Who Bluevine Is Best For
Based on its offerings, Bluevine is best for:
- Newer businesses. Applicants only need to be in business for 24 months to qualify for a Flex 6 Line of Credit from Bluevine. Keep in mind, though, that Flex 12—the 12-month financing option—is available to businesses operating for at least three years.
- Applicants with established revenue. BlueVine’s time in business requirements are less rigorous than other lenders, but businesses must still demonstrate at least $480,000 in annual revenue (for the Flex 6 plan). For that reason, the lender is better suited to borrowers with established revenue.
- Businesses that need operating capital fast. Business owners who need to access cash quickly can benefit from Bluevine’s funding timeline. Approved applicants who opt into bank wire transfers can receive funds as soon as the same day. Those who choose automatic clearing house (ACH) payments receive their funds the next business day or within three business days.
Who Bluevine Isn’t Right For
Bluevine may not be a good fit for:
- Borrowers who want to visit a physical branch. As an online lender, Bluevine doesn’t have any physical locations if you want to speak to customer service face to face.
- Business owners who want longer repayment terms. Bluevine’s Flex lines of credit are only available with six- or 12-month repayment terms. Furthermore, the more abbreviated Flex 6 Line of Credit has more accessible qualification requirements than Flex 12, and may be the only option available to some borrowers. Borrowers who want to extend payments over a longer period of time should opt for another lending platform.
- Applicants who want to avoid weekly payments. Not only are Bluevine’s repayment terms short, but the Flex 6 Line of Credit also requires borrowers to make weekly payments. For that reason, Bluevine may not be a good fit for business owners who aren’t comfortable making frequent payments.
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What Bluevine Offers
Currently, Bluevine’s only business lending products are lines of credit with six- and 12-month repayment terms. While the fintech previously offered invoice factoring, this service was discontinued in December 2021. Bluevine currently offers:
- Flex 6 Line of Credit. Borrowers can qualify for a Flex 6 Line of Credit from $6,000 to $250,000 and may request a credit line increase after 45 days of payment. Borrower qualifications are more accessible than for the Flex 12 offering. However, payments are made weekly over a 26-week period, and the first payment is withdrawn from the borrower’s bank account one week after a draw is funded.
- Flex 12 Line of Credit. As with Flex 6, the Flex 12 Line of Credit is available between $6,000 and $250,000. However, borrowers must wait 90 days to be eligible for an increase. Payments are made every month over the course of 12 months. Note, however, that qualifications for Flex 12 are more rigorous than for Flex 6. For example, applicants must have a higher personal FICO score and be in business longer to qualify for 12-month financing.
Bluevine Business Loan Details
Bluevine offers business lines of credit between $6,000 and $250,000, with repayment periods of six or 12 months. Borrowers can get approved in a few minutes and then log in to their BlueVine dashboard to request funds on an as-needed basis. Funds may be available as quickly as the same day, but most borrowers receive funds the next business day or within three business days.
Payments are then automatically deducted from the borrower’s account on a weekly or monthly basis. Simple interest starts at 5.9% for the weekly repayment plan or 7.8% for the monthly plan.
How to Qualify for a Bluevine Business Loan
Business loan applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as business revenue. Meeting the requirements below won’t guarantee approval, but they can help you decide if a business loan is the right fit for you.
Personal Credit Score
Applicants must have a personal FICO score of at least 625 to be eligible for a Bluevine Flex 6 business line of credit. However, Flex 12 financing is only available to borrowers with a personal FICO score of at least 650.
Time in Business
A business must have been operating for at least 24 months to be eligible for a Flex 6 line of credit. To qualify for Flex 12, an applicant must have been in business for at least three years. Businesses in certain industries—like those that deal in firearms and financial institutions—are not eligible to take out a Bluevine line of credit.
Annual Revenue
To qualify for a Bluevine Flex 6, businesses must generate at least $40,000 in monthly revenue—or $480,000 annually. For the Flex 12 plan, the revenue requirements are $80,000 in monthly revenue (or $960,000 annually). Additionally, prospective borrowers may not have had any bankruptcies within three years of applying.
How to Apply for a Bluevine Business Loan
As a financial technology company, Bluevine offers a streamlined application process that can be completed entirely online. Follow these steps to apply for a business line of credit through BlueVine:
- Visit the Bluevine website. To begin the application, visit Bluevine’s Flex Line of Credit webpage and click on “Get started.” Borrowers with a Quickbooks Online account can use their existing login credentials.
- Provide necessary information. Follow the online application wizard to provide basic personal information and details about your business. The company also requires applicants to provide year-to-date bank statements or connect their bank account through the platform.
- Await approval. Once you submit the necessary documentation, await approval. This can take as few as five minutes after completing an online application.
- Request funds. When you’re ready to access cash from your line of credit, navigate to the borrower dashboard and request the amount you need. Borrowers who opt into the bank wire option may receive funds a few hours after approval. However, most ACH electronic fund transfers arrive the next business day, and funding can take up to three business days.
Once a borrower draws on the line of credit, payments are made weekly via automatic debits from the business’ bank account.
Related: Best Small Business Loans
Customer Reviews
Bluevine has a 4.3-star rating from Trustpilot based on 7,094 reviews. Satisfied customers report a helpful customer support team and easy application process. Some reviews also laud the fast funding times and fee structure. In general, negative reviews are focused on other Bluevine products like checking accounts.
While Bluevine has an A+ rating from the Better Business Bureau (BBB), it has earned only 1.73 stars based on 162 customer reviews. As with Trustpilot, reviews appear to be for Bluevine’s other financial offerings—not its Flex Lines of Credit.
Alternative Option: Bluevine vs. Kabbage
Both Bluevine and Kabbage are financial technology companies that help business owners access short-term lines of credit to cover operating expenses. The most significant difference between the two options is Kabbage’s lending structure. While Bluevine offers traditional lines of credit, Kabbage approves borrowers for up to a certain borrowing limit and then lets them take out individual installment loans against that line—each with its own repayment terms.
Kabbage borrowers also can only access up to $150,000, while Bluevine’s borrowing limits extend up to $250,000. Kabbage APRs range up to around 36% and Bluevine’s may be as higher. That said, both lenders specialize in short-term lending that can be expensive and dangerous for borrowers who are unable to keep up with high monthly or weekly payments.
Featured Partner Offers
1
OnDeck
$5,000 to $250,000
Not disclosed
625
2
BlueVine
$6,000 to $250,000
Not disclosed
625
3
American Express® Business Line of Credit
$2,000 to $250,000
1 year
at least 660 FICO at the time of application
Methodology
We reviewed Bluevine based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Bluevine based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 25%
- Customer experience: 20%
- Eligibility and accessibility: 10%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender. Finally, we evaluated Bluevine’s customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology.
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