BlueVine Small Business Loans Review 2024
Whether you need financing to purchase more inventory, pay vendors, or leverage borrowed capital to grow your business, BlueVine offers two great short-term loan choices.
In this review, we’ll go over the details of BlueVine's business loans to help you decide if they offer the right features for your business.
Recommended: Visit our comprehensive guide on small business loans or read our review of the best small business loans.
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Small Business Loan Guides
Learn more by checking out our comprehensive guides on small business loans.
BlueVine Business Loans Overview
Our Approach:
To help match your business with the right loan, we compared BlueVine’s loan offerings and matched those to the businesses that would benefit most from them.
In this review, we’ll cover the types of loans BlueVine offers to help you decide if BlueVine is the right lending partner for your small business.
Selecting the best small business loan for your company comes down to three things:
- Type of business you have
- Needs of your business
- What you want for the future of your business
BlueVine Business Loans Summary:
BlueVine offers two different types of loans: invoice factoring and line of credit loans.
- Invoice factoring is the best business loan for companies that want to turn unpaid invoices into working capital. BlueVine offers invoice factoring lines up to $5 million with rates as low as 0.25% per week. You can get approved for invoice factoring in as little as 24 hours.
- A line of credit is the best business loan for companies needing the flexibility of a revolving line of credit. With a line of credit loan, you can draw as you need and pay only for what you use. BlueVine offers credit lines up to $250,000 with rates as low as 4.8%. You can be approved for a line of credit loan in as little as five minutes.
See BlueVine's pros and cons below.
PROS
- Larger credit limits
- Free up your cash
- Only fund what you want
- Transparent fees
- Easy approval
- Funds available on demand
- Access to a revolving line
- Only pay for what you use
- Financing that grows with your business
CONS
- Need a 530+ FICO score to qualify for invoice factoring
- Need $10,000 in monthly revenue to qualify for invoice factoring
- Need to be in a business-to-business (B2B) company to qualify for invoice factoring
- Need to be in business three years to qualify for a line of credit
- Need a 650+ FICO score to qualify for a line of credit
- Need $40,000 in monthly revenue to qualify for a line of credit
Recommended: Read our guide on how to build business credit.
BlueVine Alternatives
You can find alternatives to BlueVine by reading our list of the five best small business loans. You can also learn about more funding options by visiting our guides on small business loans.
Types of BlueVine Business Loans
BlueVine offers two types of business loans: invoice factoring and lines of credit. Each loan serves different purposes.
An invoice factoring loan is technically not a loan but rather an advance from a factoring company for future payments on outstanding invoices. When a business sells its accounts receivable (invoices) to a third party (a factor), they do so at a discounted rate to free up cash flow.
A line of credit is a working capital loan. It works much the same way as a credit card works; both offer a revolving line of credit from which you can draw funds when necessary. You must pay the fixed minimum monthly payment to stay in good standing with the lender. As you make payments, your credit limit returns, making it so you can continue to borrow funds from the credit line.
BlueVine Invoice Factoring Loan
Invoice factoring loans are useful when a business needs to free up cash flow to handle other business-related expenses.
Lowest rate: 0.25% per week
Loan sizes up to: $5 million
Benefits:
- Free up cash flow
- Quick approval
- Larger credit limits
- Only fund what you want — you select the invoices
- 85%-90% upfront cash advance on invoices
Qualifications:
- 530+ FICO score
- 3+ months in business
- $10,000 in monthly revenue
- Your business is B2B
How to Apply:
- Apply online in less than 10 minutes by providing basic details about your business and customers.
- Get an approval decision within 24 hours.
- Submit an invoice automatically through your accounting software or by uploading invoices to your dashboard.
- Get your advance. BlueVine provides 85%-90% of the funds upfront. Then you get the rest, less their fees, once the invoice is paid.
BlueVine Line of Credit
Line of credit loans are useful because they are easy to qualify for, offer flexible terms, and useful for taking care of short-term business needs.
Lowest rate: 4.8%
Loan sizes up to: $250,000
Benefits:
- Funds available on demand
- Only pay for what you use
- Access to a revolving line
- Financing that grows with your business
Qualifications:
- 650+ FICO score
- 3+ years in business
- $40,000 in monthly revenue
How to Apply:
- Apply online in less than five minutes providing basic details about your business.
- Draw funds using your online dashboard to request funds.
- Make fixed payments weekly or monthly over 6 or 12 months periods.
- Access more funds as you continue to make payments.
BlueVine Customer Reviews
BlueVine seems to have mostly positive reviews from customers. Here are some verified BlueVine reviews on Trustpilot’s website made by people who sought loans through them to help their businesses:
“Great customer service, was able to get my issue resolved in a timely manner.”
“Very friendly and knowledgeable staff support. Worked with me to make PPP loan easy to navigate. I appreciate your help and hope to work with you again.”
“Excellent experience and great services. Thanks”
Learn more by checking out our comprehensive guides on small business loans.
BlueVine Review Ratings
Value - 3.5/5
Overall, BlueVine’s value works well for most businesses, given they offer B2B factoring loans and working capital loans for businesses needing short-term financing. BlueVine may not be so useful for companies needing a real estate or equipment financing loan or other long-term loans. We recommend exploring alternatives by reading our review of the best small business loans.
Customer Service - 4/5
BlueVine customer service is friendly, transparent, and extremely helpful. Our overall experience was satisfying; however, some online customer reviews have complained of a lack of customer support for small businesses.
Ease of Use - 5/5
Applying for both an invoice factoring loan and a line of credit was exceptionally easy. Everything is explained perfectly on BlueVine’s website in four easy steps.
Included Features - 4/5
We like BlueVine’s approach to lending because credit limits increase as your business grows. This is the primary feature we like about BlueVine but other features like:
- Low-interest rates
- Flexible terms
- Freedom to choose invoices
- Revolving credit lines
- On-demand funding
These are great features we like as well.
Final Thoughts on BlueVine
BlueVine may be the right lender for your business if you need short term financing with great rates, flexible terms, and financing that grows with your business.
Visit our comprehensive guide on small business loans.
FAQ
Business owner Ohad Lifshitz encouraged his son Eyal Lifshitz to start BlueVine in 2013. Eyal earned an MBA from the University of Chicago and was formerly a Principal at Greylock IL and an Associate at McKinsey.
A BlueVine line of credit works by you first filling out an online application. Once approved for a credit line, you’ll be able to access funds by drawing directly from your BlueVine dashboard. Funds show up in your bank account in as fast as hours. As you make payments, your available credit balance increases, giving you more spending power.
To qualify for invoice factoring, your business must be at least three months old and have a monthly revenue of $10,000 or more. You also need a credit score of 530 or higher.
To qualify for a business line of credit, your business must be at least three years old and have a monthly revenue of $40,000 per month.
Great for short-term loans, BlueVine is accredited with the Better Business Bureau (BBB) with an A+ rating. They are legit.
BlueVine Business Checking accounts are offered through Bancorp Bank, a member FDIC partner institute. Your business checking account is insured by the FDIC up to $250,000.
BlueVine reports to Experian. It is one of the only factoring companies that report to a credit bureau. This is good to know for credit building purposes.
