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Bluevine Small Business Loans: 2024 Review

Updated Jan 29, 2024

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4.4
Rating: 4.4 stars out of 5
Bankrate Score
Caret Down
Accessibility
Rating: 4 stars out of 5
Affordability
Rating: 3.7 stars out of 5
Customer experience
Rating: 4.8 stars out of 5
Transparency
Rating: 5 stars out of 5
Flexibility
Rating: 4.6 stars out of 5
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Overview

Established in 2013, Bluevine is a financial technology company that aims to support small businesses. The lender offers business lines of credit up to $250,000, but there is a high annual revenue requirement of $480,000 or $960,000 and short repayment terms.

Lender Details

  • Moneybag

    Loan amount

    Up to $250,000

  • Rates

    Interest rate

    6.20% Simple interest

  • Clock Wait

    Term lengths

    6 or 12 months

  • Dollar

    Min. annual revenue

    $480,000

  • Business

    Min. time in business

    2 years

Who Bluevine is best for

If you have fair credit and a sizable revenue, Bluevine could be a top contender for best business line of credit. The streamlined application process and rapid funding times make it an attractive option if you need funds to fill cash flow voids sooner rather than later or take advantage of a limited-time opportunity to help your company flourish. 

Who Bluevine may not be best for

If you’re starting out, some of Bluevine’s eligibility requirements will be tough to achieve. Despite its low minimum personal credit score requirement of just 625, applicants must have two or more years in business to qualify for funding. Monthly revenue of at least $40,000 is also required, which could be a stretch for new companies. 

Small business owners with good or excellent credit may find better business loan rates with other lenders. The starting interest rate for a Bluevine business line of credit is 6.20 percent. That seems low, but that is a simple interest rate calculated over 26 weeks or 12 months. That can translate to an estimated starting APR of over 24.00 percent.

Bluevine loan terms are only for six or 12 months. Paying off your loan this quickly has the advantage of helping to keep total costs down, but Bluevine isn’t the best fit for business owners looking to get a business loan with long repayment terms.

Bluevine: in the details

Bluevine pros and cons

Pros

  • Checkmark

    Fast approvals and funding

  • Checkmark

    Minimal fees

  • Checkmark

    Can apply with fair credit

  • Checkmark

    Potential credit limit increases

Cons

  • High estimated rates

  • Not available in all 50 states

  • Limited to corporations and LLCs

  • High annual revenue requirements

Business loan types offered

Loan quick facts

  • Amounts: Up to $250,000
  • Terms: 6 or 12 months 
  • Simple interest: Starts at 6.20%

Bluevine business line of credit overview

The Bluevine business line of credit 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 700, 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 or $80,000, depending on the term
  • Time in business: Two to three years
  • 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. But you would need a higher FICO score of at least 700 for its 12-month term. 
  • 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 $10,000 in monthly revenue.

How Bluevine compares to other lenders

Bluevine's small business loans cater to fair-credit businesses with substantial revenue. Rather than offering a variety of business loan products, Bluevine specializes in business lines of credit, with a maximum of $250,000 and terms of six or 12 months. 

Its six-month terms require a 625 personal credit score and revenue of $40,000 monthly, or $480,000 annually, while the 12-month option requires a $960,000 annual revenue and a FICO score of 700 or higher. 

Overall, Bluevine is a great option for those looking for a lender that offers a streamlined process and quick funding for short-term loans. But there are alternative lenders to consider that may also be able to address working capital issues or help you take advantage of short-term opportunities. 

Rating: 4.4 stars out of 5
4.4

Bankrate Score

  • Loan amount

    Up to $250,000

  • Interest rate

    6.20% Simple interest

  • Term lengths

    6 or 12 months

  • Min. time in business

    2 years

  • Min. business annual revenue

    $480,000

Rating: 4.6 stars out of 5
4.6

Bankrate Score

  • Loan amount

    $10,000-$2 million

  • Interest rate

    1.10-1.24 Factor rates | 30.00% APR

  • Term lengths

    6-16 months

  • Min. time in business

    1 year

  • Min. business annual revenue

    $100,000

Rating: 4.6 stars out of 5
4.6

Bankrate Score

  • Loan amount

    $5,000-$250,000

  • Interest rate

    52.60%-60.90% average APR

  • Term lengths

    12-24 months

  • Min. time in business

    1 year

  • Min. business annual revenue

    $100,000

Read our review

on Bankrate

Bluevine vs. Backd

Bluevine and Backd provide short-term small business loans suitable for fair-credit borrowers. Backd offers loans up to $2 million, ideal for businesses in need of high loan amounts. The lender requires a minimum personal credit score of 600, one year in business and $100,000 to $300,000 annual revenue. Options include working capital loans, business lines of credit and BackdPay, which offers up to $1.5 millionand allows you to pay for a purchase over the course of 12 months. While the two differ when it comes to loan amounts, both offer rapid 24-hour funding for immediate cash access.

Bluevine vs. OnDeck

Bluevine and OnDeck offer short-term business financing options with fast funding. Both lenders can approve businesses for up to $250,000 in funding, but rates and term lengths differ. Bluevine's business line of credit is ideal for those with fair credit and stable revenue needing rapid cash infusion to help cover short-term expenses or seize a time-sensitive opportunity. The lender provides a quick and streamlined application process, with funding in as little as 24 hours, but interest rates can get high. 

Bluevine's short loan terms of six or 12 months may not suit those seeking longer repayment periods, so OnDeck might be the better choice since the max term is 24 months. OnDeck may also appeal to newer businesses, as it only requires at least one year in operation to qualify for its term loans or business lines of credit.

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.

Bluevine frequently asked questions

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.

Methodology

Clock Wait
47
years in business
Credit Card Search
30+
lenders reviewed
Loan
22
loan features weighed
Rates
770+
data points collected

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 30 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.