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BlueVine vs. Fundbox business lines of credit
BlueVine wins when it comes to cost and turnaround time. But Fundbox gets better reviews.
BlueVine and Fundbox are both online lenders that specialize in lines of credit for small businesses experiencing cashflow gaps. Both providers offer simple online applications and connect with your online business accounts rather than requesting paperwork. Both also work with fair credit borrowers with as little as six months in business.
The differences are negligible, but BlueVine beats Fundbox when it comes to the most important features. It’s a little less expensive and faster to fund. It also offers higher credit limits and longer repayment terms. However, Fundbox may be a little bit easier to qualify with — and it gets better customer reviews.
BlueVine has lower starting rates than Fundbox
BlueVine charges a fixed simple interest rate of 4.8%, while Fundbox charges a weekly fee. With a weekly fee starting at 4.99%, it might seem like Fundbox is similarly priced. But when you calculate the annual percentage rate based on Fundbox’s loan term, this starting fee is actually equivalent to an APR of around 35%.
Fundbox also front-loads fees at the beginning of the term. This means you won’t be able to save much on the cost by paying off your loan a few weeks early.
Like most business lenders, neither provider advertises a maximum rate. One of the top complaints against both lenders is the high cost. While BlueVine might start lower than Fundbox, it’s still not an inexpensive line of credit for most small businesses.
BlueVine is slightly faster than Fundbox — for a fee
Funds from your BlueVine line of credit can be available within hours after requesting a withdrawal — if you pay a $15 fee. Fundbox typically takes a full business day to send you the withdrawal, but there is no fee for withdrawals.
Both providers have a pretty fast turnaround, even compared to other online lenders. But if you work in a business where unexpected costs need to be filled immediately, BlueVine could be the better choice.
Fundbox is slightly easier to qualify with than BlueVine
Fundbox has slightly lower revenue requirements than BlueVine, though it’s pretty close. Here are the main eligibility requirements for both providers.
- Personal credit score of at least 600
- At least six months in business
- At least $120,000 in annual revenue
- Personal credit score of at least 600
- At least six months in business
- At least $100,000 in annual revenue
Just meeting these requirements might not be enough to get you a loan. Fundbox prefers to work with borrowers that have a 650 credit score and at least $250,000 in annual revenue. BlueVine also likely prefers to work with higher credit scores and revenue than the minimum advertised.
BlueVine offers a wider range of credit limits
BlueVine offers credit limits from $5,000 to $250,000, while Fundbox only offers credit limits from $1,000 to $150,000.
But there is one caveat to borrowing with— BlueVine has a $5,000 minimum first-time withdrawal. This could force some small businesses to overborrow. If you don’t regularly need to borrow over $150,000, Fundbox could be a better choice.
BlueVine has longer repayment terms than Fundbox
BlueVine’s repayment terms run from 6 to 12 months while Fundbox’s run from 12 or 24 weeks. A longer term might give you lower monthly payments, but it also allows more time for interest to add up — or in Fundbox’s case, a weekly fee.
If you’re concerned about the monthly and total cost of your line of credit, it could be worth prequalifying with both. That’s the best way to compare pricing. Neither run a hard credit check when you check your rate.
Fundbox has better customer reviews than BlueVine
Overall, Fundbox customers are happier with their experience than BlueVine customers on sites like the Better Business Bureau (BBB) and Trustpilot. Here’s how both providers do as of July 30, 2021:
|BBB customer reviews||3.43 out of 5 stars based on 138 customer reviews||4.62 out of 5 stars based on 133 customer reviews|
|BBB customer complaints||85 complaints||12 complaints|
|Trustpilot reviews||4.5 out of 5 stars based on 6,592 customer reviews||4.7 out of 5 stars based on 2,782 customer reviews|
These numbers alone might not tell you everything you need to know about the customer experience. BlueVine’s negative reviews are mostly about the company’s checking account product and Paycheck Protection Program loans — not its business line of credit.
When it comes to the line of credit reviews, both providers get very similar reviews. Customers are generally very happy with the simplicity and speed of the application. And several mention quality customer service as the reason for giving five stars.
BlueVine beats out Fundbox in almost every category. BlueVine is less expensive, offers higher credit limits and has the option for faster funding than Fundbox.
But that doesn’t mean BlueVine is a better choice for all small businesses. These providers are similar enough that you may want to prequalify with both to see which offer best fits your business needs. Also, read our BlueVine review and Fundbox review to learn more about how each provider works.
Compare our picks for the best business loans to see if there’s an even better option for you.
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Business loan ratings
★★★★★ — 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.
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