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★★★★★
Waiting on clients to pay your invoices? Need funds to purchase inventory? With BlueVine, you don’t need to be caught in a holding pattern. It offers a line of credit that could help cash flow in times of waiting or when you need to take your business to the next level. But you might be on the hook for weekly repayments, which can be difficult to afford for seasonal businesses.
$5,000
Min. Amount
$250,000
Max. Amount
| Product Name | BlueVine Business Line of Credit |
|---|---|
| Min. Amount | $5,000 |
| Max. Amount | $250,000 |
| Loan Term | 6 to 12 months |
| Requirements | 6+ months in business, $10,000 in monthly revenue, 600+ personal credit score, not based in North Dakota or South Dakota |
BlueVine lines of credit work by giving your business access to up to $250,000 in funding, which it can draw from at any time as needed. Each withdrawal turns into a short-term business loan, which you repay in weekly installments over 6 to 12 months. As you pay off your principle, your credit limit renews. So for example, if you drew $5,000 from a $10,000 credit line, you’d have access to $10,000 again after paying off your balance.
BlueVine lines of credit rates start at 4.8% APR, though it doesn’t disclose how high they run. The APR is the main cost. There are no annual or monthly fees, or origination fees when you sign up. There’s also no draw fee, though BlueVine charges a $15 wire transfer fee if you want to get your money the same day you requested.
You can withdraw between $5,000 to your credit limit, which maxes out at $250,000. Each withdrawal turns into a term loan, which you repay over 6 to 12 months in weekly. Use the calculator below to find out how much you’d pay on a monthly basis for a withdrawal and pay in total interest. Divide the result by 4.35 — the number of weeks in a month — to get an estimate of each weekly repayment.
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Compare business loans nowGenerally, you’ll need to have near-perfect credit, high revenue and operating for a few years to qualify for that low 4.8% APR. If you have good credit — that’s a credit score from 670 to 739 — expect a rate closer to 10%. You’ll likely pay an even higher rate with a score of 669 or under.
To qualify for a line of credit with BlueVine, you’ll need to meet the following criteria:
BlueVine usually asks for the following documents or information when you apply for a line of credit.
You can skip the bank statement requirement by allowing BlueVine to connect to your bank account.
BlueVine doesn’t work with buisnesses in the following industries:
On top of its line of credit, BlueVine also offers two other types business financing:
BlueVine’s term loans work like a one-time draw from its credit line. How much you can borrow, rates and repayment terms are the same. But this product is available to Vermont residents, unlike the line of credit. Once you’ve paid down at least 50% of your loan, you may be eligible to renew it and receive additional funds.
BlueVine’s invoice factoring product allows you to maintain the relationship with your customer and choose which invoices you want financed. There are no monthly requirements for how many invoices you must finance.
Its fees are relatively low, but if the customer doesn’t pay, you’re responsible for covering the loss. Unlike its term loans and lines of credit, BlueVine’s invoice factoring product is available to businesses in all 50 states.
Here’s why you might want to borrow with BlueVine — and why another option might be a better choice
It is. BlueVine is a member of the Innovative Lending Platform Association (ILPA), which aims to set best practices and standards for the online lending community. And it’s safe to use. BlueVine uses SSL encryption to protect any information you submit through the site.
BlueVine currently doesn’t sell your personal information. But it also offers you the opportunity to opt out of a change to this policy by calling customer service.
Yes, BlueVine gets mostly positive customer reviews as of March 2020. Customers were mainly pleased with how fast and transparent the borrowing process was compared to other lenders. The few negative reviews were from customers who had been denied or had trouble getting in touch.
Before you begin the application process, double-check that your business qualifies with BlueVine. If it does, follow these steps to apply online:
You could hear back with a decision in as little as 10 minutes. Review your offer and follow the directions to sign your loan documents, if you accept.
You can begin drawing from your line of credit as you wish. For every draw, you’ll be on the hook for weekly or monthly repayments automatically deducted from your business bank account. You can keep track of your account with BlueVine’s online customer dashboard, which is updated daily.
See how BlueVine compares to other lenders by visiting our guide to business loans.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.
Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.
