BlueVine Review - Business Loan

Application & Approval Process
9.0/10
Rates & Fees
9.0/10
Payment Terms
9.0/10
Loan Type Options
9.0/10
Customer Support & Benefits
9.0/10

About BlueVine

Founded in 2013, BlueVine is a loan company that specializes in lending money to small businesses. The company offices are near San Francisco, California, and the company operates across all states except for North Dakota, South Dakota, and Vermont. 

BlueVine offers three different products to help small businesses manage their cashflow: invoice factoring, lines of credit, and term loans. The speed you can get your loan funding is a key benefit of the company, you can get a decision within minutes of applying and the money can be in your business account just a few hours later. 

For businesses that need fast funding or owners who have low credit scores, BlueVine can be a practical solution. When you’re struggling with cash flow, the options offered by the company can help businesses stay afloat i.e. when an invoice is delayed, or you need to fund an unexpected purchase. 

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Excellent

9.0/10

Pros

  • No long-term contracts
  • No prepayment fees
  • Quick online application process
  • Dedicated advisors

Cons

  • Wire transfer fee ($15)
  • No funding for B2C entities or freelancers

Key Highlights

  • Specializing in providing loans to small businesses.
  • Three different types of business loans: Invoice Factoring, Line of Credit, and Term Loan.
  • A+ Rating from the Better Business Bureau (BBB) with over 25,000 customers and $3B+ funds delivered.
  • Fully online process, borrowers can get approved in as fast as 5 minutes (though the brand advises that it could take up to 24 hours).
  • Customer support is available from Monday to Friday (EST) via telephone and email. The advisors are always available on stand-by and offer professional and knowledgeable assistance. 

Application & Approval Process

To get started with BlueVine, you first must to decide which type of loan you need. Factors such as how long you need to borrow money for and the reason for taking the loan will determine which is the right type of borrowing for you. 

Once you’ve chosen the loan type, there’ll be lots of financial information that you’ll be requested to provide concerning you and the business. To allow BlueVine to choose what interest rate you’re able to borrow at, expect to answer questions regarding:

  • Monthly revenue
  • Tax ID or Social Security number
  • Size and age of your business
  • Purpose of the loan
  • Credit score

You’ll also need to allow BlueVine to establish a read-only connection to your business bank account or show the company three months’ worth of bank statements. 

Your loan with BlueVine can be approved in as little as 5 minutes but the company advises it can take up to 24 hours. 

The application process is fully conducted online, which means you make the final agreement on the website rather than waiting for paperwork to arrive through the post. Whichever type of product you choose with BlueVine, the money can be sent to you by ACH transfer for free, or a wire transfer for a $15 fee. 

Depending on the loan you take, repayments will be made weekly or monthly directly through your business bank account. You will also have a dashboard on BlueVine’s website where you can monitor your balance, request to take more funds from your line of credit, or submit new invoices for invoice factoring.

Rates & Fees

BlueVine does not advertise their rates as an APR. Instead, they make a simple interest calculation on the money that you owe either weekly or monthly. This can make it a little difficult to make a direct comparison against other lenders. 

When borrowing through invoice factoring, the interest rate can be as low as 0.25% per week, whilst for a line of credit or a term loan, the interest rate can start from 4.8% per month. The rate you pay is fixed for the duration of your borrowing. To determine your rate, BlueVine looks at your business history, your cashflow, who your clients are, and your personal and business credit scores. 

In terms of fees, there is a draw fee of 1.6% to 2.5% each time you request more money from your line of credit. For invoice factoring, you only pay fees if you choose a wire transfer for your funding, and you pay late fees of 2% to 3% if your client pays more than 2 weeks late. Term loans have no fees except wire fees if you choose to have your money sent that way. 

Payment Terms

Payment terms are dependent on the type of borrowing you take with BlueVine. If you choose a business line of credit, this is an amount of money that you can borrow from as and when your business needs it. You need to make weekly payments of any debt and can borrow more, up to your set limit, as and when you want. 

Choosing invoice factoring means that you take an advance on an invoice that’s due within the next 1 to 13 weeks. You don’t need to make any repayments; you just have your client settle the invoice into your BlueVine account and fees and interest are deducted from the remaining balance.

A term loan can be taken over 6 or 12 months. You make weekly payments to BlueVine directly from your bank account. It’s possible to repay the balance of the loan early, but you must still repay the interest for the full term of the loan, too. When early repayment might be an option, you might consider a line of credit instead.

Loan Options

There are three different types of business plans to choose from, which are:

Line of Credit

BlueVine gives you a maximum amount that your company can borrow. You can withdraw money and send it to your business bank account at any time and make weekly repayments on the amount that you owe. It’s a flexible option for business borrowing when you have short-term cashflow fluctuations. 

Invoice Factoring

When you have invoices waiting to be paid and bills your company needs to settle, invoice factoring with BlueVine could help. If you’re in a B2B industry and have invoices from the USA or English-speaking Canada that you need the cash for, you can borrow 85% to 90% of their value. No payments are needed whilst you wait for the invoice to be settled, and once BlueVine receives payment, they deduct the fees and send any remaining balance back to you. 

Term Loan

A term loan with BlueVine is a fixed term, fixed interest rate loan. Once you borrow the money, for buying equipment for example, you make weekly fixed repayments from your bank account over agreed timeframe. This type of loan gives you stability and certainty about your monthly outgoings. 

Customer Support & Benefits

You can contact BlueVine by phone from 8 AM to 8 PM (EST) Monday to Friday, and 12 PM to 4 PM (EST) on Saturdays. Email is another option, but there’s no information about how long you might wait for a reply. On the website, there’s a contact form with the option to upload documents and photos, which is useful if you need to send an invoice or other financial information. 

Alternatively, you’ll also find a helpful FAQs section on the website which answers queries regarding the different loan options available at the company. There is also a blog filled with useful resources for small business owners. Categories for articles include Laws and Regulations, Managing People, and Small Business Tools, each with information that should be helpful to entrepreneurs and business owners

Contact Details

Phone: (888) 216-9619

Email: [email protected]

Online Contact Form

Social Media: Facebook and Twitter

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