BlueVine, an invoice factoring provider, offers business owners the opportunity to sell their invoices at a discount to receive funding up to $5 million. Fundbox offers business owners a line of credit up to $100,000 with easier-to-meet requirements. BlueVine is the best overall option because it offers invoice factoring in addition to short-term loans and lines of credit.
BlueVine vs Fundbox at a Glance
BlueVine | Fundbox | |
|---|---|---|
Financing | ||
Funding Amount | $5,000 to $5 million | $1,000 to $100,000 |
Advance Rate | 85% to 90% | 100% |
Credit Score | At least 530 | At least 500 |
Time in Business | At least 3 months | At least 3 months |
Annual Revenue | At least 100,000 | At least $50,000 |
Speed to Funding | 24 hours | 24 hours |
Apply |
BlueVine and Fundbox both offer financing to small businesses. With BlueVine, business owners can advance up to 90% on specific invoices up to $5 million, and it applies invoice payments to the debt. If Fundbox considers a business healthy, based on factors like cash flow and growth, it lends up to $100,000 with repayment terms of 12 or 24 weeks.
BlueVine vs Fundbox: Costs
In comparing BlueVine vs Fundbox in terms of costs, BlueVine offers lower starting rates, but Fundbox gives borrowers more control over the repayment terms and overall costs. While BlueVine charges interest until an invoice payment is made, Fundbox allows a business to make a draw with weekly payments that business owners can speed up to reduce costs.
BlueVine Invoice Factoring Costs
BlueVine Invoice Factoring | |
|---|---|
Discount Rate | 0.25% to 1.35% per week |
Expected APR | 13% to 70% |
Origination Fee | None |
Fundbox Line of Credit Costs
Fundbox Line of Credit | |
|---|---|
Starting Interest Rate | 4.66% |
Expected APR | 10% to 79% |
Maintenance Fee | None |
BlueVine vs Fundbox: Terms
Comparing BlueVine vs Fundbox based on terms comes down to the amount of funding and how quickly your business needs capital. BlueVine can provide funding up to $5 million, which is significantly more than Fundbox. However, Fundbox provides borrowers with an approval decision in as quickly as 3 minutes.
BlueVine Invoice Factoring Terms
BlueVine Invoice Factoring | |
|---|---|
Funding Amount | $5,000 to $5 million |
Advance Rate | 85% to 90% |
Repayment Term | Paid with invoice collection |
Personal Guarantee | Required |
Funding Speed | 1 business day |
Fundbox Line of Credit Terms
Fundbox Line of Credit | |
|---|---|
Credit Line | Up to $100,000 |
Repayment Term | 12 or 24 weeks |
Repayment Schedule | Weekly |
Collateral | Blanket UCC filing |
Personal Guarantee | Required |
Funding Speed | One business day |
BlueVine vs Fundbox: Qualifications
Qualifying for Fundbox vs BlueVine is easier than with most financing alternatives. Both have low minimum requirements, with Fundbox being the easier lender to qualify with. Both BlueVine and Fundbox only require three months in business, making both lenders accessible to newer businesses and startups.
BlueVine Invoice Factoring Qualifications
BlueVine Invoice Factoring | |
|---|---|
Minimum Credit Score | 530 |
Minimum Time in Business | 3 months |
Minimum Annual Revenue | $100,000 |
Fundbox Line of Credit Qualifications
Fundbox Line of Credit | |
|---|---|
Minimum Credit Score | 500 |
Minimum Time in Business | Three months |
Minimum Annual Revenue | $50,000 |
BlueVine vs Fundbox: Application Process
In comparing the application process for BlueVine vs Fundbox, we found them to be similar. With both providers, businesses submit an application online and connect the providers to their bank accounts or accounting software. The application process takes 10 minutes with same-day approval and next-day funding.
BlueVine vs Fundbox: Customer Service
An important factor when considering BlueVine vs Fundbox is the customer service experience. Both companies provide great customer service, as evidenced by BlueVine and Fundbox reviews. The only customer service area where BlueVine has the edge over Fundbox is in its hours of operations. With BlueVine, businesses can get help on Saturday, which Fundbox doesn’t offer.
BlueVine Reviews vs Fundbox Reviews
When considering Fundbox reviews and BlueVine reviews, both providers have positive ratings. Both BlueVine and Fundbox receive praise for their positive customer service experience. Negative reviews for both are left by applicants that are not happy about being denied funding or the terms offered.
BlueVine Reviews
After considering BlueVine reviews by users from around the web, we determined it has positive ratings. Positive reviews came from customers who were impressed with its responsive customer support team. Critical reviews came from businesses unhappy about being denied financing.
Fundbox Reviews
After considering Fundbox reviews by users from around the web, we determined it has positive ratings. Positive Fundbox reviews came from customers who said the company’s professional and helpful representatives made the process easy. Critical reviews came from customers who complained about not being able to change the repayment terms to longer periods.
BlueVine vs Fundbox: Additional Financing Products
BlueVine is the clear winner for business owners needing multiple financing products from the same lender because Fundbox only offers a line of credit. Besides invoice factoring, BlueVine offers businesses a term loan and a business line of credit. This complete set of financing products gives businesses the flexibility of financing unpaid invoices, working capital, and large projects.
BlueVine business line of credit costs, terms, and qualifications include:
- Interest rates: As low as 4.8% of the amount drawn for 26 weeks
- Expected APR: 15% to 78%
- Line of credit amount: Up to $250,000
- Repayment term and schedule: Six or 12 months with weekly or monthly payments
- Speed to funding: As soon as the same day
- Credit score: At least 600
- Time in business: At least six months
- Annual gross business revenue: At least $100,000
BlueVine short-term business loan costs, terms, and qualifications include:
- Starting interest rates: 4.8% to 47.1%
- Expected APR: 18.2% to 78%
- Loan amount: $5,000 to $250,000
- Repayment term and schedule: Six or 12 months with weekly payments
- Time to funding: As soon as the same day
- Credit score: At least 600
- Minimum annual revenue: At least $100,000
- Time in business: At least six months
Both a BlueVine term loan and small business line of credit share similar minimum qualifications that are higher than its invoice factoring requirements. Businesses can qualify and get funded in one day and complete the application process online in 10 minutes. The funding amounts for both options are lower than invoice factoring but don’t require qualifying invoices.
Bottom Line
BlueVine and Fundbox are popular competitors since they both offer funding against unpaid invoices. In comparing BlueVine vs Fundbox, we considered how much funding a business can receive, how much it will cost, and the typical terms. BlueVine and Fundbox competitors will find both companies hard to beat, making them both good choices.
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