Bluevine

Bluevine Reviews

Bluevine Reviews
Author pictureAuthor picture
Author picture
Written by
Author picture
Edited by

Our promise. We provide a buying advantage with verified reviews and unbiased editorial research.

About Bluevine

Bluevine is a fintech company established in 2013 that partners with Celtic Bank to offer flexible lines of credit to small businesses. As a nonbank lender, Bluevine emphasizes speed and convenience, enabling businesses to apply for credit lines up to $250,000 and receive funds in as little as 24 hours.

Pros & Cons

Pros
  • Fast funding
  • Minimal fees
  • Easy online application
  • Transparent requirements
  • Weekly and monthly repayment plans
Cons
  • Not available in NV, ND and SD
  • High revenue requirement
  • No term loan options
  • Doesn’t list interest rates on website

Our editor’s take on Bluevine

Bluevine's line of credit offers a compelling option for small business owners seeking quick access to funds. We like that the platform offers rapid approval times, often within minutes, and a user-friendly online experience. Also, the absence of origination, maintenance and prepayment fees lowers the overall cost of borrowing for businesses.

But it has some drawbacks. Bluevine's strict eligibility criteria, which include a minimum credit score of 625 and high monthly revenue requirements, could be prohibitive for new or smaller businesses. It’s also not available in Nevada, North Dakota and South Dakota.

Bluevine products

Bluevine has two financial products designed for small business owners: a line of credit and a checking account.

Line of credit

Bluevine's line of credit provides businesses with the flexibility to draw funds on an as-needed basis, charging interest only on the amount used. This revolving credit can be a lifeline for businesses managing cash flow or looking to capitalize on new opportunities quickly.

Key features include:

  • Credit line limits: $6,000 to $250,000
  • Funding speed: Decisions take around five minutes; funding takes around 24 hours
  • Repayment options: Weekly or monthly installments over six or 12 months
  • Fees: No fees for opening, maintaining, prepayment or account closure

Business checking account

Bluevine’s business checking account comes with almost no fees, and you have the potential to earn 2% interest on your balance — a unique feature not commonly found in business checking accounts. You can also create sub-accounts for things like taxes and payroll.

Bluevine rates

Bluevine doesn’t advertise rates for its business line of credit. You must apply to find out what rates you qualify for.

Bluevine fees

Bluevine charges minimal fees. There are no costs for opening, maintaining or prepaying the line of credit. A $15 fee applies for same-day funding via wire transfer.

If you miss a payment on Bluevine's weekly repayment plan, you must make a catch-up payment to remove the hold from your account. This payment includes two weeks of repayments, a late fee of 5% of the missed amount (at least $35) and any accrued interest and fees.

On the monthly plan, Bluevine will try to take the missed payment again the following week, adding the interest from the next month's payment and any fees. If you miss that payment, your account will go on hold until you make a catch-up payment, which must cover that month's repayment, a 5% late fee (at least $35), interest for both the missed and next month's payments and any other accrued fees.

How to apply for a Bluevine loan

You can apply for a Bluevine line of credit completely online. You’ll need your Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN), as well as your Employer Identification Number (EIN).

To qualify, businesses must:

  • Have a personal FICO score of 625 or higher
  • Be operational for at least 24 months
  • Have a monthly revenue of $40,000 or an annual revenue of $480,000
  • Be a corporation or LLC in good standing in an eligible U.S. state
  • Have no bankruptcies in the past three years

Bluevine’s line of credit isn’t available to businesses in Nevada, North Dakota and South Dakota. Any business type can apply except for general partnerships and sole proprietorships.

Also, your business can’t be in one of these restricted industries:

  • Gambling
  • Pornography and paraphernalia
  • Political campaigns
  • Illegal substances
  • Other controlled substances and paraphernalia (including cannabis and medical marijuana)
  • Firearms and paraphernalia
  • Financial institutions and lenders
  • Donation-based nonprofits
  • Auto dealerships

How does Bluevine compare?

If Bluevine’s requirements make you ineligible for a line of credit, you might want to look into other business loan lenders like Fundbox and American Express. Both have lower revenue and business-age requirements. Also, Fundbox requires a lower credit score than Bluevine.

Here’s how their line of credit products compare:

Bluevine FAQ

Does Bluevine do a hard pull on your credit?

If you’re an LLC or corporation, Bluevine will only perform a soft credit check, which doesn’t affect your credit score.

How hard is it to get approved for a Bluevine line of credit?

Bluevine has more stringent requirements for its line of credit than some competitors, so it may be more difficult to get approved depending on your credit profile.

What credit score do you need for a Bluevine line of credit?

You need to have a minimum FICO score of 625 to qualify for a Bluevine line of credit with weekly repayments spread over six months. You need a minimum FICO score of 700 to qualify for a line of credit with monthly repayments spread over 12 months.

Is Bluevine legit?

Bluevine has been providing financial solutions to small businesses since 2013. It partners with Celtic Bank to issue its lines of credit and doesn’t have any derogatory marks against it at the time of publishing. While Bluevine has maintained a positive reputation, always review the terms and compare Bluevine to other business loans to find the best option for your needs.

Recent
  • Recent
  • Oldest
  • Most helpful
Select stars to rate your experience
Very dissatisfied with the experienceDissatisfied with the experienceSatisfied with the experienceHappy with the experienceWould recommend to a friend

A link has directed you to this review. Its location on this page may change next time you visit.

Loading more reviews...

Bluevine Company Information

Company Name:
Bluevine
Website:
www.bluevine.com