Bluevine Business Loan Review

bluevine
  • Loan Types: Invoice Factoring, Line of Credit
  • Availability: USA (SMEs with Unpaid Invoices (B2B Only), Or SME’s Requiring Line of Credit)
  • Securities: Against Unpaid Invoices, Or Unsecured Line of Credit
  • Loan amount: $5,000 – $50,000
  • Interest: APR: 30% to 50%
  • Overall Rating: Quick and Smooth 3.8 / 5.0

About BlueVine

BlueVine is an American answer to the ecommerce line of credit movement led by British companies.

Based in Palo Alto, California, the company exists to help businesses finance the sometimes 30 to 60 day gap between services rendered and final payment. Users link invoices directly to BlueVine software, choosing individual accounts to “get paid” for.

The invoice is paid, the money taken from a line of revolving credit, and is replenished when the client issues payment or the user pays off the balance. Alternatively, there is a new line of credit offering not against invoices.

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CashFlow

BlueVine is a great way of taking anything between a $20,000 micro-loan and $5m SME loan, against business unpaid invoices. Line of credit is between $5,000 and $250,000.

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Quick Approval

Approval and financing with 24 hours.

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Credible

Much needed service that have been covered in magazines like Tech Crunch and Venture Beat.

The Good and the Bad

Good

  • Fast. BlueVine provides a good service fast. Approval and financing can both be accomplished in less than 24 hours.
  • Helpful. The service really is necessary, as businesses often have difficulty maintaining cash flow while waiting for payments to come through.
  • Quick Approval

Bad

  • A Commitment. Though BlueVine is a good service, it takes work. Users have a Bluevine checking account where payments are routed. If you are careful, the service can be effective and affordable. If you’re not, as with any line of credit, it can get expensive fast. That sky-high APR only kicks in if you don’t keep to the agreed upon repayment period of 1 to 13 weeks, or 6-12 months for credit products. There are also variable fees. It all amounts to a good service requiring a certain amount of vigilance from the user.

Which Type of Companies do They Apply to?

Requirements for Invoice Factoring:

  1. General business information, including Tax ID and business address
  2. Details of business owner, including social security number
  3. Bank connection or last 3 months of business bank statements
  4. 530+ FICO
  5. 3+ months in business
  6. $100,000 in annual revenue
  7. B2B business

Requirements for Line of Credit:

  • General business information, including Tax ID and business address
  • Details of business owner, including social security number
  • Bank connection or last 3 months of business bank statements
  • 600+ FICO
  • 6+ months in business
  • $100,000 in annual revenue

Additionally, you have the option to connect your invoicing or accounting software to your BlueVine dashboard, which can speed up your application even more, help you qualify for a higher credit line, and simplify your invoice factoring.

The company currently works with QuickBooks, Xero and Freshbooks.

Are bad credit businesses accepted?

To a point. Because some businesses have bad credit specifically because of the problem BlueVine is in business to fix, these are often approved.

Early Repayments & Comparison

Though still coming into its own, BlueVine has pretty universally good reviews and press. Their rise in the American B2B lending sphere has been written about in Venture BeatTech Crunch, and Geek Time. The company now boasts a TrustPilot 9.4/10 score too!

Smooth, easy, and fast invoice factoring service

Bottom Line

BlueVine provides a necessary service, helping businesses maintain cash flow while awaiting pending invoice payments. Like every other similar service, this is an expensive proposition, but only if the business is long in paying off the credit line balance. Used correctly, BlueLine is an excellent option. Those who feel they may not be able to give this service the attention required to really make it work had better look elsewhere, or pay a lot of money for their inattention. All others will like the financial freedom offered by BlueVine.