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BlueVine business line of credit review
Last updated:
Pay no origination or monthly maintenance fee — but expect weekly repayments.
finder.com’s rating: 4.5 / 5.0
★★★★★
- Best for business owners with fair credit looking for fast working capital.
- Pick something else if you want to avoid weekly repayments.
$5,000
Min. Amount
$250,000
Max. Amount
Details
| Product Name | BlueVine business lines of credit |
|---|---|
| Min. Amount | $5,000 |
| Max. Amount | $250,000 |
| Loan Term | 6 to 12 months |
| Min. Credit Score | 650 |
| APR | Starting at 4.8% |
| Requirements | 3+ years in business, $40,000+ in monthly revenue, 600+ credit score |
Expert review
Review by
Anna Serio
anna.serio@finder.comAnna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Expert review
BlueVine offers fast, easy-to-manage lines of credit that your business can access in a matter of hours when you need to make a draw. You can qualify with fair credit and relatively little documentation is required.
But same-day funding isn’t free — BlueVine charges a $15 wire transfer fee. And you’ll have to pay off each draw in weekly installment for six months to a year. Terms that short can give you a high upfront cost if you withdraw a large amount.
Not sure BlueVine is right for you? See how it compares to other lenders.
How much will this line of credit cost me?
BlueVine lines of credit start at 4.8% APR, but it doesn’t state
a maximum APR. There are no annual fees, monthly fees or origination fees when you sign up. There’s also no fee to when you make a draw, although BlueVine does charge a $15 wire transfer fee if you want to get your money the same day you request it.
You can withdraw as little as $5,000, and up to your credit limit — which maxes out at $250,000. Each draw turns into a term loan, which you repay over 6 months to 1 year in weekly installments. As you pay off your principal, 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.
Use the calculator below to find out how much you’d pay on a monthly basis and in total for a specific withdrawal. Divide the result by 4.35 — the average number of weeks in a month — to get an estimate of each weekly repayment.
Business loan calculator
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How it works
BlueVine considers the overall financial wellness of your business, your personal credit score and other factors when deciding your interest rate. Generally, you’ll need to have near-perfect credit, high revenue and have been in business for a few years to qualify for that low 4.8% APR. If you have good credit — that’s a credit score between 670 and 739 — expect a rate closer to 10%. You’ll likely pay an even higher rate with a score of 669 or under.
What do I need to qualify?
To qualify for a line of credit with BlueVine, you’ll need to meet the following criteria:
- At least six months in business
- Monthly revenue of $10,000+
- Credit score of 600+
- Not based in North Dakota, South Dakota or Vermont
What information do I need to apply?
BlueVine usually asks for the following documents or information when you apply for a line of credit:
- Three most recent bank statements
- General information about you and your business
- Social Security number
- Business tax ID number
You can skip the bank statements requirement by allowing BlueVine to connect to your bank account.
What industries does BlueVine work with?
BlueVine doesn’t work with businesses in the following industries:
- Gambling
- Adult entertainment
- Political campaigns
- Legal or illegal substances
- Firearms
- Financial institutions
- Lenders
- Insurance
- Nonprofits
- Auto dealerships
What other types of financing does BlueVine offer?
BlueVine offers term loans and invoice factoring in addition to its line of credit.
Loan amount | $5,000 to $250,000 | 85% to 90% of invoice value — up to $5 million |
Cost | APR starts at 4.8% | Factor rate starts at 0.25% per week |
Loan term | 6 to 12 months | 1 to 13 weeks |
Requirements |
|
|
Best for | Covering a large one-time expense | Improving cash flow from unpaid invoices |
Pros
- Funding within two business days
- No origination, maintenance or draw fees
- Minimal eligibility requirements
Cons
- $15 fee for same-day funding
- Weekly repayments
- Potentially high APR
See other top business loan options
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Is BlueVine legit?
Yes, 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 relatively safe to apply online — it uses SSL encryption to protect any information you submit on its website.
BlueVine currently doesn’t sell your personal information, and it offers you the opportunity to opt out of a change to this policy by calling customer service.
BlueVine reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 4.03 out of 5 stars, based on 111 customer reviews |
| BBB customer complaints | 38 customer complaints |
| Trustpilot Score | 4.3 out of 5 stars, based on 2,463 customer reviews |
| Customer reviews verified as of | 12 October 2020 |
BlueVine gets mostly positive customer reviews. Customers were 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 with customer service.
How do I apply?
Follow these steps to apply for a line of credit:
- 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.
What happens after I apply?
You could hear back with a decision in as little as five minutes. Review your offer and follow the directions to sign your loan documents after reading BlueVine’s terms.
I got a BlueVine line of credit. Now what?
You can begin drawing from your line of credit when your business needs. For every draw, you’ll be on the hook for weekly or monthly repayments, which are automatically deducted from your business bank account.
Once you make a repayment, the principal portion of your payment gets added back to your available credit — so you can keep borrowing whenever your business has gaps in cash flow. 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 checking out our guide to business loans.
Frequently asked questions
Business loan ratings
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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.