Bluevine Small Business Financing Review

Pros and cons.

Pros

• Fast funding
• Option for monthly or weekly payments
• Relatively low credit score requirements
• Can borrow up to $250,000

Cons

• Not available to businesses in Nevada, North Dakota, and South Dakota
• Fees for drawing on your line of credit
• Repayment terms limited to 6 or 12 months
• $40,000 monthly revenue requirement

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Loan offerings through Bluevine.

Bluevine presents a variety of loan products tailored to meet the unique needs of small businesses. The primary offerings include:

• Business lines of credit: Offers access to funds up to $250,000. An excellent option for businesses looking to manage cash flow, cover short-term needs, or seize growth opportunities without committing to a long-term loan.
• Business term loans: Designed for businesses needing a lump sum for specific projects or expansions, with terms of 6 to 12 months and amounts up to $250,000.

Both of these products are designed with flexibility in mind, providing small businesses with the financial support they need to thrive in today’s competitive environment. However, this review will focus mainly on Bluevine’s business line of credit offering.

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Things to consider.

Fast funding

One of the standout features of Bluevine’s financing solutions is the quick funding it offers to small businesses. Businesses can receive a decision within minutes and, upon approval, access funding as fast as the same day. 

Low credit requirements.

Bluevine’s relatively low minimum credit score requirement of 625 makes it accessible for small businesses that might not qualify for financing through traditional banks. This inclusivity is crucial for newer businesses or those with a few financial hiccups in their history, allowing them a chance to secure the funds needed for growth or operational expenses. 

Limited repayment terms.

Bluevine’s terms are restricted to short terms of 6 or 12 months, which can lead to higher monthly payments compared to loans with longer repayment periods. This could potentially strain a business’s cash flow, especially if the business encounters unexpected financial hurdles. 

Option for weekly or monthly payments.

With the option to choose between weekly or monthly repayments, businesses can select a schedule that best aligns with their income streams and financial planning. This feature is particularly beneficial for businesses that experience seasonal fluctuations in revenue or those that receive payments from clients at irregular intervals. By choosing a payment plan that mirrors their cash flow, businesses can manage their finances more effectively, avoid liquidity issues, and maintain a positive working capital.

Great customer reviews.

Bluevine has an excellent A+ rating with the Better Business Bureau and a 4.3 out of 5 star rating on Trustpilot. Customer reviews typically praise Bluevine’s great customer service and highlight how easy it is to work with the lender.

Evaluation

Bluevine is best for:

When considering Bluevine for your small business financing needs, it’s valuable to understand who stands to gain the most from their offerings. Here are things that Bluevine does well:

• Small businesses seeking fast funding. Bluevine is great for businesses that need quick access to cash to manage urgent expenses or seize immediate opportunities without the long wait times associated with traditional banks.
• Businesses with moderate credit scores. With a minimum credit score requirement of 625, Bluevine caters to small businesses that may be turned away by traditional lenders due to less than perfect credit history.
• Companies looking for flexible repayment options. Offering the flexibility of weekly or monthly payments, Bluevine accommodates businesses with varying cash flow needs, allowing them to choose a repayment schedule that fits their financial situation.

Where Bluevine might fall short:

While Bluevine stands out for its strengths in fast funding, moderate credit requirements, and flexible repayment options, it’s equally important to understand areas where its offerings might not align perfectly with every business’s needs. Here are some considerations to keep in mind when evaluating Bluevine as your small business financing partner:

• Location restrictions. Businesses located in Nevada, North Dakota, South Dakota, and U.S. territories cannot access Bluevine’s financial products due to state-specific regulations.
• Fee for line of credit draw. Each time a business draws from its line of credit, a fee is applied, which can add to the cost of borrowing.
• Short repayment terms. The 6 or 12 months repayment terms may not suit businesses seeking more extended financing periods, potentially leading to higher monthly payments.
• Monthly revenue requirement. To qualify for Bluevine’s financing, businesses must meet a certain monthly revenue threshold of at least $40,000, which could be a barrier for newer or smaller companies.

How to apply for financing from Bluevine through Lendio.

Applying for financing through Bluevine via Lendio is a streamlined process designed to connect your business with the funding it needs with minimal hassle. Lendio is a small business loan marketplace with multiple lenders that will help match small businesses with loans that suit their unique needs. Here’s how you can get started:

1. Complete Lendio’s online application form: You will need to fill out a brief online application on Lendio’s website. The form asks for basic information about your business, such as its name, how long it’s been in operation, your monthly revenue, and the amount you’re looking to borrow.
2. Documentation submission: Alongside your application, you will be asked to submit documents that verify your business’s financial standing. These could include recent bank statements, income statements, balance sheets, and tax returns. Having these documents ready in advance can speed up the process.
3. Review and acceptance: Once your application is submitted, Lendio will match you with potential lenders that fit your needs. If Bluevine is a good fit for your financing requirements, you will receive an offer outlining the terms of the loan. Review these terms carefully to ensure they align with your business goals and repayment capabilities.
4. Finalize the deal: If you decide to proceed with Bluevine, you will work directly with their team to finalize the loan details. This may involve additional verification steps or documents.

The bottom line.

Bluevine stands out as an exceptional choice for those seeking quick, accessible funding solutions with flexible repayment terms.

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