BlueVine is a financial technology company that offers checking accounts and business loans. The company deposits are insured by the Federal Deposit Insurance Corporation (FDIC) in the event of bank failures.
BlueVine offers lines of credit, making it an attractive alternative to traditional banks and credit unions. BlueVine loans can be a great option for businesses that just don’t have the credit where they want it to be. By applying for a loan from BlueVine, businesses with poor credit can avoid making their credit score any worse when applying for a traditional bank loan. Our expert, Gordon Scot reviews and describes each of these loan types in detail. Find the full BlueVine review video and all the details down below.
Pros
Cons
BlueVine Review Video
BlueVine Loan Featues
BlueVine stopped offering invoice factoring from December 2021. Below, we are going to take a closer look at the BlueVine business line of credit offer, its strengths and limitations, and corresponding rates and schedules.
Line of Credit
A line of credit is an unsecured type of loan. This means that you need to have a higher credit score of around 600 in order to qualify.
|
Feature |
Details |
|
Term Length |
6 or 12 months |
|
Repayment Period |
Weekly and monthly |
|
APR Range |
Rates as low as 4.8% |
|
Min-Max Amount |
$5,000 to $250,000 |
The BlueVine Loan Application Process
The loan application process is incredibly simple, and you can expect to hear back about the decision very quickly. In fact, the application process can be completed in as quickly as 5 minutes, with a response time of about 10 minutes. Let's walk through the process step-by-step as described by Gordon Scott
1. Credit Check
When assessing your application, BlueVine performs a soft credit pull. This means that they check your credit, but not through one of the three major rating agencies. Instead, they check it through an independent party, which gives them enough information to make sure you qualify without hurting your credit score.
Keep in mind, however, that even soft credit pulls can add up if you shop around for 4 or 5 of these types of loans, hurting your credit for a little bit. In that case, you might lose five points or so, which would take six months to get back. However, if you are only completing one or two loan applications, it should not impact your credit at all.
2. Submitting the Application Form
Now, let’s take a closer look at the application form that you would need to fill out. The questions you would need to answer are very simple, including:
- The amount of money required
- The preferred financing type
- Your identification information
3. Read the Fine Print
When filling out the application form, make sure to read the fine print as well, so that you don’t miss any important details. You will then be asked to share some details about your business. The answers you provide to the questions in the application form will determine what additional information you will be asked for.
3. Connecting Your Bank Account
Once you fill out all the required fields, you will be asked to connect your bank account. This is incredibly convenient: if you are approved for the loan, the funds will be electronically transferred right into your account and appear there in as little as 24 to 48 hours.
4. Paying Back the Loan
When the time comes to make your payment, BlueVine will electronically take it out of your bank account. While this is very convenient, this means that the lender can take the money out on their own terms. You would need to keep track of your payment schedule in order to be prepared for automatic payments.
After breaking down the application process, let's explore BlueVine's key parameters in more detail.
BlueVine Interest Rates and Fees
Interest rates are often quoted in weekly terms which is different from most loans that are quoted in annual percentage rates (APR).
Line of Credit
BlueVine offers monthly or weekly repayment options for their lines of credit, with a 6 or 12 months payback period. As such, you have a longer period of time to repay the money, with a lot of flexibility.
With business lines of credit, however, you need to make sure that you will be able to repay the loans quicker than the full term. So, you should definitely consider your ability to repay early when applying for a line of credit.
|
Rates & Fees |
Line of credit |
|
Origination Fees |
1.60% - 2.50% per draw |
|
Prepayment Fees |
None |
|
Late Payment Fees |
Can’t be confirmed |
|
Maintenance Fees |
None |
|
Interest Rates |
0.30%-1.50% per week (Flex6) 1.50%-6.50% per month (Flex12) |
How Do I Qualify For A BlueVine Loan?
During the application process, your business will be evaluated to determine the likelihood you can pay back the loan. Certain industries are not eligible for lines of credit including gambling, political campaigns, auto sales, firearms, financial institutions, and nonprofits. In addition, North and South Dakota businesses are not eligible for lines of credit with BlueVine.
- Credit History: One of the essential factors BlueVine looks at is your business/personal credit history. Borrowers need to have a 600+ FICO score for lines of credit.
- Time in Business: BlueVine looks at whether you’ve been in business for 6+ months for lines of credit.
- Monthly Revenue: To obtain lines of credit, BlueVine requires at least $10,000 a month in revenue.
Line Of Credit
|
Criteria |
Less than $100,000 loan |
More than $100,000 loan |
|
Minimum Credit Score |
600+ |
600+ |
|
Minimum Annual Revenue |
$120,000 |
$120,000 |
|
Minimum Time in Business |
6+ months |
6+ months |
BlueVine Customer Support
Bluevine’s customer service is highly rated and regarded. You can get in touch with the customer care support team from morning (8 am ET) to evening (8 pm ET) from Monday to Friday. Customers can reach representatives through their website contact page as well as Facebook and Twitter for less formal interactions.
BlueVine’s customer service representatives are very responsive, depending on the contact method you choose. Additional help is also available through the FAQ section for general questions on BlueVine’s website. There are two types of FAQ sections available for customers: one for people before the signup process and the other for customers already using the services.
BlueVine is highly rated for its transparency. Although the site’s recent overhaul made it more difficult to look into their products and offerings’ details, you can still find information in their resources section, including an FAQ, help center, list of partners, and a business blog that covers a variety of relevant topics.
BlueVine Loan Reviews - What People Say Online
BlueVine has a robust online presence. Most of the BlueVine reviews online speak positively about the platform. The company garnered an average rating of 4.2-stars onTrustpilot with over 5,000 reviews. On Merchant Maverick, customers rated BlueVine loans and products 4 out of 5 stars.
Let us take a closer look at customer reviews on Trustpilot
While 82% of customers rate BlueVine as “excellent”, 11% of customers rate their experience as “bad.” However, most of these bad reviews refer to BlueVine’s checking accounts.
BlueVine offers a 1% interest on their checking accounts, which is quite attractive. However, during the period between September and October 2021, the company underwent a transfer from one named entity to another, and some of the funds got held up and frozen. So, when looking at negative reviews, keep in mind that most of them are related to the frozen funds in checking accounts, and not BlueVine’s loan services.
In fact, most small business loan customers rate BlueVine as “excellent,” meaning that they are generally happy with their loan products. So, if you believe that you are the right type of customer for loan products offered by BlueVine, this alternative lender is definitely worth your attention.
|
Positive Reviews |
Negative Reviews |
|
Customer care support team |
High late fee payment |
|
Simple and intuitive platform |
Rejected draws |
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No minimum balance required |
Notification factoring |
Perks and Bonuses
Bluevine’s primary focus is working with the financial needs of small businesses. Bluevine provides lines of credit and other useful services taking care of small business needs at different points in a small business lifecycle.
Because Bluevine’s primary services are a business checking feature and line of credit, perks and rewards aren’t available to their clientele. Bluevine customers may also find that the terms and conditions of a Bluevine line of credit might not be as flexible as other companies’ borrowing terms.
Flexibility
Customers may repay their lines of credit via check, credit card or ACH transfers. Once approved, Bluevine funds are available upon demand. Qualified borrowers can gain access to credit limits up to a maximum of $250,000. The credit limit terms are a maximum of 12 months which may be too short of a term for some organizations.
Flexibility
Customers may repay their lines of credit via check, credit card or ACH transfers. Once approved, Bluevine funds are available upon demand. Qualified borrowers can gain access to credit limits up to a maximum of $250,000. The credit limit terms are a maximum of 12 months which may be too short of a term for some organizations.
Transparency
While Bluevine’s website is easy to navigate through, there are some pieces of information that could be shared with more prominently on the website. Repayment terms, in particular, could be reviewed at length on the website. Trustpilot reviews for Bluevine are outstanding with customers reporting high levels of satisfaction with the application process and funding experience. One area of concern was clarity around why some borrower accounts were closed unexpectedly and without notice.
Technology
Customers are able to access their account information via the online portal, Bluevine App or ATM by using the Bluevine Business Debit Mastercard. Borrowers may also opt to pay on their line of credit via autopay or by setting up recurring online payments.
Final Thoughts
BluVine business loan products are best for businesses that are steady and have a need for bridge funding just to help them get from one project to the next. Another type of costumers for BlueVIne loans are businesses with high probability projects that don't have the required credit scores but don't want to make their credit score any worse by taking loans from traditional banks.
In fact, most small business loan customers rate BlueVine as “excellent,” meaning that they are generally happy with their loan products. So, if you believe that you are the right type of customer for loan products offered by BlueVine, this alternative lender is definitely worth your attention.
