BlueVine vs Fundbox: Costs, Terms & Which Is Best 2019

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 collateralized by outstanding invoices for up to $100,000 with easier to meet requirements.

When to Use Fundbox

Fundbox is a good choice for businesses with unpaid invoices and needs a line of credit up to $100,000. They’ll will advance 100% of the invoice value, which is 10% to 15% higher than BlueVine. Plus, a wide range of borrowers can qualify since there is no minimum credit score. Fundbox is the best overall choice for these reasons.

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When to Use BlueVine

BlueVine is great for a business needing more than $100,000 in invoice factoring or multiple financing products, including a term loan and a line of credit. Plus, BlueVine’s advance rates of 85% to 90% are lower than Fundbox. However, it can provide funding up to $5 million at lower starting rates. Even though BlueVine lends against specific invoices, it won’t communicate with a business’ customers.

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BlueVine vs Fundbox at a Glance

How We Evaluated BlueVine vs Fundbox

BlueVine offers invoice factoring up to $5 million at a lower overall rate of 0.25% per week than Fundbox. Fundbox offers less funding, up to $100,000 at starting rates of 0.5% per week, but it has no stated minimum credit score requirement.

One of the popular Fundbox competitors for short-term financing is BlueVine since both lenders offer financing against unpaid invoices. It can be hard for businesses to identify the best lender. We compared the features of BlueVine vs Fundbox that matter to businesses to determine who’s best. Our primary criteria included the funding amount, overall cost, and typical repayment terms that small business owners can receive.

The criteria used in our evaluation of BlueVine vs Fundbox included:

• Interest rate: The interest rate, annual percentage rate (APR), and any additional fees to consider when selecting BlueVine vs Fundbox.
• Funding amount: The amount of working capital each lender can provide.
• Advance rate: The percentage of the invoice value that each lender provides when financing or factoring an invoice.
• Repayment terms: The way each lender handles repayment, including regular weekly payments or direct payments from the debtors of the invoice.
• Speed to funding: The speed with which a business owner can complete an application, receive an approval decision, select invoices, and receive funding.
• Qualifications: The minimum credit score, time in business, annual revenue, and the qualifying invoices.
• Additional financing products: The other financial products that BlueVine and Fundbox offer borrowers to help manage cash flow and grow their business.

When comparing BlueVine vs Fundbox to address business financing needs, Fundbox is the best overall choice. This is because its simple financing product allows businesses to advance 100% against total invoice balance up to $100,000. Many businesses can qualify because it has no minimum credit score requirement and accepts invoices to consumers, businesses, and governments.

How BlueVine vs Fundbox Financing Works

BlueVine and Fundbox both offer financing to small businesses against unpaid invoices. 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, it lends up to 100% of unpaid invoices up to $100,000 with repayment terms of 12 or 24 weeks.

How Fundbox Financing Works

The primary way Fundbox determines if it will offer financing is by reviewing invoicing and financial history using a connection to business accounting software. Businesses need to have at least six months of ongoing invoicing activity to get approved. Once approved, business owners can request draws of $100 or more up to their approved limit with a weekly repayment schedule.

How BlueVine Financing Works

With BlueVine invoice factoring, a business can get invoice advances up to 90% in $5,000 increments. Integration with QuickBooks Online, Xero, or FreshBooks makes the process seamless. However, businesses can also submit invoices manually. If a business uses accounting software integration, it can select the invoices to advance against and get funding in 24 hours.

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 costs include:

• Interest rate: 0.25% to 1.35% per week
• Estimated APR: 13% to 70%
• Origination or maintenance fees: None
• Prepayment penalties or termination fees: None
• Additional fees: $15 wire fee; automated clearing house (ACH) is free

BlueVine charges a weekly rate that ranges from 0.25% to 1.35%, resulting in an APR of 13% to 70%. It charges this rate for as long as the invoice is outstanding. Based on the size of the advance, it deducts a fee and transfers remaining funds to the business. Based on these costs, business owners can expect daily interest costs from $3.55 to $19.15 for every $10,000 factored.

Fundbox Invoice Financing Costs

Fundbox invoice financing costs include:

• Interest rate: Starting at 0.5% to 0.7% per week
• Estimated APR: 10% to 79%
• Origination or maintenance fees: None
• Prepayment penalties or termination fees: None
• Additional fees: None

With invoice financing from Fundbox, there are no hidden fees or additional costs. Plus, business owners can save money by paying off what they owe early since they only charges interest for the weeks that the debt is outstanding. Based on the APR range business owners can expect daily interest costs between $2.75 to $21.65 for every $10,000 they borrow.

BlueVine vs Fundbox: Terms

Comparing BlueVine vs Fundbox based on terms comes down to the amount of funding and how quickly a business needs capital. BlueVine can provide funding up to $5 million, significantly more than Fundbox. However, Fundbox provides borrowers with an approval decision in as little as three minutes and can transfer funds the same business day.

BlueVine Invoice Factoring Terms

BlueVine invoice factoring terms include:

• Funding amount: $5,000 to $5 million
• Advance rate: 85% to 90%
• Repayment term & schedule: Advances are repaid as customers pay their invoices
• Personal guarantee: Required
• Collateral: Blanket Uniform Commercial Code (UCC) filing
• Speed of funding: One to three business days

BlueVine offers businesses up to $5 million, which is one of the highest amounts that a business can borrow from an online lender. A business’ customers pay the invoice to BlueVine, which is used to settle the debt. The funding process is quick, and business owners can complete the application online in minutes.

Fundbox Invoice Financing Terms

Fundbox invoice financing terms include:

• Funding amount: Up to $100,000
• Advance rate: 100%
• Repayment term & schedule: 12 or 24 weeks with weekly payments
• Personal guarantee: Not required for smaller limits; possible for larger limits
• Collateral: Blanket UCC filing
• Speed of funding: As soon as the same day

Fundbox offers businesses less funding than BlueVine, but businesses have more flexibility when making a draw and repaying it. Business owners can draw on Fundbox invoice financing like a line of credit up to $100,000 with repayment terms of 12 or 24 weeks. Although both provide quick funding, Fundbox gives businesses an approval decision in a median time of three minutes.

BlueVine vs Fundbox: Qualifications

Qualifying for invoice financing with Fundbox vs BlueVine is easier than most financing options. Both have low minimum requirements, with Fundbox being the easier lender to qualify with. The only exception for this is the time in business requirement, whereas BlueVine only requires three months, making it more accessible to newer businesses and startups.

BlueVine Invoice Factoring Qualifications

BlueVine invoice factoring qualifications include:

• Credit score: At least 530 (check your score for free)
• Time in business: At least three months
• Annual revenue: At least $100,000
• Qualifying invoices: Business-to-business (B2B) and business-to-government (B2G)

Businesses can qualify with BlueVine because they have a low minimum credit score requirement. This low requirement is common with invoice factoring because the credit scores of a business’ customers are considered an important factor. However, businesses will need at least $100,000 in annual revenue to get funding.

Fundbox Invoice Financing Qualifications

Fundbox invoice factoring qualifications include:

• Credit score: No minimum requirement
• Time in business: At least six months
• Annual revenue: No specific requirement; ideally at least $50,000
• Qualifying invoices: B2B, B2G, and business-to-consumer (B2C)

Invoice financing with Fundbox is one of the easiest business loans to qualify for because of its low minimum qualifications. There is no stated minimum credit score, only six months in business required, and ideally $50,000 or more in annual revenue. Another important consideration is that unlike BlueVine, invoices owed by consumers also qualify for financing.

BlueVine vs Fundbox: Additional Features

Business considering whether to work with BlueVine or Fundbox note the level of customer interaction and the advance that each lender offers. A major difference between the two lenders is that while BlueVine makes advances based on specific invoices and Fundbox considers them together, which is known as accounts receivable financing.

BlueVine Additional Invoice Factoring Features

Additional features of BlueVine invoice factoring include:

• Customer interaction: None
• Type of invoice advance: Advances against specific invoices

Although BlueVine requires a borrower’s customers to pay the invoice to a bank account set up in the business’ name, it won’t communicate with them. This differs from most invoice factoring companies that collect invoices and communicate with customers. With BlueVine, a business is also responsible for any invoices that customers don’t pay since it offers recourse factoring.

Fundbox Additional Invoice Financing Features

Additional features of Fundbox invoice financing include:

• Customer interaction: None
• Type of invoice advance: Advances against total invoice volume, not specific invoices

Fundbox’s funding against unpaid invoices does not depend on a client paying the invoice, so they don’t contact customers. A business’ customers will continue to pay invoices to the business. Fundbox also doesn’t require a business to finance specific invoices. Instead, it considers the receivables history of the business overall when offering funding.

BlueVine vs Fundbox: Application Process

In comparing the application process for BlueVine vs Fundbox, we found it’s 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 Application Process

The BlueVine application process includes:

• Application timeline: 10 minutes to apply
• Accounting software integration: Supported
• Approval speed: One to three hours
• Funding speed: As soon as the next business day

Fundbox Application Process

The Fundbox application process includes:

• Application timeline: 10 minutes to apply
• Accounting software integration: Supported
• Approval speed: Median time of three minutes
• Funding speed: As soon as the same day

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 Customer Service

With BlueVine, a business owner can contact its customer service from 8 a.m. to 8 p.m. Eastern time Monday through Friday and from noon to 4 p.m. Eastern time on Saturday. This means businesses can reach it even if they work on Saturday or operate in a different time zone. Customers often leave reviews addressed to particular customer service team members showcasing the quality of its team.

Fundbox Customer Service

Fundbox’s customer service support team is available by phone or email from 8 a.m. to 8 p.m. Eastern time Monday through Friday. Its agents are not available on Saturday on Sunday. While business owners can reach Fundbox no matter their United States time zone during weekdays, businesses that work on the weekend will need to wait.

BlueVine Reviews vs Fundbox Reviews

When considering Fundbox reviews and BlueVine reviews, they both have positive ratings. Both BlueVine and Fundbox receive praise for their positive customer service experience. Negative reviews are left by applicants that are not happy about being denied funding or the terms offered by both.

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 invoice financing. 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 Additional Financing Products

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 next 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 next 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 line of credit share similar minimum qualifications that are higher than its invoice factoring requirements. Business 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 doesn’t require qualifying invoices.

Fundbox Additional Financing Products

Fundbox doesn’t offer any additional financing products. However, its invoice financing facility acts as a line of credit, giving business owners some flexibility when borrowing. Businesses that work with Fundbox can consider another provider for a business loan to finance a significant project with long repayment terms.

BlueVine & Fundbox Alternatives

The best BlueVine and Fundbox alternatives come in many forms and vary depending upon the financing a business needs. Businesses wanting a line of credit above $250,000, can consider another small business line of credit provider. Businesses needing more than $5 million in invoice financing, may find that invoice factoring is a better option.

Small Business Line of Credit

A small business line of credit with a provider other than BlueVine or Fundbox could provide another source of quick funding. The best business lines of credit offer borrowers low minimum qualifications, quick online applications, and fast funding up to $500,000.

Fast Business Loan

Businesses needing quick funding could turn to another fast business loan. With a fast business loan, the speed of funding is most important. The drawback is that rates are often high, with an average APR of 30% to 50%. However, business owners can get approved in funding in one to three days.

SBA Loan

A Small Business Administration (SBA) loan is a good option for prime borrowers―680 or higher individual credit score―needing up to $5 million in long-term working capital or real estate financing. For businesses needing up to $350,000, an SBA Express loan is the best SBA product.

Invoice Factoring

Invoice factoring is a good BlueVine and Fundbox alternative for businesses with B2B or B2G invoices in need of financing up to $20 million. To get a larger funding amount, businesses need to assign invoices to the lender and give it some customer control. Some of the best invoice factoring companies can offer funding of more than $10 million based on outstanding 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.

Because of the simplicity of its offering, we consider Fundbox the best when comparing BlueVine vs Fundbox on invoice financing. Businesses can advance 100% against invoices up to $100,000 with weekly rates starting at 0.5% to 0.7%. Fundbox requires that business owners make weekly payments on over 12 or 24 weeks. Applying online takes minutes with funding as soon as the next day.

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