A Bluevine Line of Credit can be a great option for businesses with short-term financing needs. It allows you access to funds to help cover business expenses, supplement cash flow, or help grow your business. It also offers favorable rates and flexible qualification requirements compared with other lenders. In this review, I will walk you through an overview of its features, rates, terms, and qualifications—all of which may help you determine whether it may work for your business needs.
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Bluevine Line of Credit Overview
Bluevine is an online lender with over 10 years of experience in financing small businesses. It has helped more than 500,000 businesses and has facilitated over $14B in business loans. It aims to build better banking solutions for growing businesses by combining industry-leading technology and security with dependable customer support to meet the financing needs of business owners and help them succeed.
It offers small business financing—such as term loans and lines of credit—to qualified borrowers, along with other banking services—such as business checking accounts and credit cards. With its line of credit, which is one of our best small business lines of credit, you can get up to $250,000 in financing and have terms that are structured based on either a 6- or 12-month repayment schedule. These terms make it an ideal option for borrowers looking for short-term financing.
Overall, it offers quick access to funds and favorable rates and terms for qualified borrowers needing a revolving credit facility. It’s also a good option for borrowers needing flexible qualification requirements, as it is accepting of lower credit scores and annual revenue.
Highlights & Features of Bluevine’s Line of Credit
Who a Bluevine Line of Credit Is Right For
A Bluevine Line of Credit can provide financing opportunities for a wide variety of business purposes. That said, it may be best suited for the following borrowers:
- Those who need quick access to funds: As a revolving credit facility, a Bluevine Line of Credit can supply funding on an as-needed basis, where the borrower can request a draw, have the funds deposited into their account of choice, and use the funds for business expenses. The line can be used up until the loan amount limit, repaid over time, and reused accordingly until the end of the term.
- Those who seek short-term financing: Since Bluevine’s Line of Credit offers both 6- and 12-month repayment terms, it may be best suited for businesses in need of short-term financing. Whether it be to cover emergency expenses, bridge gaps in cash flow, or simply have access to financing when you need it, it can provide funding as needed.
- Those who want flexible qualification criteria: Compared with other lenders, Bluevine has flexible qualifying criteria that allow for lower credit scores and favorable annual revenue requirements. For businesses having trouble getting financing elsewhere, this may be a suitable provider if your credit and revenue are less than ideal.
- Those who are expanding their business operations: Funds from the line of credit can be used for expansion or renovation expenses. This can include purchasing more inventory, sourcing materials, and leasing equipment.
- Those who have seasonal business operations: If your business operates seasonally, you can use funds to cover payroll and hire full-time or seasonal employees as needed.
Pros & Cons of Bluevine’s Line of Credit
Rates & Terms of Bluevine’s Line of Credit
Loan Amount | Up to $250,000 |
|---|---|
Estimated Starting Rates | 7.8% and up |
Repayment Terms | 6 and 12 months |
Repayment Schedule | Weekly, monthly |
Fees | $15 wire transfer fee |
Funding Speed | As fast as same-day |
Bluevine’s Line of Credit offers rates and terms that are generally favorable compared with other lenders. It can provide up to $250,000 in financing, and top qualifying customers may be eligible for rates as low as 7.8%.
Depending on your financing needs, you may have the option of a 6- or 12-month repayment term, with either weekly or monthly payments required. If you have a Bluevine business checking account, drawn funds can be accessed as fast as the same day or otherwise may take up to 3 days if deposited to a different checking account.
Qualifications of Bluevine’s Line of Credit
Credit Score | 625-plus personal FICO credit score |
|---|---|
Time in Business | 12-plus months |
Annual Revenue | $120,000 ($10,000 in monthly revenue) |
Qualifying for a line of credit from Bluevine involves a few factors that you should consider before applying. That being said, it’s important to recognize that you may have to supplement certain criteria if you lack strength in others. Also, eligibility is subject to the lender and your financing needs, so simply meeting the minimum requirements doesn’t guarantee approval.
In addition to the table above, other required qualifications include the following:
- Your business must be structured as a corporation or LLC.
- You have no bankruptcies in the past year.
- You’re in good standing with your Secretary of State.
- Your business is operating or incorporated in an eligible US state (ineligible states include Nevada, North Dakota, and South Dakota).
- You can provide bank statements from the last 3 months.
It’s also worth noting that Bluevine doesn’t offer financing to certain industries. Ineligible industries include the following:
- Illegal gambling
- Pornography and paraphernalia
- Political campaigns
- Firearms and paraphernalia
- Other controlled substances (including medicinal marijuana, marijuana, cannabis, and hemp) and paraphernalia
- Financial institutions and lenders (including insurance, penny auction companies, and cryptocurrency)
- Auto dealerships
How to Get a Bluevine Line of Credit
To apply for a Bluevine Line of Credit, visit its website to get started. There, you’ll need to provide some basic information regarding your business. The process only takes a few minutes, and applying won’t impact your credit score. Also, you can get an approval decision in as little as five minutes after you submit it.
The steps necessary to apply are as follows:
You’ll need to provide information regarding the details of your business. Be prepared to provide information such as the following:
- Business name
- Business address
- Your tax ID/EIN
- Annual revenue
- Information about existing financing
Bluevine uses Plaid to connect your business bank account and helps to speed along the financial review process and verify your transaction history. Visit Plaid to learn more.
You’ll also need to answer a few questions regarding your personal information, so a soft check can be performed on your personal credit. You’ll need to provide the following:
- Full legal name
- Address
- Phone number
- Date of Birth
- Social Security number
- Percent of the business that you own
- Information about any beneficial owners of your business
Once you have filled out the required information and submitted your application, you should receive an email confirming it was submitted successfully. Bluevine will then verify and review your information.
You’ll also receive emails regarding updates about your application status, where you’ll be notified if you need to provide any additional information. If so, you can submit any requirements via the digital dashboard provided by Bluevine.
Upon approval, you can use your Bluevine digital dashboard to draw funds and schedule payments. You can also request and receive funds in as fast as 24 hours. With that said, as you make payments, your ability to use drawn funds replenishes up until the end of the term.
How a Bluevine Line of Credit Works
Once you’ve been approved and the line of credit has been established, you can request to draw funds directly from your Bluevine dashboard. The requested funds can be deposited into your account in as little as a few hours, once it’s been reviewed and approved.
Your account will automatically be debited either weekly or monthly, depending on the repayment terms you qualify for. As the balance is paid off, the balance replenishes and can be reused as needed until the end of the loan term.
There are no prepayment penalties, and you can actually save on interest paid if you make payments early.
Bluevine Alternatives & Comparison
If you’re curious about how Bluevine’s Line of Credit stacks up against other providers, I’ve compiled a few similar options to help you determine what alternatives you may have and how they compare.
Loan Type | Est. Starting Rates | Max. Loan Amount | Repayment Term | Credit Score Required | |
|---|---|---|---|---|---|
 | Line of credit | 7.8% and up | $250,000 | 6 or 12 months | 625-plus |
 | Line of credit | Varies | Varies | 6 to 24 months | 600-plus |
 | Line of credit | 1% and up | $750,000 | 6 to 24 months | 600-plus |
Best For | |
|---|---|
| Business owners seeking multiple financing options: As a broker, Lendio can connect you with a wide variety of lenders and their loan offerings with a single application. Compared with Bluevine, you’ll have more options to choose from, depending on what lenders you qualify for. |
| Business owners requiring high funding amounts: SBG Funding offers a line of credit that has a higher credit limit than Bluevine, making it a good choice for borrowers who anticipate having high spending needs. |
Fit Small Business Ranking
In reviewing Bluevine’s line of credit, there are a few factors that I took into consideration when assigning a rating. Overall, I assessed the line of credit’s general features and product details. Ratings are not based on an individual lending experience, but rather the variety of elements that would impact the lending experience for a typical borrower.
Criteria | Our Rating |
|---|---|
OVERALL RATING | 4.8★ |
Flexible Qualification Requirements | ★★★★★ |
Loan Costs & Affordability | ★★★★★ |
Customer Service & Experience | ★★★★ |
Ease of Application Process | ★★★★★ |
Transparency & Accessibility | ★★★★★ |
Rating Explanation: ★★★★★: The criterion meets or exceeds capabilities ★★★★: The criterion has minimal drawbacks/limits ★★★: The criterion has a few notable drawbacks/limits ★★: The criterion has a few major drawbacks/limits ★: This criterion has major drawbacks/limits. 0: This feature is unavailable or not applicable. | |
Customer Testimonials of Bluevine’s Line of Credit
Bluevine has good reviews from its users and has a 4.3-star rating from Trustpilot.[1] This is based on over 8,000 reviews and includes positive insights such as great customer support, a simple application process, and quick access to funds.
Bluevine also has an A+ rating with the Better Business Bureau.[2] However, its customer reviews are low, with a rating of 1.13, based on 152 total reviews. That said, these reviews are a general overview of Bluevine, inclusive of its other lending products, and are not specific to just Bluevine line of credit reviews.
Frequently Asked Questions (FAQs)
Bluevine offers flexible qualification requirements for most borrowers in need of financing. While it’s best to demonstrate strong creditworthiness, you should aim to meet at least the minimum qualification requirements necessary to be considered eligible.
The minimum credit score required to qualify for financing for a Bluevine line of credit is 625-plus. However, this may change based on your financing needs and the lender’s risk tolerance.
The maximum credit limit for a Bluevine line of credit is $250,000. That said, you may only qualify for lesser amounts if your credit and finances are less than ideal.
Bottom Line
Overall, Bluevine’s Line of Credit is a great option for businesses that need flexible financing on a short-term basis. Bluevine Line of Credit requirements are also flexible and can accommodate a variety of borrowers. While it’s worth comparing rates, terms, and requirements across multiple lenders, Bluevine offers standout features and may be the right choice for your business if you’re in the market for a line of credit.
[1]Trustpilot
[2]BBB
