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BlueVine vs Fundbox

BlueVine vs. Fundbox: Discover the Best Choice

If you are looking for a business line of credit, BlueVine and Fundbox are two of the best options you could choose from. Both services offer lines of credit as well as other loan types and have relatively low eligibility requirements. Explore them in this in-depth BlueVine vs Fundbox comparison.

Key Features:


BlueVine

Fundbox

Loan Options
Bottom line: Fundbox term loans are in high demand and easier to access than other business loans
  • Lines of credit
  • PPP loans
  • Invoice factoring
  • Term Loans
  • Line of Credit
Interest Rates and Fees
Bottom line: BlueVine offers lower interest rates
  • Weekly interest rates – 0.30%-1.50% or 1.50%-6.50% per month
  • Interest rates as low as 1.00% for PPP loans
  • Origination fees of 1.60% - 2.50% per draw for credit lines
  • Late payment fees of 2.00% to 3.00% of the amount on invoice factoring
  • Line of credit interest rates: 4.66% for 12-week terms and 8.99% for 24-week terms
  • Loan term rates: 8.33% for 24-week terms and 18% for 520-week terms
  • No prepayment, origination, maintenance, or late payment fees
Loan Requirements
Bottom line: the application requirements of Fundbox are lower
  • 6+ months in business for lines of credit / 3 months for invoice factoring
  • Minimum credit score: 600 (lines of credit), 530 (invoice factoring)
  • Minimum annual revenue: $120,000
  • Minimum 6 months in business
  • Minimum credit score: 600
  • Minimum annual revenue: $100,000
Application Process
Bottom line: Fundbox is slightly faster
Online, simple, and fast application processFast and easy, the online application process takes less than 10 minutes
Customer support
Bottom line: Fundbox provides multi-channel customer support
Email, phone, social media, and an FAQ sectionMulti-channel support by phone, email, or live chat
User Reviews
Bottom line: Fundbox gets more positive reviews and better ratings
4.4 rating on Trustpilot, generally good customer reviews, especially in terms of support and platform simplicity4.8 rating on Trustpilot, the company enjoys excellent customer reviews for its streamlined application process and reliable customer support

About BlueVine and Fundbox

BlueVineFundbox

BlueVine was founded in 2013, and it provides checking accounts and business loans. Among the business loan products you can find, invoice factoring and business line of credit. BlueVine is a trustworthy lender that has an A+ rating with the Better Business Bureau (BBB).

Since 2013, the company has offered over $14 billion in funding. Some of the highlights of BlueVine’s service include its platform’s speed, flexibility, and ease of use. Moreover, they offer top-notch customer support.

Funbox was founded in 2013 and it provides term loans and lines of credit. The company applies one of the lowest credit score requirements on the market (600). It uses a modern platform to streamline loan applications and once an applicant gets approved, they will receive funds as soon as the following day.

Fundbox has worked with more than 300,000 small businesses since its inception, and it was ranked in the Forbes Top 500 among the best startup employers in 2021.

BlueVine vs Fundbox: Loan Options

FundboxBlueVine
Line of creditTerm LoansLine of creditInvoice FactoringPPP Loans
Term Length12-24 weeks24 or 52 weeks6 or 12 months1 to 13 weeksUp to 5 years
Repayment PeriodWeeklyWeeklyWeekly or monthlyWeeklyNo payments required for up to 10 months
APR Range~20%18%Rates starting from 4.78%As low as 13.00%As low as 1.00%
Loan AmountMinimum $1,000 – maximum $100,000Minimum $1,000 – maximum $150,000Minimum $5,000 – maximum $250,000Maximum $5 millionMaximum $2 million

BlueVine vs Fundbox: Line of Credit

Fundbox offers lines of credit with 12 – 24-week terms. BlueVine, on the other only provides 6- or 12-month terms. With Fundbox, the repayment is done weekly. BlueVine has weekly or monthly payments.

The maximum amount you can access as a line of credit with BlueVine is $250,000. Fundbox only offers a maximum amount of $100,000. Fundbox’s annual percentage rate (APR) is around 20% while BlueVine’s rates start at 4.78%.

Invoice Factoring

BlueVine offers invoice factoring services while Fundbox doesn’t. Invoice factoring allows companies to access cash from their unpaid invoices. BlueVine practically sends customers the amounts that correspond to their invoices sooner than the clients manage to pay them and they charge a commission for this cash advance. The amount they offer is quite considerable; companies can access up to $2 million. 85% to 90% of the value of the invoice becomes available as an upfront payment once you apply and get approved. To be able to use the company's invoice factoring service, you only need to be in business for 3 months. The APR is as low as 1%.

Other Loan Options

Both companies offer other loan options besides lines of credit and invoice factoring. BlueVine used to offer Paycheck Protection Program (PPP) loans in the past, however, these loans are no longer available since The SBA closed the PPP program at the end of May.

Fundbox also offers term loans, which enable borrowers to access a lump sum they can later repay over a longer period of time. The loan’s term length is 24 or 52 weeks, and the repayment is done on a weekly basis. The APR is approximately 18%. The minimum loan is $1,000 and the maximum amount is $150,000.

Bottom line: Because it might be easier to access a term loan these days, we choose Fundbox as the winner.

BlueVine vs Fundbox: Interest Rates and Fees

BlueVineFundbox
1.60% - 2.50% per drawOrigination FeesNo
NoPrepayment FeesNo
YesLate Payment FeesYes – for term loans
NoMaintenance FeesNo

0.30%-1.50% per week (Flex6)
1.50%-6.50% per month (Flex12)

Interest RatesLine of credit:
4.66% for 12-week terms and 8.99% for 24-week terms for 
Term loans: 
8.33% for 24-week terms and 18% for 52-week terms for term loans 
Yes, between 0.3% and 1% per weekDiscount Rate

Discounts available through coupons on weekly fees and different holidays and special occasions 

Neither of these companies applies prepayment penalties. BlueVine applies an origination fee while Fundbox doesn’t. Fundbox has late payment fees for their term loans and neither one of the two lenders provide details on maintenance fees. The interest rates vary. While BlueVine’s rates range between 0.30%-1.50% per week and 1.50%-6.50% per month, Fundbox has 4.66% for 12-week terms and 8.99% for 24-week terms on a line of credit. The rates for term loans are 8.33% or 18%. Not all companies like Fundbox or BlueVine offer discount rates, but these two loan providers do.

Bottom line: BlueVine offers lower interest rates.

BlueVine vs Fundbox: Loan Requirements

BlueVineFundbox
600+Minimum Credit Score600
$120,000 (or $10,000 per month)Annual Revenue$100,000
6+ monthsTime in Business6 months
No bankruptcy within the past yearOtherThe average monthly revenues and transaction volumes will also be taken into consideration

BlueVine Requirements

To be able to apply for a line of credit through BlueVine, business owners need a relatively good credit scores of approximately 650. This threshold applies to companies that have annual revenue between $60,000 and $200,000. However, if your annual revenue is above $200,000, you can also apply with a lower credit score of only 600. To be able to qualify for this lender, you need a higher revenue than what its competitor requires: $120,000 per year, $10,000 per month respectively.

Fundbox Requirements

Funbox is an excellent choice for borrowers who have a low credit score and a short business history. You can qualify for a term loan or line of credit with a score as low as 600 and you only have to prove you’ve been in business for the past 6 months. Annual revenue of $100,000 is required. The company might also ask you to sign a personal guarantee when your application is approved and have a business lien. Additionally, a business checking account is also necessary for a line of credit application.

Bottom line: Fundbox offers lower credit score and annual revenue requirements.

Loan Application Process

BlueVineFundbox
LowApplication complexityLow
Around 10 minutesApproval time10 minutes or less
Within hoursFundingAs soon as the following day

BlueVine's application process is easy. Whether you apply for invoice factoring or line of credit, there are 2 steps involved. First, you have to provide your personal and business details by filling in an online form, which requires approximately 10 minutes. Afterward, your application will be reviewed. This usually takes around 5 minutes for a line of credit and 24 hours for invoice factoring. If you get approved for a line of credit, you will be able to make draws from your online dashboard. The funds can become available within only 3 hours.

Fundbox also has a fast and straightforward application process. All you have to do is enter your personal and business details in an online form, which takes less than 10 minutes. You are allowed to link either your business or your personal account to your Fundbox account, which many Funbox alternatives don’t provide. The platform uses a robust algorithm to assess applications and provide fast decisions. Once you’re approved, you get a complete overview of your loan’s terms and fees and if you decide to move on, the funds can become available within hours or the following day. 

Bottom line: Both platforms are fast and easy to use. However, Fundbox’s application process seems to be faster.

Customer support

BlueVine’s support team is available Monday through Friday from 8 AM to 8 PM. You can call or write to them by logging into your dashboard. If you want to speed up the communication process, you can also chat with them through Facebook or Twitter. A comprehensive FAQ section is also available on the company's website.

Fundbox offers different customer support channels. You can call the company from Monday through Friday, from 8 AM to 8 PM ETS. You can also contact them via email or on social media by chatting with an agent on Twitter. The company’s website also features a vast Help Center with useful resources.

Bottom line: It’s a tie, both companies offer great support.

User Reviews

Fundbox usually enjoys excellent reviews and one of the main reasons why customers appreciate them is the prompt and helpful multichannel support service. The entire application process is fast and easy, and customers also appreciate the fact that the company accepts applicants with lower credit scores and only a few months in business. Unlike many Fundbox competitors, this company has an outstanding rating of 4.8 stars on Trustpilot and a 4.5 rating with Merchant Maverick.

BlueVine has good customer reviews. The company has more than 5,000 reviews on Trustpilot and a 4.4 rating. Merchant Maverick rated Bluevine with 4 out of 5 stars. This company is usually praised for its quick turnaround and for making funds available fast.

Bottom line: Both companies enjoy good reviews, however, Fundbox wins as it has higher ratings.

When to Choose BlueVine

Unlike many BlueVine competitors, this company also offers invoice factoring, which is a great help if you struggle with unpaid invoices and you need cash. Moreover, BlueVine is a good choice for those who have been in business for less than one year.

When to Choose Fundbox

Fundbox is a great option for lenders who have a far from perfect credit score. Besides lines of credit, they also provide loan terms and another advantage is that they allow you to repay your loan on a weekly basis. Fundbox is a good option for loan term seekers who want a longer repayment period (up to 52 weeks) or for borrowers who want a line of credit with a short term (12 to 24 weeks). Fundbox is also a good option for businesses that have been on the market for less than a year.

The Bottom Line

Both companies offer a smooth and fast application process, and they are among the lenders who also accept borrowers with lower credit scores. Based on the comparison criteria used above, we choose Fundbox as the overall winner for its generous eligibility requirements, the streamlined application process, fast approval and funding, and excellent customer reviews.

Frequently Asked Questions (FAQ)

  • Is BlueVine legit? BlueVine is a legitimate company and a trustworthy lender. It usually receives positive customer reviews. BlueVine is accredited by the Better Business Bureau. It also has an A+ rating with BBB and it has been on the market for more than 8 years.  
  • Is Fundbox legit? Fundbox is definitely a legitimate business. It has an A+ rating with the Better Business Bureau (BBB). Trustpilot’s rating for this company is excellent - 4.8 stars out of 5. Fundbox was founded in 2013 and it worked with approximately 300,000 small businesses during this time.
  • How to get approved for a BlueVine Loan? BlueVine is one of the lenders that have very relaxed eligibility criteria. Not many BlueVine competitors accept applicants who haven’t been in business for at least 1 year, but this company does. One of their main eligibility criteria is a credit score of 600+.