Bluevine Small Business Financing Review

Home Business Loan Reviews Bluevine Small Business Financing Review

Bluevine Small Business Financing

APR Range

Starting at 4.9% for 6-month repayment schedule

Funding amount

Up to $250,000

Term

6 or 12 months

Min. credit score

625

Time to funding

As fast as 24 hours after approval

When it comes to small business lines of credit and business funding, Bluevine is one of the lenders for you to look into—especially if you’re a new startup business with a short history, looking for quick funding. In this Bluevine review, we’ll cover what there is to know about this lender. Remember, this review is about Bluevine’s line of credit product, so the requirements and the pros and cons relate specifically to that funding product. With their line of credit, you’ll pay for what you borrow, and then the line of credit should replenish, allowing you to pull from it when necessary. 

While Bluevine has offered other lender products in the past, their line of credit is their main lending option, in terms of funding, at the moment.

Pros:

  • Accessible to newer businesses
  • Fast funding
  • Option for monthly or weekly payments

Cons: 

  • Not available to businesses in Nevada, North Dakota, and South Dakota
  • Fees for drawing on your line of credit
  • Personal guarantee required for the funding

Bluevine Small Business Financing

Apply Through Lendio How It Works

APR Range

Starting at 4.9% for 6-month repayment schedule

Funding amount

Up to $250,000

Term

6 or 12 months

Min. credit score

625

Time to funding

As fast as 24 hours after approval

When it comes to small business lines of credit and business funding, Bluevine is one of the lenders for you to look into—especially if you’re a new startup business with a short history, looking for quick funding. In this Bluevine review, we’ll cover what there is to know about this lender. Remember, this review is about Bluevine’s line of credit product, so the requirements and the pros and cons relate specifically to that funding product. With their line of credit, you’ll pay for what you borrow, and then the line of credit should replenish, allowing you to pull from it when necessary. 

While Bluevine has offered other lender products in the past, their line of credit is their main lending option, in terms of funding, at the moment.

Pros:

  • Accessible to newer businesses
  • Fast funding
  • Option for monthly or weekly payments

Cons: 

  • Not available to businesses in Nevada, North Dakota, and South Dakota
  • Fees for drawing on your line of credit
  • Personal guarantee required for the funding

Business Line of Credit

Bluevine’s line of credit is ideal because your approval is revolving and, as you pay down what you’ve drawn, you’re able to access those funds repeatedly. This means you could have the funds you need to really get your business started. Plus, the requirement is just 6 months in business, making it more accessible to newer businesses than some other funding products.

Loan amount rangeUp to $250,000
Time in business6 months
Minimum credit score625
Minimum monthly revenue$10,000
FeesBank wire option for funding has a $15 fee
1.7% per week or 7% per month for line of credit draws
Funding speedAs fast as 24 hours after approval

What Kind of Small Business is Bluevine Best For?

There are some small businesses in need of funding that are particularly right for Bluevine. The requirements of the line of credit and the features of it are especially suited to some borrowers. So who is Bluevine right for?

Newer small businesses

What makes Bluevine so good for newer small businesses is that the company requires that you have a business history of a minimum of only 6 months. That’s shorter than what some other funding options require from the small businesses applying. Additionally, you’ll need to have just $10,000 in monthly revenue to qualify—another more accessible requirement than other, sometimes more traditional, lenders offer. 

Businesses that need money quickly

Bluevine is also a great funding option if your business is looking for quick cash. Bluevine is an online lender, so the application is online and, after submitting it, businesses can hear back in as little as 5 minutes. If you are approved for funding, then you can access your line of credit. Bluevine says you can then make your first draw on the line of credit and have funds as fast as 24 hours later.

What Kind of Small Business is Bluevine Not For?

Businesses looking for funding other than a line of credit

The only type of funding that Bluevine offers is a line of credit. Because it’s such a specific kind of funding, it won’t be for every kind of business. For example, if you’re looking for equipment financing, then a line of credit probably isn’t the right option for you. While a line of credit is a diverse type of funding, that doesn’t necessarily mean it’s the absolute best fit for your funding needs. For this reason, don’t commit to applying with Bluevine until you’ve researched all the pros and cons of lines of credit and decided for sure that a line of credit will be the best option for your business.

Businesses looking for long terms

The terms for Bluevine’s line of credit are either 26 weekly payments or 12 monthly installments. So if you’re hoping to have more time than that to pay off the money you borrow, then Bluevine might not be the right funding option for your business. You can repay your line of credit early without penalty, but any late payments would be detrimental to your business. 

Businesses in certain states

Bluevine does not fund businesses based in Nevada, North Dakota, and South Dakota. So if your business is based in one of those states, you’ll need to find another lender who can operate in your state instead. 

What is a Line of Credit?

Think of a business line of credit somewhat like a very large credit card. You have a credit limit, meaning the amount of the funding you’ve been offered, and you can spend that money, or “pull” on the line of credit. This can be great for covering unexpected gaps in revenue, for buying inventory, covering payroll during a slow season, or even helping to expand your business.

When you do that, you get the funds at the agreed-upon rate with your lender. Then as you make payments and pay off your line, the funds are replenished. The best part of a line of credit is that you only pay back, and pay interest on, the part of the line of credit that you actually use. So even if your line of credit is for $100,000, but you spend only $25,000, you’re typically only responsible for paying back that $25,000, plus the interest it accrued.

*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (October 24, 2022). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.

Fueling the
American Dream

$12,000,000,000+

DOLLARS FUNDED THROUGH LENDIO

74+

LENDERS IN Lendio’s NETWORK

300,000+

LOANS FUNDED

Quickly compare loan offers from multiple lenders.

Applying is free and won’t impact your credit.

Talk to a rep at (855) 853-6346

Mon–Fri | 7:30am–5pm MST

Find the loan type best fitted for your business.