Bluevine Business Line of Credit Review
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Pros and cons of
Pros
- Quick funding options
- Limited fees
- Accepts fair credit scores
Cons
- Same-day funding could incur a fee
- Lower rates may be available elsewhere for well-qualified borrowers
- Not available in all states
- Doesn’t list maximum interest ranges
- Third-party term loans are managed by other lenders, not by itself
business financing review
offers a range of small business financing solutions, including a business line of credit, a business checking account, a business credit card and term loan options.
Its line of credit offers access to up to instantly when you connect to a Checking Account. However, be aware that same-day funding does come with a fee for non- accounts.
For those interested, offers three interest-bearing, business checking accounts. With competitive annual percentage yields (APYs), the accounts boast no monthly maintenance or overdraft fees. However, they also have some unique features that small business owners may enjoy. For example, you’ll have the ability to split your funds into different sub-accounts, which makes it easy to save for larger expenses or allocate money to pay bills.
Finally, for their part, ’s business credit card and term loan options are offered by third-party partners, which means you’ll be subject to their terms and conditions. You’ll also work with them directly instead of working with .
- Those looking for quick funding. can get your line of credit funded instantly to a Business Checking account, or as little as a few hours to another bank — if you’re willing to pay a $15 wire fee. Otherwise, fee-free funding can take one to three business days.
- Borrowers with less-than-perfect credit. ‘s minimum credit score is only .
- Those looking for a one-stop shop. offers the chance to access a line of credit and a business checking account from the same provider, which can be easier than working with separate financial institutions.
small business financing at a glance
| Product | Loan amounts | Repayment term | Starting interest | Fees |
|---|---|---|---|---|
| Line of credit | Up to months |
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Line of credit
Businesses needing flexible funds can access between with a business line of credit. Repayment terms are up to months with weekly or monthly repayments, depending on your credit score and business age. Similar to a credit card, you can borrow up to your credit limit as often as needed, repay the debt and borrow again — only paying interest on the amount withdrawn.
The company doesn’t disclose a full range of interest rates, so there’s no way to predict how high your rate will go until you apply. Plus, you may be able to access better rates from ’s competitors, particularly if you have a strong credit score.
Still, for those needing same-day funding, claims you can get approved in as little as five minutes, with funds instantly delivered to your Business Checking account. Each checking account option offers a higher-than-average APY and relatively few fees.
To get same-day funding to a non- checking account, you will need to use a wire transfer with a $15 fee. Alternatively, you can receive your loan proceeds for free via ACH, which can take up to three business days to complete.
borrower requirements
| Minimum annual revenue | |
| Minimum time in business | |
| Minimum credit score |
Your business needs to operate for at least 12 months and have a minimum monthly revenue of $10,000 to qualify for a line of credit. In addition, your business must also be registered as a corporation or LLC, sole proprietor, partnership or nonprofit organization.
accepts credit scores as low as , but your business must be in good standing with your secretary of state and have no bankruptcies.
Businesses in the following industries are prohibited from receiving a line of credit:
- Auto dealerships
- Financial institutions and lenders
- Insurance companies
- Cryptocurrency businesses
- Penny auction companies
- Businesses involved in illegal or controlled substances, including marijuana-related products
- Businesses dealing with firearms and related paraphernalia
- Political campaigns
- Pornography and related paraphernalia businesses
- Illegal gambling operations
Regardless of industry, businesses based in Nevada, North Dakota, South Dakota and U.S. territories aren’t eligible for lines of credit.
Required documents
When applying for a business line of credit, will ask for permission to access your business checking account data through Plaid. Alternatively, you could opt to provide bank statements from the past three months.
You will also be asked to provide basic contact and personal information and documents for yourself and your business, including your business tax ID or Employer Identification Number (EIN), articles of incorporation, and/or a W-9.
Alternatives to
| Minimum credit score | |||
| Loan products offered | Line of credit | Line of credit | Line of credit |
| Time to funding | Instant or up to three business days | As soon as next business day | One to three business days |
| Starting interest rates |
| [/tooltip] | |
| Maximum loan size | |||
| Minimum annual revenue | |||
| Minimum time in business |
vs.
If you like the idea of a business line of credit but can’t meet ’s qualifying requirements, is another online lender worth considering. only requires a three-month business history, making it a great choice for startup business financing.
Like , also offers quick business financing — delivering funds as soon as the next business day. When comparing interest rates, ’s line of credit starts at , which is relatively low. That said, you won’t know your final rate with either lender until you submit an official application.
One advantage to is its Flex Pay program, giving your business an extra three days to repay borrowed funds with no additional fees.
vs.
If your company has been operating for at least with a minimum credit score of , the could be a good fit. The max borrowing limits are the same as with — up to in revolving funds. However, you only need $36,000 in annual revenue to qualify, while requires at least .
Business owners with a business credit card from might already be pre-approved for its business line of credit. You can sign into your account to view your options.
One benefit of the is its range of flexible payment options. You can pick between a -month installment loan term with a corresponding monthly fee or a single-repayment option — allowing you to choose what works best for your business’s current needs. However, the fee structure can be a bit confusing, especially for new users.