Bluevine Small Business Loans: 2024 Review

If you have fair credit and a sizable revenue, Bluevine could be a top contender for best business line of credit. The streamlined application process and rapid funding times make it an attractive option if you need funds to fill cash flow voids sooner rather than later or take advantage of a limited-time opportunity to help your company flourish. 

Who Bluevine may not be best for

If you’re starting out, some of Bluevine’s eligibility requirements will be tough to achieve. Despite its low minimum personal credit score requirement of just 625, applicants must have two or more years in business to qualify for funding. Monthly revenue of at least $40,000 is also required, which could be a stretch for new companies. 

Small business owners with good or excellent credit may find better business loan rates with other lenders. The starting interest rate for a Bluevine business line of credit is 6.20 percent. That seems low, but that is a simple interest rate calculated over 26 weeks or 12 months. That can translate to an estimated starting APR of over 24.00 percent.

Bluevine loan terms are only for six or 12 months. Paying off your loan this quickly has the advantage of helping to keep total costs down, but Bluevine isn’t the best fit for business owners looking to get a business loan with long repayment terms.

• Fast approvals and funding times. Most applicants receive lending decisions in minutes and funding as soon as 24 hours. 
• Minimal fees. Bluevine does not charge certain business loan fees like origination fees or prepayment penalties. 
• Minimum credit score. Business owners with a minimum credit score as low as 625 are invited to apply. But you would need a higher FICO score of at least 700 for its 12-month term. 
• Credit limit increases. As your company grows, you may be eligible for credit line increases, assuming you make timely payments and manage the account responsibly. 

• High estimated rates. Bluevine’s simple interest rate doesn’t show the true cost of borrowing money the way an annual percentage rate (APR) would. Depending on the loan amount, the actual rate you receive and the time it takes you to pay it off, your estimated APR could soar up to 50 percent or higher.
• Not available in all 50 states. Funding is unavailable to business owners in Nevada, North Dakota and South Dakota.
• Limited to corporations and LLCs. Business funding is not available to sole proprietors.
• High revenue requirements. You’ll need at least $40,000 in monthly revenue to qualify for a business line of credit. Other lenders may only require $10,000 in monthly revenue.