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A Bluevine business line of credit can provide ongoing financing for your company, whether you want to expand the business or simply pay for inventory and payroll. Bluevine’s line of credit comes with benefits that include fast funding, flexible repayment options, and lines of credit for borrowers with fair credit.
- Pros and Cons
- Key Takeaways
- Company Overview
Low minimum credit score
Soft credit inquiry
No business term loans
Fee for same-day funding
High revenue requirement
Not available in all states
- Bluevine offers lines of credit up to $250,000 for eligible businesses.
- Bluevine requires that businesses have at least two years in business and at least $40,000 in monthly revenue to qualify for a business line of credit.
- You can apply for a Bluevine line of credit in as little as two minutes using its online application.
- Bluevine offers two repayment terms, allowing you to pay off your line of credit over either six months or one year.
Bluevine was founded as a financial technology company in 2013 with the mission of providing banking services to growing businesses. According to Bluevine, the traditional banking industry wasn’t favorable to small businesses, and its combination of technology and customer service could solve that problem. Today Bluevine consistently ranks among the top small business lenders.
Today the company serves small businesses through its business line of credit, business checking accounts, and an accountant dashboard. Bluevine’s business lines of credit are available to customers in all states except Nevada, North Dakota, and South Dakota.
Bluevine serves small businesses of all kinds, but it won’t provide lines of credit to general partnerships, sole proprietorships, or businesses in the following industries:
- Political campaigns
- Illegal substances
- Controlled substances
- Financial institutions
- Donation-based non-profits
- Auto dealerships
- APR Range Not disclosed
- Loan Amount Up to $250,000
- Loan Terms 6 or 12 months
- Recommended Minimum Credit Score 625
- Origination Fee None
- Late Fee 5% or $35
- Fast funding: When you apply for a Bluevine business line of credit, you can have your application approved within minutes and the money in your account within a few hours.
- Low minimum credit score: Bluevine requires a FICO score of just 625—which is considered fair credit—to qualify for a business line of credit.
- Minimal fees: Bluevine charges late fees but doesn’t charge any fees to open or maintain your line of credit or to pay off your balance early.
- Soft credit inquiry: Bluevine doesn’t use a hard credit inquiry to approve your line of credit, which means applying won’t hurt your credit score.
- No business term loans: Bluevine offers business lines of credit, but no business term loans.
- Fee for same-day funding: While Bluevine offers same-day funding on lines of credit, you’ll have to pay a $15 fee.
- High revenue requirement: Though Bluevine specifically caters to small businesses, it has a revenue requirement that’s higher than other lenders.
- Not available in all states: Bluevine business lines of credit aren’t available in Nevada, North Dakota, or South Dakota.
Types of Business Loans Offered by Bluevine
Bluevine offers business lines of credit, which can be used for any purpose. These lines of credit provide flexibility to a business’s finances. They’re often used for business growth, inventory, operations, market campaigns, product launches, and more.
Bluevine business lines of credit are available in amounts up to $250,000, though the amount a business can borrow will depend on its finances and the creditworthiness of the business owner. And as the owner continues to build their credit history, the line of credit may increase accordingly.
Once the line of credit is open, businesses can draw from it at any time al(though all draw requests must be individually approved).
Bluevine only offers business lines of credit. If you need a one-time lump sum of money rather than access to ongoing credit, you may be better off exploring a lender that offers term business loans.
Time to Receive Funds
Depending on your personal credit and the information you provide Bluevine, your line or credit may be approved in as little as five minutes. Once your line of credit is approved, you have a couple of different options for receiving funds.
First, for a fee of $15, you can receive your funds in your account via bank wire in just a few hours. Alternatively, you can opt for the fee-free ACH transfer and have your funds deposited in between one and three business days.
To qualify for a Bluevine business line of credit, you’ll have to meet several personal and business requirements. Here are the minimum borrowing qualifications:
- Personal FICO score of 625
- 24+ months in business
- $40,000 in monthly business revenue
- Corporation or LLC
- No bankruptcies in the past three years
- In good standing with your Secretary of State
- A linked business checking account or three months of statements
The qualifications listed above are just the minimum required. It’s possible that even if you have a credit score of 625 and the required business revenue, your application could still be denied based on other factors.
Bluevine Business Loan Features
- Multiple repayment terms: For each draw from your line or credit, you can choose between two payment terms. You can opt for either 26 weekly payments or 12 monthly payments. However, lines of credit can be repaid early with no prepayment penalties.
- Line of credit increases: Bluevine offers lines of credit up to $250,000, but not everyone will qualify for that much. That being said, Bluevine will proactively check to see if you’re eligible for a credit limit increase. You can also request an increase yourself.
- Multiple funding methods: You can decide how quickly to have your line of credit draw funded based on when you need the money. You can choose a fee-free ACH transfer and have your money in one to three days. If you need it more quickly, pay $15 to have your money within a few hours.
Can You Refinance a Business Loan With Bluevine?
The only lending product Bluevine offers is its business line of credit—it doesn’t offer refinance loans. However, you may still have some options if you need to refinance your business loan:
- Use a separate business loan to pay off your Bluevine line of credit. Bluevine doesn’t charge prepayment penalties, so you wouldn’t pay a fee if you used a third-party loan to pay off the line of credit early.
- Use a Bluevine line of credit to pay off another loan or line of credit. If you decide to go this route, keep a couple of things in mind. First, any draw from your line of credit must be repaid within six or 12 months, depending on the payment plan you choose. Second, Bluevine will review and approve each draw individually; there’s no guarantee you’ll be able to use the line of credit for that purpose.
Bluevine’s customer service is available Monday through Friday, 8 a.m. to 8 p.m. ET via both phone and email. You can reach the company by phone at 1-888-216-9619. To send an email, you can use the message feature on the company’s website or by emailing email@example.com.
Bluevine also has the answers to many frequently asked questions on its support page. You may find the answer to your question there without needing to contact the company directly.
Bluevine is a well-known lender within the small business financing community.
On Trustpilot, Bluevine has an average rating of 4.3 out of 5 stars. More than 80% of reviewers left five stars, while just 13% left one or two-star reviews. A number of negative reviews speak of Bluevine placing a hold on their business bank account or line of credit.
Meanwhile, Bluevine has an average rate of just 1.32 out of 5 with the Better Business Bureau, along with nearly 100 complaints closed within the past year. Like on Trustpilot, negative reviewers often had their accounts closed or with holds placed on them.
Applying for a Bluevine Business Loan
You can apply for a business line of credit easily on Bluevine’s website. Here’s how the process works:
- Provide business information: First, you’ll need to provide Bluevine with business information like your business name, address, tax ID number, annual revenue, and financials.
- Connect your bank account: Bluevine connects your application to your business bank account to review your business revenue and transaction history. You can provide bank statements if you’d prefer not to link your account.
- Provide personal information: In addition to your business information, you’ll also have to provide personal information like your name, contact information, birthdate, Social Security number, business ownership, and information about beneficial owners.
- Verify information: Bluevine will work with you to verify the information in your application. You’ll receive an email to confirm your application was submitted, as well as when your application is approved or denied.
Bluevine allows you to apply for a line of credit with only a soft inquiry on your credit report, which won’t affect your credit score. As a result, you can shop around and see what interest rate you might qualify for with no risk.
Alternative Business Loan Lenders
|LOC Amount||Up to $250,000||Up to $250,000||Up to $250,000|
|Loan Terms||6-12 months||Up to 24 months||Up to 18 months|
|Recommended Minimum Credit Score||625||625||Not disclosed|
If you’re looking for a line of credit for your small business, it’s worth considering Bluevine. First, because Bluevine only offers lines of credit and not term loans, it’s best suited to businesses that need ongoing funding rather than just a one-time lump sum. And thanks to its fast funding, it’s ideal for businesses who expect to need money quickly.
However, Bluevine isn’t right for all small businesses. Compared to other lenders, Bluevine has a relatively high revenue requirement—you’ll need at least $40,000 in monthly revenue and at least two years in business. Newer businesses and those with lower revenue will have to look for an alternative funding option.
How Long Does it Take to Get a Loan from Bluevine?
When you apply for a Bluevine line of credit, you can be approved in as little as five minutes. Once your line of credit is approved, you can draw money and have it in your account in anywhere from a few hours to a few days, depending on the funding method you choose.
Does Bluevine Fund Startup Businesses?
While Bluevine does cater to small businesses, you won’t be approved when you’re just getting started. Bluevine requires that applicants have at least two years in business and $40,000 in monthly revenue before opening a line of credit. As a result, not all startup businesses will be eligible.
Can You Get a Bluevine Business Loan with Bad Credit?
You can get a Bluevine business line of credit with a FICO score as low as 625, which is considered fair by FICO’s credit ranges. However, you aren’t guaranteed to be approved with a credit score of 625 or higher. Bluevine may still deny your application based on other factors.
What Are the Annual Revenue Requirements for Bluevine?
To qualify for a Bluevine business line of credit, you’ll need business revenue of at least $40,000 per month, which amounts to $480,000 per year. You’ll have to either link your bank account or provide three months of bank statements for Bluevine to confirm your revenue.
Bluevine. “Business Line of Credit FAQs.”
Bluevine. “Am I Potentially Eligible for a Bluevine Line of Credit?”
Bluevine. “What Are Some of the Pricing and Terms for a Credit Line?”
Bluevine. “Everything You Need to Apply for a Bluevine Line of Credit.”
Bluevine. “Elevate Your Business with a Line of Credit.”