Bluevine Small-Business Loans: 2023 Review
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Our Take
5.0
The bottom line:
Bluevine loans are well suited for when working capital is needed fast — particularly for businesses with bad credit.
Full Review
Pros & Cons
Pros
- Cash can be available within 12 to 24 hours.
- Multiple term lengths for different financing needs.
- Low minimum credit score requirement.
Cons
- May require weekly repayments.
- Requires personal guarantee.
- Not available in North Dakota, South Dakota or Nevada.
- Rates can be high compared to traditional lenders.
Full Review
Bluevine is a financial technology company that offers business lines of credit up to $250,000 that can be a good option for small-business owners looking for short-term working capital. The Bluevine line of credit is issued by Celtic Bank, a Utah-chartered industrial bank, member FDIC.
Bluevine is known for its simple application process in which borrowers can connect their business checking accounts, and in most cases, receive a decision in minutes. Although you can sign up for Bluevine business checking, business owners are not required to use that account to qualify for financing.
How Much Do You Need?
Bluevine is best for borrowers who:
Need cash fast: You can complete an application for a Bluevine business line of credit in just minutes and receive a decision the same day. Funds can be available within hours, but transfers may take up to three business days.
Don’t meet credit score eligibility requirements with other lenders: Bluevine considers borrowers with bad credit (minimum FICO score of 625 or higher).
Prefer a short repayment period: Bluevine offers lines of credit with repayment terms of six or 12 months.
» MORE: Compare easy business loans
Bluevine loan features
Bluevine offers revolving business lines of credit up to $250,000 with repayment terms of six or 12 months.
Loan amount | $6,000 to $250,000. |
Estimated APR range | Bluevine typically lists its rates as simple interest rates — starting at 6.2% (calculated from total repayments over 26 weeks). Rates calculate to an approximate APR of 20% to 50%. |
Fees |
|
Terms | 6 or 12 months. |
Repayment schedule | Weekly or monthly. |
Funding speed | As fast as the same day. May take up to three business days for funds to process, depending on your bank. |
Where Bluevine stands out
Quick funding
Bluevine is a good option if you need access to fast cash. You can apply quickly online and only need to provide basic information about you and your business — and then connect your business bank account or upload bank statements.
After you’ve submitted your application, Bluevine may be able to offer you a same-day business loan, with funds in your bank account in as little as 24 hours. If you opt to pay a $15 fee for a wire transfer, you can get your funds in just a few hours.
Flexible credit score requirements
Bluevine has more lenient qualification requirements for its minimum credit score compared to other traditional and online lenders. The Bluevine line of credit can be a good option for businesses with bad credit (FICO score of 629 or lower), as you can qualify with a credit score of 625 or higher.
This lender focuses on your business’s cash flow (on top of credit score), which is why you’re required to connect your business bank account — or provide bank statements — as part of your application.
Large credit lines; limited fees
Bluevine offers a line of credit up to $250,000 — which is a higher maximum loan amount than some of its closest online competitors.
Bluevine also doesn’t charge monthly maintenance fees, account closure fees or prepayment penalties for paying your balance back early.
Where Bluevine falls short
Can be expensive
With annual percentage rates of up to 50% on its business lines of credit, Bluevine is more expensive than many business loan options.
More frequent repayments
The Bluevine line of credit carries short repayment terms of up to 12 months, which results in higher payment amounts.
Its line of credit is repaid weekly or monthly. The high frequency of payments — especially when done on a weekly basis — can pose an issue for businesses that have uneven sales or don't hold much cash in a bank account.
Bluevine loan requirements
Bluevine’s minimum borrower eligibility requirements include:
Credit score: 625 or higher.
Time in business: 24 months or more.
Annual revenue: $480,000 or more.
The Bluevine line of credit is not available in North Dakota, South Dakota or Nevada.
Alternatives to Bluevine
American Express Business Blueprint™ (formerly Kabbage)
American Express Business Blueprint™ (previously known as Kabbage) offers business lines of credit from $2,000 to $250,000 to borrowers with a minimum credit score of 640 and at least one year in business. Keep in mind that all businesses are unique and subject to approval and review when applying for a line of credit. Like Bluevine, American Express Business Blueprint™ is a good option for access to working capital.
Unlike Bluevine, however, American Express only has a monthly repayment schedule, and offers terms of six, 12 or 18 months. Instead of traditional interest, American Express charges monthly fees depending on your loan's term.
Total monthly fees incurred over the loan term range are:
Six-month term: 2% to 9%.
12-month term: 7.5% to 18%.
18-month term: 15.75% to 27%.
The proprietary monthly fee structure can make it difficult to determine the total cost of this business line of credit.
» Learn more about this line of credit in our American Express Business Blueprint™ review.
Fundbox
Fundbox offers business lines of credit of up to $150,000 with shorter repayment terms than Bluevine — 12 or 24 weeks. Fundbox can provide application decisions within minutes and transfer funds to your bank account as fast as the next business day.
Fundbox’s line of credit can be a good option for startups and businesses with bad credit, as Fundbox accepts borrowers with six or more months in business and a minimum credit score of 600 or higher.
Fundbox’s minimum annual revenue requirement of $100,000 is significantly lower than Bluevine’s, which is $480,000.
» Learn more about how these lenders compare in our Bluevine vs. Fundbox review.
Compare business loans
If you’d like to compare loan options, NerdWallet has a list of small-business loans that are best for business owners. All of our recommendations are based on the lender’s market scope and track record and on the needs of business owners, as well as rates and other factors, so you can make the right financing decision.
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Find the right business loan
Frequently asked questions
The short answer is yes. Bluevine is a financial technology company. The Bluevine line of credit is issued by Celtic Bank, a Utah-chartered bank, member FDIC.
Bluevine also offers a small-business checking account through Coastal Community Bank. The private company has raised $769.2 million in funding, according to Crunchbase, which tracks startups.
Bluevine is a financial technology company that provides business lines of credit through its partnership with Celtic Bank. You can apply online in a few minutes, and once approved, you may have access to cash by the same day.
Bluevine was approved as a direct non-bank lender for the U.S. Small Business Administration’s Paycheck Protection Program, and Bluevine accepted applications until the program ended on May 31, 2021. As of January 2022, Bluevine is no longer accepting new PPP loan forgiveness applications and is not approved to issue any other type of SBA loan.
