Bluevine Reviews

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 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: $1,000 to $250,000
• Funding speed: Decisions take around five minutes; funding takes around 24 hours
• Repayment options: Weekly or monthly installments over one to two years. Monthly repayment options have higher borrower requirements (ex., minimum credit score of 700 and at least $80,000 in monthly revenue).
• 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 1.5% interest on your balance — a unique feature not commonly found in business checking accounts. You can also create sub-accounts for specific purposes, such as taxes and payroll.

Other key features include:

• Mobile check deposit
• Debit cards that earn cash back
• No monthly maintenance fees on standard accounts
• Free standard ACH transfers
• FDIC-insured up to $3 million per depositor

At the time of publishing, Bluevine advertises a starting rate of 7.8% for its business line of credit. However, you must apply to find out what rates you qualify for.

Bluevine does provide rate discounts on its line of credit to customers who also have a business checking account.

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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.

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). Applying will not affect your credit; however, if you accept a credit offer, the company will perform a hard credit inquiry.

To qualify, businesses must:

• Have a personal FICO score of 625 or higher
• Be operational for at least 12 months
• Have a monthly revenue of $10,000 or an annual revenue of $120,000
• Be a corporation or LLC in good standing in an eligible U.S. state
• Have no bankruptcies on file

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

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. Fundbox, for example, has 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 has been providing financial solutions to small businesses since 2013. It partners with Celtic Bank to issue its lines of credit. 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.