BlueVine is a lending service provider that allows small business owners to secure capital to grow their business. The provider offers flexible funding solutions that include an invoice factoring facility and the traditional business line of credit. We compiled BlueVine user reviews from around the web and determined that it has a mix of positive and negative ratings. We also shared the interest rates it offers and its applicable fees.
Summary of User Reviews
What BlueVine Does Well
Users who gave BlueVine a positive review were impressed with the support team’s responsiveness and prompt customer service. They also mentioned they like the reasonable interest rates and easy application process.
What BlueVine Does Not Do Well
Users who gave BlueVine a negative review shared their frustrations over rejected funding requests despite meeting the requirements listed on the company’s website. They complained about not being given a clear reason why their requests were disapproved.
Most Helpful Positive User Review
One user who gave BlueVine a positive review on Trustpilot said that she was extremely happy with the great customer service that she received from the company. She even applauded BlueVine for providing small businesses with the opportunity to get funding when other lenders won’t. She added that the company has a fair repayment schedule with minimal fees.
Most Helpful Negative User Review
“I was originally a factoring client of BlueVine, and the experience was positive. They started to offer flex credit (credit line), and I started using that service, initially with good results. But over time, BlueVine became completely unreliable and vague in their reasoning for not allowing credit or certain credit limits. I have been using Fundbox since, and without incident.”
-Eric Yingling
BlueVine Pricing
BlueVine offers two financing plans: invoice factoring (with credit line ranging from $20,000 to $5 million) and line of credit (with credit line ranging from $5,000 to $250,000). Invoice factoring enables users to get a cash advance on outstanding invoices, while line of credit offers borrowers with traditional access to a working capital.
| Advance Rate | 85% – 90% |
| Invoice Factoring Credit Line | $20,000 to $5 million |
| Discount Rate | As low as 0.25% per week |
| Max Overdue Account | 13 weeks |
| Contract Length | None |
| Additional Fees | $15 wire transfer fee (no charge for ACH transfers) |
BlueVine’s invoice factoring financing option allows users to receive 85% to 90% of the total invoice amount upfront. The remaining amount, minus BlueVine’s fees, will be processed once the user’s customer settles the invoice in full.
| Line of Credit | $5,000 to $250,000 |
| Term Length | 6 months to 1 year |
| Interest Rate | As low as 4.8% |
| Draw Fee | 1.5% per draw |
| Additional Fees | $15 wire transfer fee (no charge for ACH transfers) |
On the other hand, BlueVine’s business line of credit currently caps at $250,000. Once approved, users can access funds up to their available credit line, at any given time. Additionally, BlueVine charges a draw fee whenever users request for funds from their available credit limit.
BlueVine Features
Check out the list below of some of BlueVine’s features:
Invoice Factoring:
- Fund only the invoices that users want
- Access to larger credit limits
- No long-term contracts
- Syncs with various accounting software
- Transparent fees
Line of Credit:
- Access to a revolving credit line
- Credit line replenishment based on repayments
- No prepayment penalties
- No monthly maintenance fees
- No account closure fees
Helpful Lender Resources
How to Get a Small Business Loan in 3 Steps — Learn about the most important aspects of small business financing and how to choose the right loan provider.
Startup Business Loans 2018: The 12 Best Ways to Fund Your Startup — Read about several options for funding a startup. We’ll discuss everything from SBA loans to angel investors to Rollovers for Business Startups (ROBS).
Alternative Business Loans: 9 Alternative Financing Options for Small Businesses — Read about alternative business loans and how you can choose the right financing solution for your situation.
BlueVine FAQ
How fast can BlueVine approve a user’s funding request?
BlueVine can approve a funding request within 24 hours, provided that all requirements are met.
Can a user request for a Line of Credit funding that is higher than the $250,000 cap?
Yes. Interested users can contact BlueVine’s support team to request for a customized quote.
Is there a credit score requirement when applying for BlueVine’s financing services?
Yes. The business owner’s personal credit score should be above 530 to be eligible for BlueVine’s invoice factoring service and above 600 for the business line of credit.
BlueVine Overview Video
This video provides a quick overview of what BlueVine can do to help small businesses with capital funding challenges.
Popular Integrations
When choosing a lender service provider, it’s important that the service integrates with other applications your business is currently using. Here is a list of some of BlueVine’s popular integrations:
Top BlueVine Alternatives
Not sure if BlueVine is the right fit for you? Read our reviews of all top lenders or check out one of these three BlueVine competitors.
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Ryan Fishoff
Review SourceVendor invited user to leave a review.
They are very responsive on the phone and working with you to make sure things are attended too
they have a lot of turnover. we are one our 4th account manager in a year. because of the nuance our industry, this makes challenging sometimes when we’re under gun to get something out
lack of experience in my industry
Review SourceVendor invited user to leave a review.
Paul
Review SourceFitSmallBusiness invited user to leave a review and offered a nominal gift card as a thank you.
My experience with BlueVine was fantastic in every respect. I had received multiple offers through QuickBooks financing and BlueVine and the best offer. The interest rate was reasonable, customer service was exceptional, everyone I don’t with was terrific. The line of credit is now paid back, with our new line of credit double what it was at the onset.
Nothing!
Everything was disclosed upfront.
Review SourceFitSmallBusiness invited user to leave a review and offered a nominal gift card as a thank you.
Eric Yingling
Review SourceOrganic
I was originally a factoring client of bluevine and the experience was positive. They started to offer flex credit (creditline) and I started using that service, initially with good results. But over time, the Bluevine became completely unreliable and vague in their reasoning for not allowing credit or certain credit limits.I have been using Fundbox since, and without incident.
Offer consistent service.
How inconsistent their credit line approvals would be. One month our fund request would be approved, next month denied, next month approved. They are unreliable.
Review SourceOrganic
Linda
Review SourceOrganic
We are a new painting company that won a large (for us) contract of $300k. I found BlueVine during a very stressful time but they made it possible for us to complete a project when the client moved the completion date up 6 weeks requiring us to bring in more resources to complete phases simultaneously. Without BlueVine, we would not have been able to complete the project and our company would have definitely been ruined.
Then our client had issues with processing the outstanding invoice on the date expected but with BlueVine’s flexibility for the repayment date (3 weeks), we were able to address these issues and pay a very demanding subcontractor.
BlueVine’s processes were clear, transparent, and fast. Although the cost may seem expensive, it was a bargain compared to the cost of potential litigation and losing my company. My banker has scoffed at the cost but BlueVine was able to process a loan in days versus his timeline of weeks.
After paying the first invoice, BlueVine doubled my limit to $200k! The second invoice was processed and funded the same day. As a relatively new business, this was also unexpected and awesome. Having the ability to do this online was also wonderful – I was putting in long days, 7 days per week, but could complete the process on my tablet any time of the day or night and from any location and still be present on the job.
I tried to send my rep Caroline flowers for all her help during this process but sent a bouquet of virtual flowers.
Thanks BlueVine!
Review SourceOrganic