Get access to up to $250,000 with no monthly maintenance or draw fees.
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.
|Product Name||BlueVine Line of Credit|
|Minimum Loan Term||1 year|
|Maximum Loan Term||0.5 years|
|Requirements||6+ months in business, $100,000+ annual revenue, 600+ credit score, not based in North Dakota or South Dakota|
- 6+ months in business
- $100,000+ annual revenue
- 600+ credit score
- Not based in North Dakota or South Dakota
First, do I qualify?
To qualify for a line of credit with BlueVine, you’ll need to meet the following criteria:
- In business for at least six months
- Annual revenue of at least $100,000
- Minimum credit score of 600
- Not based in North Dakota or South Dakota
What makes a BlueVine line of credit unique?
Unlike many lenders that require you to be in business for at least a year to qualify, BlueVine offers credit lines to companies that have been around for as little as six months. It also stands out from the competition for its lack of fees — you won’t be charged anything to open or maintain the line, pay back your draw early or close your account. And it’s fast, too — you could receive a decision just 10 minutes after submitting your application.
How does a BlueVine line of credit work?
BlueVine offers revolving lines of credit starting at $5,000 and topping out at $250,000 that allow you to draw funds at any time. You’ll pay back your draw with fixed weekly or monthly repayments over six or 12 months with rates starting at 4.8% and zero monthly maintenance fees.
Draws can be made through its online dashboard, and you’ll receive the funds in your business bank account via a free ACH transfer in as little as one business day. You also have the option of choosing a wire transfer to get your money in just a few hours, though this comes with a $15 fee.
What are the benefits of a BlueVine line of credit?
From its fast turnaround to its lenient time-in-business requirement, here are a few perks of opening a BlueVine line of credit:
- Quick funding. You could find out if you’re approved for a line of credit in as little as 10 minutes after applying. And you could receive your funds just a few hours later with its wire transfer option.
- Limited fees. There are no application, monthly service, prepayment or termination fees. The only fee you’ll pay is $15, and only if you request payment via wire transfer instead of ACH.
- Open to newer businesses. Your business only has to be around for at least six months to qualify for a BlueVine line of credit.
What to watch out for
Consider these potential drawbacks before borrowing with BlueVine:
- May have weekly repayments. When cash flow isn’t the most frequent or emergencies pop up, repaying your loan every week can be a struggle.
- Potential to overspend. Lines of credit can get pricey, and BlueVine is no exception. Opening a revolving line of credit can enable you to spend more than you might otherwise.
- Collateral required. To open a line of credit, you’ll need to allow a general lien on your business assets — backed with a personal guarantee. If you want business financing without providing collateral, you might want to consider an unsecured business loan instead.
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What do borrowers say about BlueVine?
Online reviews of BlueVine are mostly positive as of June 2019. It gets an A+ rating from the Better Business Bureau (BBB) based on factors like transparency and how it handles customer complaints. The lender also earns 4 out of 5 stars based on nearly 40 customer reviews on the BBB. And it does similarly well on Trustpilot, scoring a 9.4 out of 10 based on over 1,150 customer reviews.
For the most part, borrowers are happiest with BlueVine’s convenience and speed — the words “fast,” “professional” and “efficient” come up often. A sprinkling of negative comments comes from customers who were unhappy with BlueVine’s rates and fees, felt they were unjustly denied or had trouble adjusting their credit limit.
BlueVine typically responds to negative reviews, offering to further discuss the reviewer’s complaint and come to a resolution.
How do I apply?
Before you begin the application process, double-check that your business qualifies with BlueVine. If it does, follow these steps to apply online:
- Go to BlueVine’s website and click Apply Now.
- Enter your personal details and click Get Started.
- Fill out the required fields with information about yourself and your business.
- Click Submit.
You could hear back about a decision in as little as 10 minutes.
What information do I need to apply?
Have the following information about your business on hand to speed up the application process:
- Annual revenue
- Address and phone number
- Tax ID number
- Type of entity
- Type of customers
- Existing financing your business has
- Bank statements for the past three months
I got a BlueVine line of credit. Now what?
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. Keep an eye on how much credit you have available with BlueVine’s online customer dashboard, which is updated daily. As you pay back the funds you borrowed, your available credit replenishes and you can draw additional funds as needed.
Have questions? Reach out to BlueVine’s customer support team by calling 888-216-9619 or sending an email via its online form. Representatives are available weekdays from 8 a.m. to 8 p.m. ET and Saturdays from 12 p.m. to 4 p.m. ET.
What other types of financing does BlueVine offer?
On top of its line of credit, BlueVine also offers two other types business financing:
If you’d prefer to borrow one lump sum, a term loan from BlueVine might be a better choice. You can borrow anywhere from $5,000 to $250,000 with fixed rates starting at 4.8% and no origination fee. You’ll be on the hook for weekly repayments over six or 12 months depending on the terms outlined in your contract. Once you’ve paid down at least 50% of your loan, you may be eligible to renew it and receive additional funds.
BlueVine’s term loans come with the same eligibility requirements as its line of credit option.
BlueVine’s invoice factoring product allows you to maintain the relationship with your customer while BlueVine advances you between 85% and 90% of the invoiced amount. Unlike traditional invoice factoring, you can choose which ones you want financed and there are no monthly requirements for how many invoices you must finance. Upon approval, you’ll get a credit line between $5,000 and $5 million that determines the maximum amount you can have advanced at one time.
Any invoices you submit need to be more than $500 and have a payment due date that’s one to 13 weeks away. A factor fee between 0.2% and 1.3% is charged per week your business’s clients take to pay their invoices. Customers must have already accepted your product or service, be based in the US or an English-speaking province of Canada, and be a consumer rather than a business.
Unlike its term loans and lines of credit, BlueVine’s invoice factoring product is available to businesses in all 50 states. And you only need to be in business at least three months and have a credit score of at least 530 to qualify.
BlueVine’s revolving line of credit is ideal for newer businesses looking to get funds fast — it may be able approve your application in just 10 minutes and get you funds a few hours later. But you might want to consider another lender if you run a seasonal business — the potential for weekly repayments can make this a risky move.