Do you own a business that needs access to quick and easy funding?
BlueVine might be just the solution you’re looking for. Let’s check out what this company is and what it offers.
In this BlueVine Review, I’ll go over:
To get started, let’s check out the basic information you need to know about BlueVine.
BlueVine provides financing for small or medium-sized businesses. The company was founded in 2013, with headquarters in Redwood City, California, and offers a fast, fully digitized application and underwriting process.
If you want to find out even more about the services this company offers, stay tuned for the full BlueVine Review.
Now let’s get into some more detail regarding the loans. Here are the terms and qualification criteria for a BlueVine loan:
|Minimum time in business||6 months|
|Credit score||600 (if annual revenue is above $200,000)
650 (if annual revenue is between $60,000 and $200,000)
|Annual revenue required||Depends on the loan type|
|Borrowing amounts range||$5,000–$5,000,000|
|Funding time||In a couple of hours|
|Bankruptcies||No active bankruptcies allowed|
|Eligible industries||B2B companies|
|Personal loan guarantee required||Yes|
Overall, the minimum qualifications that you must meet to apply for a loan at BlueVine are:
Qualifying for BlueVine funding will also depend on what product you apply for. BlueVine does not fund businesses that work in the sphere of:
Repayments depend on the type of loan that you choose. Let’s check out the terms:
Additionally, lines of credit and term loans are not available for North Dakota, South Dakota, and Vermont businesses. The other types of products are available in Vermont, but the Dakotas are only limited to the invoice financing option.
Some of the top competitors of BlueVine are Kabbage and OnDeck. Let’s see how they differ:
Both BlueVine and Kabbage provide business lines of credit, and both offer up to $250,000 with APRs starting at 18%. Both company’s repayment terms for the lines of credit are 6 to 12 months. But the two differ in their requirements:
OnDeck generally has lower starting and maximum APRs than those offered by BlueVine. But while OnDeck has a monthly maintenance fee, BlueVine has no fee, making it more affordable for many businesses.
How do you apply for a loan with BlueVine? Easy—just follow the steps below:
Go to the official BlueVine website and enter your basic information:
If you prefer to apply by phone, you can call:
Getting approved can take as little as five minutes if you’re applying for lines of credit or 24 hours if you are applying for invoice factoring.
Once approved, get cash in your bank account as fast as within a few hours if you’ve been approved for lines of credit, or get an 85%–90% cash advance for invoice factoring.
Payments are auto-debited from your bank account each week, so there’s no need to worry about missing one.
BlueVine customer service is available by:
Not only are there several ways to reach BlueVine, but there’s also a way to learn about the company’s offers without getting in touch with a person. BlueVine has an outstanding FAQ, which makes it even easier to learn about the company’s services. But don’t get me wrong, BlueVine representatives are beneficial and responsive.
Like every company, BlueVine has both positive and negative responses from its users. So let’s check them out.
The Covid-19 pandemic has created a challenging situation for BlueVine, which gained the company some negative reviews.
Nevertheless, the Better Business Bureau gives the company an A rating. Sadly, this is down from an A+ rating with around 30 complaints, most of which were in 2020.
Negative feedback cites a number of issues that some companies have:
With more than 5,000 reviews on Trustpilot, BlueVine has gained a rating of 4.4 out of 5. Merchant Maverick gives the company 4 out of 5 stars.
Positive feedback from customers includes:
In general, merchants like BlueVine’s services for solving their cash flow problems.
Let’s check out some of the main advantages and disadvantages of BlueVine.
If you haven’t been in business for a long time or don’t have a high credit score, that won’t be a problem for BlueVine, since it has less demanding requirements than banks.
The company’s application process is quick and easy, and its customer service is outstanding. There is more than one way to reach client reps, and they’re happy to help you get a loan.
As you may have noticed in our BlueVine review that loans from the company can be a bit steep, but the quick financing and the many options make up for that.
BlueVine is a legitimate financing provider for small and mid-sized businesses. The company has been on the market for around eight years and has a good reputation.
All you need to do to get financing for your business from BlueVine is apply online by filling in all the necessary information. Once you’re approved, funds will be sent to you within hours!