September 27, 2022

Bluevine Business Loans Review

Bluevine offers business lines of credit.

How Can Bluevine Loans Be Used?

Bluevine’s line of credit is not available for certain industries, such as:

  • Political campaigns.
  • Firearms and paraphernalia.
  • Auto dealerships.
  • Controlled substances, including medicinal marijuana and hemp, and paraphernalia.
  • Financial institutions and lenders (including insurance, penny auction companies and cryptocurrency).
  • Donation-based nonprofits.

How Do Bluevine Loans Work?

Business owners with at least $10,000 in monthly revenue and a minimum credit score of 625 can apply online and get approval for a Bluevine business line of credit of up to $250,000. Bluevine will decide whether to fund loans in about five minutes. To get a Bluevine loan, you’ll provide your address, tax ID number and Social Security number, and bank statements from the past three months. You must also show that you have had no bankruptcies within one year.

Bluevine funds can be available within a few hours of approval if you choose a bank wire transfer, which costs $15. If you choose the free ACH transfer, funds will usually arrive the next business day, but sometimes it can take up to three days.

Bluevine’s line of credit is available up to $250,000, and Bluevine says its standard pricing is 7% per month, but individual rates may vary. Repayment terms go up to 12 months. Bluevine does not charge origination fees or prepayment penalties. There is also flexibility in how much you can draw.

These are the minimum requirements for a Bluevine line of credit:

  • Operate your business for at least six months.
  • Make minimum monthly revenue of $10,000.
  • Have a minimum personal FICO credit score of 625.

What Credit Score Do You Need?

A business owner who wants a Bluevine line of credit needs a minimum FICO credit score of 625.

Where Does Bluevine Operate?

Bluevine lines of credit are available in all states except Nevada, North Dakota and South Dakota.

Is Bluevine Reputable?

Bluevine has an A+ rating with the Better Business Bureau. Bluevine has an excellent rating of 4.4 stars out of 5 from over 7,000 reviews on TrustPilot.

How Is Bluevine’s Customer Service?

You can call Bluevine at 888-216-9619; representatives are available Monday through Friday from 8 a.m. to 8 p.m. Eastern Time.

What Are Some of Bluevine’s Online Features?

Customers can check their rate, apply for a line of credit, upload documents, check their application status, make payments and access funds online.

  • Businesses that want access to funds quickly.
  • Borrowers with at least a 625 credit score.
  • Borrowers who want a completely online process.

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