BlueVine Review

ByCaroline BantonSep. 09, 2020

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In a Nutshell

BlueVine provides fast financing solutions for small businesses in need of working capital. With flexible loan amounts up to $250,000 and simple invoice factoring options, the company is a viable alternative to traditional lenders. Fewer fees, short terms, and automatic payment options make BlueVine an accessible choice for many small businesses.

pros

  • Quick online application process
  • Pay only for what you use

cons

  • Six-month or 12-month repayment terms for lines of credit
  • ACH transfers are free, but wire transfers incur an extra fee

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BlueVine at a Glance

Loan types Invoice factoring, line of credit, paycheck protection
Loan amount Up to $250,000
Minimum monthly revenue $40,000
Time in business 3+ years
Minimum credit score 530 for invoice factoring and 600 for business lines of credit
Repayment terms Depends on the type of loan
Time until funding Approvals as fast as 20 minutes
Direct lender or marketplace Direct lender

Why Choose BlueVine?

BlueVine provides three funding solutions to address common cash flow problems: 

  • Invoice factoring 
  • Lines of credit
  • Paycheck protection

BlueVine may have the solution whether you need a short-term infusion of cash to cover expenses until invoices are paid or peace of mind that you always have a funding reserve to draw on. 

The amount of credit you receive from BlueVine replenishes as you make payments, and you pay no fees during times when you have not drawn out any money. This flexibility means that you can always borrow as little or as much cash as you need and pay interest only on the amount borrowed.

BlueVine was founded in 2013 to help small businesses avoid cash flow problems.

BlueVine holds an A+ rating with the Better Business Bureau and is staffed by a team of knowledgeable executives and financial advisors. The company prides itself on fast funding and accessible services to help small businesses meet daily financial needs.

With no application, lockbox, maintenance fees, or prepayment penalties, BlueVine simplifies the funding process and makes it easier for businesses to grow. BlueVine frees you to run your business without worrying about large monthly payouts or unexpected funding shortages.

What BlueVine Offers

  • Five-minute online application
  • Approval and funding in as little as 24 hours
  • Credit lines up to $5 million for invoice factoring
  • Credit lines up to $250,000 for lines of credit 
  • Automatic repayments
  • No reserves or minimums on invoice factoring
  • No fees or maintenance costs on credit lines
  • Rates as low as 4.8%
  • Minimal qualification requirements

Loan Application

Since BlueVine provides working capital rather than term loans, it asks for much less information than banks. These lower requirements speed up the application process and make it easier to qualify even if your credit score prevents you from getting a bank loan. Basic requirements are different for each type of financing. 

Credit line applicants are required to:

  • Be in business for at least six months
  • Have a minimum credit score of 530 
  • Bring in $40,000 per month in revenue

For funding from invoice factoring, your business must:

  • Service or sell to other businesses rather than consumers
  • Have been operating for three months or more
  • Show a minimum credit score of 530
  • Have $10,000 per month in revenue, or a minimum of $120,000 annually 

Opening an Account

The application asks for the following information:

  • Amount and type of desired credit line
  • Name
  • Phone number
  • Address and email address
  • Date of birth
  • Business name and type
  • Business contact information
  • Business address
  • Tax ID or Social Security number
  • Annual revenue

Applicants must also provide bank statements from the past three months or give BlueVine permission to view digital statements in your bank account on a “read only” basis.

What’s Unique About BlueVine?

As an alternative to banks and other institutions offering large loans with long-term commitments, BlueVine seeks to provide funding to companies seeking quick solutions to cash flow problems. Credit lines and invoice factoring are the only two financing options (paycheck protection ended on August 8, 2020). Specializing in these types of financing allows BlueVine to focus on fulfilling the needs of small businesses. 

For easier money management, the services sync with popular accounting software, such as QuickBooks, Xero, and FreshBooks.

Flex Credit

The BlueVine credit line is a revolving structure of drawing and repaying funds. Flex Credit lines are typically approved for up to $250,000, but it is possible to request a custom quote for a higher amount. Unlike a merchant cash advance, your business does not need to accept credit card payments to be eligible for Flex Credit. 

Using the credit line is straightforward:

  • Draw what you need at any time using the dashboard
  • Payments are automatically deducted each week with applicable interest
  • Available credit replenishes with payment

No additional fees for maintenance are required, so if you haven’t borrowed any money, you don’t owe any extra payments. Automatic weekly deductions from your bank account help prevent missed payments and can increase your credit score. As long as there is enough money in your business account to cover your weekly obligation, you’ll never fall behind. And BlueVine now offers a 12-month business line of credit with monthly payments. 

BlueVine Restrictions

However, there are some restrictions to their credit lines. The company is unable to offer this type of financing in:

  • North Dakota
  • South Dakota

For businesses operating in these states, invoice factoring may be a feasible alternative.

If you choose invoice factoring, you can factor any invoices meeting BlueVine’s criteria:

  • Payment terms of 13 weeks or less
  • At least one week away from the due date
  • Amounts of $500 or higher
  • Issued to another business in the United States or English-speaking Canadian provinces
  • Covering a completed or delivered service or product

You are not obligated to disclose your use of invoice factoring to customers, although BlueVine may offer a larger amount of financing to companies agreeing to share this information. The company handles all payments from customers on factored invoices and offers same-day rebate distribution.

Applying for either type of financing takes only five minutes and requires basic personal and business information common to alternative lending applications. Approval usually occurs within 24 hours, and funds may be available the same day if you choose to pay the $15 fee for a wire transfer. Payment via ACH can arrive the next business day but may take up to three days.

To qualify for financing, you need a minimum credit score of 530 for invoice factoring or 600 for a line of credit. However, the company also looks at past business cash flows and the strength of your customer base when considering your application, so your credit score is not always the deciding factor.

Repayment Terms

Invoice factoring has a maximum term length of 12 weeks with 0.25% interest paid per week. Credit lines have a six or 12-month term with simple interest as low as 4.8%. The short terms make overall interest rates higher than those of traditional loans, but you are not stuck with a long-term commitment to a financial institution, nor do you have to worry about running out of money with payments still hanging over your head.

Payment on the money drawn from a credit line occurs automatically from your bank account every week. For invoice factoring, customer payments are handled through your BlueVine account rather than your regular business bank account. BlueVine facilitates the payment process and takes the fee when the invoice is paid. However, if a customer fails to pay an invoice, you are responsible for repaying whatever funds you've received as part of the financing agreement.

Security of the Site

A GeoTrust certificate offers security for the entire website, and the company uses secure sockets layer encryption to protect any personal information you submit. Sensitive data is stored in secure databases. Information is only accessed and shared as necessary to provide services. Financial transactions are protected by the companies BlueVine works with when handling advances and payments.

Help & Support Availability

The FAQ page covers most questions concerning credit lines and invoice factoring, including which types of invoices are eligible, the minimum and maximum amount of credit a company can request, and how payments are handled. However, some information is not so readily available, and you may have to contact BlueVine for more details to determine which financing option is right for you.

The financial advisors can be reached from 7:00 am to 4:30 pm PT Monday through Friday. Phone support is available whether you are considering applying for financing or are already using one of their services.

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Summary

BlueVine provides fast financing solutions for small businesses in need of working capital. With flexible credit lines ranging up to $250,000 and simple invoice factoring options, the company is a viable alternative to traditional lenders.

A simple application and 24-hour approval allows businesses to obtain funding when and how it is needed and bypass the lengthy and complex conventional loan application process of most bank loans. Fewer fees, short terms, and automatic payment options make BlueVine an accessible choice for many small businesses.

Physical Address

BlueVine Capital, Inc.

401 Warren St. Fl. Suite 300

Redwood City, CA 94063-1578

BlueVine customer testimonials

ExcellentReviews 2,415
TrustPilot is the world’s most powerful review platform, free and open to all.
Excellent
81%
Great
7%
Average
2%
Poor
1%
Bad
9%
  • author
    Katherine Thompson
    Sep 18, 2020
    I accidentally sent out a wire 3x at 12…

    I accidentally sent out a wire 3x at 12 midnight!! for almost $700!! I thought i was screwed but i called customer service just now and she canceled the other 2 wires it was actually quicker than getting ahold of the traditional banks haha! She was very sweet and nice with me i love bluevine banking!!

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  • author
    Mitch Lieberman
    Sep 18, 2020
    Wish I can give it zero stars

    Wish I can give it zero stars. Try to open up an account and spend my time to compile all corporate documents requested. They respond. "We're sorry, based on the information provided, we are unable to open a BlueVine Business Checking Account for you at this time." They are not able to give any further details.

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  • author
    scott marabito
    Sep 17, 2020
    Was a great experience the first two…

    Was a great experience the first two years , than Covid hit said I’m on hold never missed a payment so you no longer qualify my company revenue to low it’s better than before . They say they wanna help small business just not really small.

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  • author
    kristin lauler
    Sep 17, 2020
    I opened a business banking account…

    I opened a business banking account with this company. It was simple, straightforward, and I was able to have a question answered within minutes during filling out the online form by an actual human being who picked up the telephone in less than a minute with only 2 simple robo-prompts to get through. I had a blip with one of my deposits (which was 100% my fault), and once again was able to speak to a human being in less than 2 minutes. Not only did Ms. Barry answer my question, she took my information, promised to get back to me by the end of business, and either fix the issue or provide me with guidance as to what I should do. Far sooner than the end of the business day I received a phone call and an email which solved the issue entirely. As I'm sure everyone has experienced, calling any business for customer service results in spending hours on hold to only hear a pre-scripted response of 'that's the policy, there's nothing I can do'. My faith in doing business with a company has been restored after interacting with Bluevine and the exceptional service I have gotten.

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  • author
    Paul-Garden Grove,CA
    Sep 13, 2020
    great experience

    great experience, loan approved and funded in matter of days! thank you

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