Bluevine business loans: 2023 review
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At a glance
|Overview||Established in 2013, Bluevine is a financial technology company that aims to support small businesses. It offers a business line of credit to help business owners cover cash flow gaps and expand operations.|
|Loan amount:||Up to $250,000|
|Simple interest rate:||Starting at 6.20%|
|Term lengths:||6 or 12 months|
|Minimum credit score:||625|
Who Bluevine is best for
Who Bluevine may not be best for
Bluevine pros and cons
Fast approvals and funding
Can apply with fair credit
Potential credit limit increases
High estimated rates
Not available in all 50 states
Limited to corporations and LLCs
High annual revenue requirements
Business loan types offered
Business line of credit
The business line of credit from Bluevine is a revolving form of credit you can use as needed to cover business-related expenses. There are no origination or prepayment fees, and you’ll only pay interest on the funds you use. Plus, you may be eligible for a credit limit increase as your business grows.
Bluevine's best minimum requirements are dependent on you repaying your loan in 26 weekly installments. If you choose the 12-month payment plan, you'll need a FICO score of over 650, over 3 years in business and an annual revenue of $960,000.
Do you qualify?Bluevine business line of credit isn't available to business owners in Nevada, North Dakota or South Dakota. For everyone else, here's a look at the lender's minimum requirements.
- Credit: Minimum FICO credit score of 625 and no bankruptcies in the past three years
- Business type: Corporation or limited liability company (LLC)
- Minimum monthly revenue: $40,000
- Industry limitations: Borrowers can't operate as an auto dealership, financial institution, donation-based non-profit, lender or in an industry involving or related to firearms and paraphernalia, pornography and paraphernalia, illegal gambling, illegal substances or other controlled substances
What we like and what we don’t like
Bluevine is an attractive option for fair-credit borrowers with established companies seeking a fast business loan.
What we like
- Fast approvals and funding times. Most applicants receive lending decisions in minutes and funding as soon as 24 hours.
- Minimal fees. Bluevine does not charge certain business loan fees like origination fees or prepayment penalties.
- Minimum credit score. Business owners with a minimum credit score as low as 625 are invited to apply.
- Credit limit increases. As your company grows, you may be eligible for credit line increases, assuming you make timely payments and manage the account responsibly.
What we don't like
- High estimated rates. Bluevine’s simple interest rate doesn’t show the true cost of borrowing money the way an annual percentage rate (APR) would. Depending on the loan amount, the actual rate you receive and the time it takes you to pay it off, your estimated APR could soar up to 50 percent or higher.
- Not available in all 50 states. Funding is unavailable to business owners in Nevada, North Dakota and South Dakota.
- Limited to corporations and LLCs. Business funding is not available to sole proprietors.
- High revenue requirements. You’ll need at least $40,000 in monthly revenue to qualify for a business line of credit. Other lenders may only require anywhere from $3,000 to $10,000 in monthly revenue.
How to apply for a loan with Bluevine
You can apply online in under two minutes. Bluevine requires you to provide basic information about your business, annual revenues and current debt obligations. You’ll also need to provide the most recent three months of business bank statements or connect your bank account for review. Connecting an account is preferred to expedite the process and receive a rapid lending decision.
Bluevine uses a soft credit check when you apply, which won't impact your credit score. If approved, funding is available in as little as 24 hours.
How Bankrate rates Bluevine
Overall Score 4.4 Accessibility 4.0 Bluevine gets good marks for being open to people with fair credit. Affordability 3.7 Bluevine’s starting rates aren’t the lowest and go much higher depending on your creditworthiness. Transparency 5.0 Bluevine does a great job of sharing information on its website. Customer experience 4.8 Bluevine provides an impressive level of resources to help provide a smooth customer experience. Flexibility 4.6 Additional perks include the ability to change your payment due date and request a credit line increase.
To select the top small business lenders, Bankrate considers more than 20 factors. These factors include loan amounts, approval and funding times, credit requirements, APR or factor rate ranges, fees, and easy-to-find rate and fee disclosures. Bankrate reviewed more than 20 lenders and gave each a rating, which consists of five categories:
- Accessibility: Factors considered in this category include minimum loan amounts, approval and funding speed, minimum annual revenue and minimum credit score.
- Affordability: This section measures interest or factor rates and fees.
- Transparency: How easy it is to find important rates, fees and eligibility requirements are considered in this category.
- Customer experience: Customer service hours, online applications and app availability are considered in this category.
- Flexibility: This category considers factors like the number of loan products and ability to change payment due date.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.On This Page