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Latest BlueVine Reviews: Terms, Rates, Pros & Cons

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Strengths

  • Easy-to-use
  • Fast funding
  • Doesn’t require collateral

Weaknesses

  • Services only available for B2B companies
  • Only available in the US

Breakdown

MINIMUM TIME IN BUSINESS

Min. 6 Months

CREDIT SCORE

Invoice Factoring - 530+ Business Lines of Credit - 600+

ANNUAL REVENUE

Above $60,000 Per Year

BORROWING

$5,000 - $5 Million

ORIGINATION FEE

1.5%

FUNDING TIME

Within Hours

BlueVine is an industry leader among the providers of small business loans. Since BlueVine’s inception in 2013, the founder and CEO – Eyal Lifshitz, has driven projects to help small businesses gain capital for their ventures. In 2016, the company secured $40 million in capital. Since then they kept growing and have funded $3 billion to more than 25,000 small business owners. 

The question we’ve decided to explore is whether BlueVine truly lives up to its high standards according to BlueVine reviews. By going through all its previous and current clients’ BlueVine online reviews, we will reach our own conclusion. 

BlueVine Borrower Requirements & Terms

Here is a complete list of requirements and terms that all borrowers should be aware of: 

Feature Data
Minimum time in business 6 months minimum
Credit score required Above 530 for invoice factoring
Above 600 for business lines of credit
Annual revenue required Above $60,000 per year
Borrowing amounts range $5,000 – $5 million
Borrowing fee None
Origination fee 1.5%
Funding time Within hours
Location requirements United States
Bankruptcies No active bankruptcies allowed
Eligible industries Businesses that sell to other businesses
Personal loan guarantee required Yes
Collateral None
APR Between 17%-60%

How To Apply For A Business Loan With BlueVine? 

BlueVine has a simple, fast, and effective way of applying for a loan. Applications are completely free and can be filled out online. Here is a step-by-step guide to the process: 

Step 1: 

Go to the following address: www.bluevine.com. Alternatively, you can phone (888) 216-9619 (Line of Credit) and (650) 446-8747 (Invoice Factoring) to speak with an advisor.

Step 2: 

Enter basic information:
– Personal details
– Business details
– Bank statements from the last 3 months
– Basic details on invoices (Invoice Factoring)

Step 3: 

Get approval within 5 minutes (Line of Credit)
Get approval within 24 hours (Invoice Factoring)

Step 4: 

Access your online dashboard and request funds easily (Line of Credit)
Submit an invoice onto your online dashboard (Invoice Factoring)

Step 5: 

Get cash on your bank account within a few hours (Line of Credit)
Get an 85%-90% cash advance (Invoice Factoring)

Step 6: 

Pay back in weekly or monthly installments of 6 or 12-month terms (Line of Credit)
Applying will not affect your credit score, as BlueVine doesn’t perform hard credit pulls.

Pricing & Repayment

Plans 

BlueVine has three main products that customers can choose from, BlueVine Flex Credit, invoice factoring, and short-term loans. As part of the 2020 relief measures for businesses affected by the COVID-19 outbreak, BlueVine also currently offers a Paycheck Protection program. 

BlueVine Flex Credit 

This program is basically BlueVine’s line of credit option. It’s perfect for business owners who would like access to available funds of up to $250,000. You can draw as much or as little as you want and only pay back the money you’ve used. Your funds are replenished with every repayment. 

To qualify for this program you need at least a 600 FICO score, $10,000 in monthly income, and at least 6 months in business. If your application is successful you can receive the credit within a few hours. It costs $15 to receive it by wire transfer. Alternatively, you can use BlueVine’s free automated clearing house (ACH) transfer that takes 1-3 business days.

Loan terms range between 6-12 months with fixed weekly or monthly paybacks. 

Invoice Factoring

This is probably BlueVine’s most unique and innovative plan. BlueVine will give you cash advance credit for all outstanding invoices from your clients. Your credit limit grows with the number of sales. Factoring lines are up to $5 million. 

Minimum qualifications include a 530 FICO score, at least 3 months in business, $10,000 in monthly income, and your business should be in the B2B industry. Approvals take 1-3 business days. 

Paycheck Protection

2020 BlueVine reviews testified how this program offered great relief against the horrible effects the Corona outbreak has had on small businesses. Companies with fewer than 500 employees can apply for this loan that provides cash loans for payroll up to $2 million.

Short-Term Business Loans

There is also an option of applying for a short-term loan of up to $250,000. You can receive an approval in 5 minutes and apply for fast funding online. You can then pay back the loan over a 6-12 month period, paying a weekly fixed rate.

How Repayment Works?

For their Line of Credit program, BlueVine doesn’t charge a prepayment penalty, any account closure, or monthly maintenance fees. You only pay for the money you use. Interest rates on this plan are as low as 4.8%. A 1.5% origination fee is attached to this program as well as a 16%-62% APR

 Repayments for BlueVine’s invoice factoring program are very easy. There are no recurring payments when invoices are paid by the business’ customers. BlueVine charges a weekly fee. You’ll get an advance of up to 90%, and you’ll get the remainder once the invoices are paid. The interest rate on the invoice factoring can be as little as 0.25% per week. APR costs range from 17% to 60%.

Repayments on their Paycheck Protection program have a term of 6 months. The interest rate is at a fixed rate of 1% and doesn’t have any hidden SBA fees.

Pros & Cons

The process is quick and easy

Excellent online BlueVine customer reviews

Upfront interest rates and no hidden costs

Payments can be made through an automated clearing house (ACH)

Excellent customer support

Only available in the US

Services only available for B2B companies

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BlueVine Reviews & Ratings

This funding company has a decent online presence. BlueVine financing reviews are mainly positive. With a 4.2-star rating on Trustpilot from over 2,200 reviews and a 4.5-star rating from Merchant Maverick’s Erica Seppala, the company is a leader on the market. 

BlueVine reviews on BBB give it a glorious A+ rating. There are only 20 customer complaints on the BBB website all of which have been resolved. Most complaints are about late payment penalty fees. Compared with other companies offering short-term business loans, BlueVine has great online reviews and proves to be a leader in the industry. 

Wrap-Up

BlueVine is perfect for owners of B2B companies who need short-term business loans to boost their performance.

Looking at BlueVine reviews, it is easy to see that customers appreciate their excellent customer service, easy application process, and availability. 

Editor Rating
VISIT WEBSITE

show more

Editor Rating
VISIT WEBSITE

show more

FAQ

Can my business get a loan if I have an active bankruptcy?

The company can approve businesses with an active bankruptcy, but the terms and conditions have to be met.

What industries are ineligible to get a business loan?

Businesses that are ineligible for funding are those within the medical industry, companies related to gambling and adult entertainment, and B2C (Business to Consumer) companies. Eligible industries are B2B companies, providing services like staffing, software, trucking, professional services, and wholesale product distribution to other businesses.

What is the customer service availability?

Office hours are Monday to Friday 8 a.m.-9 p.m. (ET) and Saturdays 12 p.m.-4 p.m. You can phone an operator on (888) 216-9619 or fill in the online email form.

Will an eligibility check impact my credit score?

No. The credit scores of businesses that are organized as corporations or limited liability companies won’t be impacted since BlueVine doesn't perform hard credit pulls. In the case of general partnerships and sole proprietors, hard credit pulls are only done once the client has accepted the offer.

Who is BlueVine business loan best for?

According to BlueVine reviews, business-to-business companies who need short-term loans, lines of credit, or advance cash on invoices can benefit from using BlueVine’s services.

What is BlueVine’s BBB rating? Is it accredited?

Their BBB rating is A+ and they’ve been accredited since 7/22/2014. BlueVine loans also generally receive positive feedback in reviews on BBB.

Is there a professional service fee?

Yes, but they only disclose it when they provide the applicants with a quote after approval.