BlueVine is an invoice factoring company that advances businesses money based on their outstanding invoices. They also offer a business line of credit product. It is ideal for companies that need a lump sum of working capital to cover payroll or other large expenses while they are waiting for customers to pay.
We compiled user reviews from around the web and determined that BlueVine has generally positive ratings. We also compared the most popular pricing options for small business owners.
BlueVine Customer Reviews
Summary of User Reviews
What BlueVine does well:
Users who recommend BlueVine were impressed with the responsive customer support team. Customers also liked that all rates and fees were fully disclosed.
What BlueVine does not do well:
Some customers who gave the company negative feedback weren’t happy that they were denied funding. A few also reported that they have little control over fees in regards to invoice factoring.
Most Helpful Positive User Review
“I have greatly enjoyed partnering with Bluevine and Pegah Saeedi. Their product is reasonably priced and the service is excellent. I use their product to extend payment terms to my customers which allows me to help them without killing my cash flow. My questions and concerns are always answered quickly.” — Jerry Wirth
Most Helpful Negative User Review
“Sounds great, however they denied my business without explanation or a phone call. When I called them my calls were dodged. After calling from another number it was promptly answered (questionable practice there). I inquired about why I was declined and was told that my business couldn’t be verified (despite the fact that I uploaded everything and listed the social media accounts and URL in the profile), but I can only assume they didn’t look. My URL was definitely in the profile. Then he states that my business only had $1,000 in deposits made, when in fact it’s had 4-5 times their required amount of $5,000. They again overlooked my bank statements, even though they were personally emailed to one of their account executives due to a website glitch not allowing me at the time to upload it. After it was corrected I was able to do so. The lack of review of my application and lack of a simple phone call says that they don’t truly try to help qualified small businesses.” — Penny
With BlueVine’s invoice factoring you get paid for 85% of your invoice upfront, and you get the rest (minus fees) when your customer pays BlueVine.
|Advance Rate||85% – 95%|
|Invoice Factoring Credit Line||$20,000 to $2.5 million|
|Discount Rate||0.3% – 1% per week|
|Max Overdue Account||12 weeks|
|Additional Fees||$15 wire transfer fee (no charge for ACH transfers)|
To understand more, review our comprehensive guide on how invoice factoring works.
Line of Credit
BlueVine’s traditional line of credit currently caps at a maximum of $150K. The amount you can borrow will depend on the strength of your business. You can always contact support for custom pricing if you require more than the current credit line limit. Once approved, you can draw funds up to your available credit line at any time you want. Note that there is a 1.5% draw fee whenever you request funds from your credit line. Also, in addition to the 6-month line of credit with weekly payments, BlueVine now offers a 12-month business line of credit with monthly payments.
|Line of Credit|
|Line of Credit||$6,000 to $150,000|
|Term Length||6 months to 1 year|
|Interest Rate||0.35% – 1.2% per week|
|Draw Fee||1.5% per draw|
To learn more, read our article on what a business line of credit is.