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BlueVine Review: Expert Opinion About a Fast and Easy Small Business Loan

If you are looking to obtain a loan for your small business, you should consider using BlueVine - a fast and easy online lender. BlueVine's flexible loan application requirements are ideal for entrepreneurs just getting started, as they approve borrowers with credit scores as low as 530.

BlueVine review
Invoice Factoring Best for
5 /5
Rating
$ 10,000 /mo
Starting Price
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Table of Contents
    Financially Approved by Thomas J. Brock & Written by Gordon Scott

    BlueVine is a financial technology company that offers checking accounts and business loans. The company deposits are insured by the Federal Deposit Insurance Corporation (FDIC) in the event of bank failures.

    BlueVine offers two types of loans - invoice factoring and lines of credit, making it an attractive alternative to traditional banks and credit unions. These loans can be a great option for businesses that just don’t have the credit where they want it to be. By applying for a loan from BlueVine, businesses with poor credit can avoid making their credit score any worse when applying for a traditional bank loan. Our expert, Gordon Scot reviews and describes each of these loan types in detail. Find the full BlueVine review video and all the details down below.

    BlueVine Review Video

    The BlueVine Loan Application Process (Rated - 4/5)

    The loan application process is incredibly simple, and you can expect to hear back about the decision very quickly. In fact, the application process can be completed in as quickly as 5 minutes, with a response time of about 10 minutes. Let's walk through the process step-by-step as described by Gordon Scott

    1. Credit Check

    When assessing your application, BlueVine performs a soft credit pull. This means that they check your credit, but not through one of the three major rating agencies. Instead, they check it through an independent party, which gives them enough information to make sure you qualify without hurting your credit score.

    Keep in mind, however, that even soft credit pulls can add up if you shop around for 4 or 5 of these types of loans, hurting your credit for a little bit. In that case, you might lose five points or so, which would take six months to get back. However, if you are only completing one or two loan applications, it should not impact your credit at all.

    2. Submitting the Application Form

    Now, let’s take a closer look at the application form that you would need to fill out. The questions you would need to answer are very simple, including:

    • The amount of money required
    • The preferred financing type
    • Your identification information

    BlueVine line of credit

    3. Read the Fine Print

    When filling out the application form, make sure to read the fine print as well, so that you don’t miss any important details. You will then be asked to share some details about your business. The answers you provide to the questions in the application form will determine what additional information you will be asked for. 

    3. Connecting Your Bank Account

    Once you fill out all the required fields, you will be asked to connect your bank account. This is incredibly convenient: if you are approved for the loan, the funds will be electronically transferred right into your account and appear there in as little as 24 to 48 hours.
    BlueVine bank account

    4. Paying Back the Loan

    When the time comes to make your payment, BlueVine will electronically take it out of your bank account. While this is very convenient, this means that the lender can take the money out on their own terms. You would need to keep track of your payment schedule in order to be prepared for automatic payments.

    For Application Process, BlueVine scores an above average rating of 4.0, which is indicative of its lack of any cumbersome informational requirements and best-in-class processing and funding turnaround times.

    After breaking down the application process, let's explore BlueVine's key parameters in more detail. 

    Advantages and Disadvantages Of BlueVine

     Let’s take a look at the advantages and disadvantages of BlueVine.

     BlueVine Advantages 

    • The application process for lines of credit and invoice factoring is quick and simple.
    • Funds can be made available in a matter of hours or days depending on the product
    • The interest rates are competitive.
    • Even though BlueVine primarily operates online, the person-to-person customer support is first-rate.
    • BlueVine funding is available to customers with relatively low credit scores
    • The online dashboard allows customers to request advances for invoices regularly.

    BlueVine Disadvantages

    • BlueVine funding is not available in every state, such as North and South Dakota, so check before applying.
    • Because BlueVine loan terms extend over 6-12 months, repayments can be high.
    • Customers have two weeks from the invoice due date to pay invoices for invoice factoring accounts. Otherwise, borrowers will need to pay back the amount received upfront immediately. If they cannot, borrowers are put on an automatic 12-week installment plan to settle the account.
    • Services are only available for B2B companies
    • Not all industries are eligible for invoice factoring.
    • Rates for lower credit scores can be high.

    BlueVine Loan Options (Rated - 2.5/5)

    Below, we are going to take a closer look at the types of loans offered by BlueViner, their strengths and limitations, and corresponding rates and schedules.

    1. Invoice Factoring

    Invoice factoring can be used whenever you have an agreement between your business and a client stating that your business will receive the money because you have completed the specified work.

    Let’s say you are running a small business and have completed $50,000 worth of work. The client you have completed the work for has a net 60 days policy, meaning that they have 60 days to pay the cost of the work you performed. In the meantime, however, you need to meet your payroll and pay for other expenses. You might even need some seed money to move to the next phase of the business contract with the same client. So what do you do?


    With BlueVine invoice factoring, you can receive a loan of a minimum of 85% of that invoice, depending on how solid the invoice is. While you don’t have to borrow the full amount, this gives you tremendous flexibility until the client completes their payment.

    Feature

    Details

    Term Length

    1 to 13 weeks

    Repayment Period

    Weekly

    Apr Range

    As low as 13.00%

    Min-max Amount

    Up to $5 Million

    2. Line of Credit

    Unlike a collateralized invoice factoring loan, a line of credit is an unsecured type of loan. This means that you need to have a higher credit score of around 600 in order to qualify.

    Feature

    Details

    Term Length

    6 or 12 months

    Repayment Period

    Weekly and monthly

    APR Range

    Rates as low as 4.8%

    Min-Max Amount

    $5,000 to $250,000

    3. PPP Loans

    BlueVine is currently no longer accepting new PPP loan forgiveness applications. If your application is already in progress, complete it today.

    BlueVine has a 2.5 for Loan Options. This below average score reflects relatively short loan terms (< 1 year), low loan limits (< $250K), and fairly average repayment options (some monthly and weekly options).

    BlueVine Interest Rates and Fees (Rated - 3.3/5)

    Interest rates are often quoted in weekly terms which is different from most loans that are quoted in annual percentage rates (APR).

    1. Invoice Factoring

    When you receive an invoice factoring loan from BlueVine, you would have to pay it back weekly over the following 13 weeks or less (3 months). So, if you have a net 60-day policy with your client, you will be able to pay the money back on time.

    Interest rates for invoice factoring can vary anywhere between 0.25% per week up to 1.5% per week. While this translates to a high annual rate of 13% to 72%, keep in mind that you won’t carry the loan to a full year, so you will not end up paying at a full annual rate.

    Rates & Fees

    Invoice factoring

    Origination Fees

    None

    Prepayment Fees

    None

    Late Payment Fees

    2.00% to 3.00% of the amount due

    Maintenance Fees

    None

    Interest Rates

    As low as 0.25% per week

    2. Line of Credit

    BlueVine offers monthly or weekly repayment options for their lines of credit, with a 6 or 12 months payback period. As such, you have a longer period of time to repay the money, with a lot of flexibility.

    With business lines of credit, however, you need to make sure that you will be able to repay the loans quicker than the full term. So, you should definitely consider your ability to repay early when applying for a line of credit.

    Rates & Fees

    Line of credit

    Origination Fees

    1.60% - 2.50% per draw

    Prepayment Fees

    None

    Late Payment Fees

    Can’t be confirmed

    Maintenance Fees

    None

    Interest Rates

    0.30%-1.50% per week (Flex6)

    1.50%-6.50% per month (Flex12)

    BlueVine scores a respectable 3.3 on Interest Rates & Fees. This reflects the average of the following measures: 4.0 for minimal borrowing fees, 4.0 for no prepayment fees, 2.0 for fairly punitive late payment fees, 5.0 for no maintenance fees, 2.0 for a relatively high minimum interest rate, and 1.0 for a worst-in-class maximum interest rate.    

    How Do I Qualify For A BlueVine Loan? (Rated - 4.2/5)

    During the application process, your business will be evaluated to determine the likelihood you can pay back the loan. Certain industries are not eligible for lines of credit including gambling, political campaigns, auto sales, firearms, financial institutions, and nonprofits. In addition, North and South Dakota businesses are not eligible for lines of credit with BlueVine.

    • Credit History: One of the essential factors BlueVine looks at is your business/personal credit history. Borrowers need to have a 530+ FICO score to qualify for invoice factoring and 600+ FICO score for lines of credit.
    • Time in Business: BlueVine looks at whether you’ve been in business for 3+ months for invoice factoring and 6+ months for lines of credit.
    • Monthly Revenue: To obtain an invoice factoring account, your business will need to generate a minimum of $10,000 a month in revenue. For lines of credit, BlueVine requires at least $10,000 a month in revenue.

    Line Of Credit 

    Criteria

    Less than $100,000 loan

    More than $100,000 loan

    Minimum Credit Score

    600+

    600+

    Minimum Annual Revenue

    $120,000

    $120,000

    Minimum Time in Business

    6+ months

    6+ months

     Invoice Factoring

    Criteria

    Less than $100,000 loan

    More than $100,000 loan

    Minimum Credit Score

    530+

    530+

    Minimum Annual Revenue

    $120,000

    $120,000

    Minimum Time in Business

    3+ months

    3+ months

    On Qualification Leniency, BlueVine boasts a 4.2. This stellar score reflects the average of the following measures: 4.5 for a very lenient credit score requirement (< 550 or 550-600, depending on loan type), 3.0 for a minimum annual revenue requirement of only $100K-$125K, and 5.0 for a best-in-class business history requirement of < 6 months

    BlueVine Customer Support (Rated - 5/5)

    Bluevine’s customer service is highly rated and regarded. You can get in touch with the customer care support team from morning (8 am ET) to evening (8 pm ET) from Monday to Friday. Customers can reach representatives through their website contact page as well as Facebook and Twitter for less formal interactions.

    BlueVine’s customer service representatives are very responsive, depending on the contact method you choose. Additional help is also available through the FAQ section for general questions on BlueVine’s website. There are two types of FAQ sections available for customers: one for people before the signup process and the other for customers already using the services.


    BlueVine is highly rated for its transparency. Although the site’s recent overhaul made it more difficult to look into their products and offerings’ details, you can still find information in their resources section, including an FAQ, help center, list of partners, and a business blog that covers a variety of relevant topics.

    BlueVine has a perfect 5.0 on Customer Support. It earned 1.0 point for each of the following service offerings: access to live CSR Rep, standard call center support from 9:00-6:00 EST, expanded call center support, multi-channel support, and supplemental information and tools.

    BlueVine Loan Reviews - What People Say Online (Rated - 4.1/5)

    BlueVine has a robust online presence. Most of the BlueVine reviews online speak positively about the platform. The company garnered an average rating of 4.2-stars on Trustpilot with over 5,000 reviews. On Merchant Maverick, customers rated BlueVine loans and products 4 out of 5 stars.

    Let us take a closer look at customer reviews on Trustpilot

    Bluevine reviews

    While 82% of customers rate BlueVine as “excellent”, 11% of customers rate their experience as “bad.” However, most of these bad reviews refer to BlueVine’s checking accounts. 

    BlueVine offers a 1% interest on their checking accounts, which is quite attractive. However, during the period between September and October 2021, the company underwent a transfer from one named entity to another, and some of the funds got held up and frozen. So, when looking at negative reviews, keep in mind that most of them are related to the frozen funds in checking accounts, and not BlueVine’s loan services.

    In fact, most small business loan customers rate BlueVine as “excellent,” meaning that they are generally happy with their loan products. So, if you believe that you are the right type of customer for loan products offered by BlueVine, this alternative lender is definitely worth your attention.

    Positive Reviews

    Negative Reviews

    Customer care support team

    High late fee payment

    Simple and intuitive platform

    Rejected draws

    No minimum balance required

    Notification factoring

    BlueVine has a good User Reviews rating of 4.1. It reflects the average rating from 2 independent user review sites, including a TrustPilot score of 4.2.

    Final Thoughts

    BluVine business loan products are best for businesses that are steady and have a need for bridge funding just to help them get from one project to the next. Another type of costumers for BlueVIne loans are businesses with high probability projects that don't have the required credit scores but don't want to make their credit score any worse by taking loans from traditional banks.

    In fact, most small business loan customers rate BlueVine as “excellent,” meaning that they are generally happy with their loan products. So, if you believe that you are the right type of customer for loan products offered by BlueVine, this alternative lender is definitely worth your attention.