| 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 lines of credit, making it an attractive alternative to traditional banks and credit unions. BlueVine 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
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.
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 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
- Services are only available for B2B companies
- Rates for lower credit scores can be high
BlueVine Loan Options (Rated - 2.5/5)
BlueVine stopped offering invoice factoring from December 2021. Below, we are going to take a closer look at the BlueVine business line of credit offer, its strengths and limitations, and corresponding rates and schedules.
Line of Credit
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).
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 600+ FICO score for lines of credit.
- Time in Business: BlueVine looks at whether you’ve been in business for 6+ months for lines of credit.
- Monthly Revenue: To obtain 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 |
| 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
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.
