Founded in 2013, BlueVine may be among the newer entrants in the small business financing industry, but the company is already making a name among industry pioneers. They have worked with more than 15,000 small business owners to provide over $2 billion in funding during just 6 years of service.
Consider BlueVine if you:
- Need funding within 24 hours
- Have pending invoices
- Need continuous access to funds
BlueVine Term Loans
BlueVine offers term loans up to $250,000, so you can fund significant investments. The payback structure on these loans is simple. You’ll pay equal installments over 6-12 months. Repayments are automatically debited from your account on a monthly or weekly basis.
BlueVine charges a fixed simple interest rate with no origination fee. What’s more, select candidates may be eligible for a term loan renewal once 50% of the loan balance has been paid down.
BlueVine term loans at a glance:
BlueVine Line of Credit
With their revolving line of credit, you get continuous access to funds up to a certain limit and only pay for what you use. Repayments are made on a weekly or monthly basis over 6-12 months. Every time you make a payment, your available funds are replenished. This can come in handy during slow seasons, or when you’re experiencing cash flow issues.
BlueVine offers business lines of credit up to $250,000. You are required to draw a minimum of $5,000 upon first use of your credit line, but you can draw as little as $500 upon subsequent withdrawals.
Users manage their line of credit through BlueVine’s dashboard. All you need to do is click on the “Get funds now” button, and that’s it. Funds are deposited into your business bank account through your choice of ACH electronic transfers or bank wire transfers. Depending upon the method chosen, funds can be deposited in as little as a few hours.
You can keep drawing from this balance without paying any additional fees to maintain the line. You need to pay a simple interest rate that’s calculated from the total repayment amount. There are no prepayment penalties either, which gives you the freedom to repay your line of credit early.
An overview of BlueVine lines of credit:
BlueVine Invoice Factoring
If you have unpaid invoices that are disrupting your cash flow, then BlueVine invoice factoring may be the perfect solution.
BlueVine invoice factoring is one of the most flexible funding options as it offers factoring lines up to $5 million. Your credit limit depends on the size of your invoices. You also have the opportunity to choose which invoices to submit and how many.
BlueVine invoice factoring at a glance:
The BlueVine Lending Experience
BlueVine offers some of the most flexible funding solutions in the small business lending industry. You have the option to choose from 3 financing products and get up to $5 million in funding. The company tries to simplify the application and funding process for small business owners with an intuitive online dashboard. This allows you to complete your application in about 5 minutes.
Their invoice factoring application takes about 10 minutes, and you can submit your invoices by automatically syncing them from your accounting software. If you don’t use accounting software, you can easily upload your invoices through the online dashboard.
BlueVine further provides assistance through dedicated advisors, who will walk you through the entire process and help you choose the most suitable funding option. While the company requires a general lien on your business assets and a personal guarantee to secure your financing, they do not require you to pledge assets as collateral.
The Pros of BlueVine
- They have 3 financing products to choose from based on the unique requirements of your business. They offer a wide range of funding sizes, from $5,000 to $5 million.
- BlueVine has more relaxed borrower qualifications than many lenders in this space. They accept a minimum personal credit score of 530 for invoice factoring. Term loans and lines of credit require a minimum FICO score of 600.
- You can use their intuitive online dashboard to complete your application in minutes. Applicants for invoice factoring can easily sync their accounting software or upload their invoices to the dashboard.
- The approval process is equally fast. You can get a decision on your term loan and line of credit applications in 5 minutes, while invoice factoring applications take 24 hours.
- Their borrowing fees are fixed and transparent. Rates for term loans and lines of credit start at 4.8% (simple interest), while invoice factoring rates start at 0.25% per week.
The Cons of BlueVine
- Due to regulations, BlueVine does not offer term loans and lines of credit in some states (North Dakota, South Dakota and Vermont (LOC only)).
- They do not work with businesses in certain industries. These include, but are not limited to, gambling, auto dealerships, firearms, pornography, donation-based non-profits, legal and illegal substances (including medical marijuana), political campaigns and financial institutions and lenders (including insurance).
- Free ACH electronic transfers take around 1-3 days to complete. If you need to access funds faster, you will need to pay a $15-fee for a bank wire transfer.
- Personal Credit Score 600+ (term loans and lines of credit), 530+ (invoice factoring)
- Time In Business 6+ months (term loans and lines of credit), 3 months (invoice factoring)
- Business Model B2B (invoice factoring)
- Annual Revenue $100,000+
BlueVine Funding Application: What You Need to Apply
- Basic information about you and your business
- Bank connection or bank statements from the past 3 months
- Basic details about your invoices for invoice factoring
Final Say: BlueVine Reviews
Most customers have a highly satisfactory experience when working with BlueVine. The company has an A+ rating on BBB and a 4.7 TrustScore on Trustpilot. When you need continuous cash flow or a lump sum loan to fund your business growth, BlueVine is a solid lender with flexible funding options.