | 600 | 660 |
| Loan products offered | Line of credit | Line of credit | Line of credit |
| Time to funding | Same day to 3 days | Next day | 1-3 days |
| Starting interest rates | Starting at 6.20% simple interest for a 26-week repayment term | Starting at 4.66% | 2%-9% for 6-month loans 4.5% for 12-month loans 6.75%-27% for 18-month loans |
| Maximum loan size | $250,000 | $150,000 | $250,000 |
| Minimum annual revenue | $480,000 | $100,000 | $36,000 |
Bluevine vs. Fundbox
If you have a credit score between 600 and 624, or you can’t meet the annual revenue requirement but do bring in six figures, you may want to consider Fundbox. Although the simple interest rates look comparable, Fundbox’s shorter terms may make borrowing costs dramatically more expensive. The maximum loan size is smaller at Fundbox, too — only $150,000 compared to $250,000 at Bluevine.
Bluevine vs. American Express Business Line of Credit
If you can meet the minimum credit score requirement of 660, American Express Business Line of Credit is usually a more affordable way to take out a line of credit. Aside from credit score, the rest of the barriers to entry are lower. You only need $3,000 in monthly revenue to qualify compared to Bluevine’s requirement of $10,000 per month. Maximum loan size is the same with both lenders, but American Express Business Line of Credit’s fee structure makes it hard to compare rates.