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Bluevine Small Business Loans Review: Several Options for Small Business Funding Needs

Published June 7, 2024
Matt Frankel, CFP®
By: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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Our Loans Expert

Ashley Maready
Check IconFact Checked Ashley Maready
Ashley Maready
Ashley Maready
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Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Bluevine is a technology platform that offers business lines of credit, as well as business term loans through a network of lending partners. In this review, we'll discuss the important information about Bluevine business loans, the pros and cons of using Bluevine, and more to help decide if Bluevine is the right choice for your business's financial needs.

Ratings Methodology

Bluevine

Logo for Bluevine
Minimum Credit Score
625
Loan Amounts
Up to $250,000
APR Range
Depends on rate and amount of credit line used
Term Length
Line of credit: 6-12 months, Term loan: 24 months

Bluevine specializes in business lines of credit that are easy to apply for, and also offers term loans through banking partners. It can be a great choice for businesses that can meet Bluevine's income requirements and want access to working capital as needed.

  • Quick access to funds
  • Easy application process
  • Up to $250,000 in funding
  • Short repayment terms
  • High revenue requirement
  • Not for newer businesses

Compare the best personal loans

Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.

Lender APR Range Loan Amount Min. Credit Score Next Steps
7.80% - 35.99%
$1,000 - $50,000
None
11.49% - 20.49%
$2,000 - $30,000
720
6.99%-25.49% (w/ AutoPay)*
$5,000 - $100,000
Good credit

Full Bluevine small business loans review

This business loan is a good fit for: Small businesses who need up to $250,000 to cover short-term financial needs.

Top perks

Online application process: Bluevine's loan application process should take no more than a few minutes to complete. You'll simply fill in some basic information about your small business, your bank account, and yourself, and Bluevine can make a lending decision in as little as five minutes.

Quick access to funding: If you access your line of credit by withdrawing to a Bluevine Business Checking account, you can get your funds on the same day. If you don't already have a Bluevine checking account, you can open one along with your new credit line. Of course, you can use ACH withdrawals to an existing business checking account, or can withdraw via wire transfer (for a fee) if you'd prefer.

Up to $250,000: Bluevine issues credit lines of as much as $250,000 to creditworthy businesses. This is significantly more than some competitors will lend.

What could be improved

Repayment terms: Bluevine's lines of credit have repayment terms of six or 12 months, and even its loans have 24-month terms. Therefore, they are best suited for short-term financial needs that can be comfortably repaid quickly. If you need longer-term financing for business expenses, you might want to look at an SBA loan or another lender's business loan products.

High revenue requirement: One of Bluevine's more restrictive qualifications is a minimum of $40,000 in monthly business revenue (that's $480,000 per year). For many small businesses, this is likely to be a prohibitive factor.

Types of business loans offered by Bluevine business loans

Bluevine offers two main types of business loans through its platform -- lines of credit and term loans that are offered through lending partners.

Bluevine's business lines of credit are designed to give small business owners access to capital that they can use (or not use) as needed. Credit lines can have a maximum limit of $250,000, and have no ongoing maintenance fees. When funds are requested, they can be deposited into a linked checking account within a few hours.

Lines of credit are designed for shorter-term financial needs, with repayment terms of either six or 12 months. Lines of credit are managed through Bluevine's platform, but the loans themselves are funded through a third-party bank (Bluevine is not a bank, but a technology platform).

Bluevine's business term loans can also be made with a maximum amount of $250,000. They have set repayment terms of up to 24 months. These loans are made through Bluevine's lending partners, and unlike the lines of credit, are managed directly through those lenders -- not through Bluevine.

How to qualify for a Bluevine loan

Bluevine makes it easy to apply for a loan, with an application that is entirely online. The qualifications depend on whether you're applying for a Bluevine loan or credit line.

The qualifications for a Bluevine business line of credit are as follows:

  • At least $40,000 in monthly revenue from your business.
  • A personal credit score (FICO® Score) of at least 625.
  • At least two years (24 months) in business.
  • No bankruptcies within the past year.
  • Business structured as a corporation or LLC, and must be in good standing with your Secretary of State.
  • An active bank connection or bank statements from the past three months.

Additionally, your business cannot be in any ineligible industry. These include auto dealerships, political campaigns, firearms businesses, financial institutions, and more. Also, residents of Nevada, North Dakota, South Dakota, and U.S. Territories are not eligible for Bluevine loans.

Application process and required documentation

Bluevine makes the application process easy. Its loan application is entirely online, and can be completed in just a few minutes. You can even check your approval status with no impact to your credit score, and lending decisions can be made as quickly as five minutes (for lines of credit) or 24 hours (for term loans).

The application will ask you some basic information about you and your business. You'll need information from your business' financial statements, but the documentation requirements are rather light compared to other forms of business loans. Here are the basic steps:

  • Provide your business information, such as name, address, tax ID, annual revenue, and any other business loans.
  • Connect a business bank account to help complete Bluevine's financial review.
  • Provide your personal information, including your name, address, phone number, date of birth, Social Security number, what percentage of the business you own, and information about any other business owners.
  • Verify your information and submit the application.

One approved, the quickest way to receive funding from your loan or line of credit is by linking a Bluevine Business Checking account. And if you don't already have one, you can set up a new Bluevine checking account during your loan's onboarding process.

This Bluevine small business loan might be right for you if:

A Bluevine business line of credit, or one of its partners' term loans, might be a good fit for you if your business:

  • Has at least $40,000 in monthly revenue
  • Operates in an industry and state served by Bluevine
  • Has been in business for at least two years and is in good standing
  • Your personal credit score is 625 or higher

FAQs

  • Bluevine isn't a bank, and therefore it doesn't lend money or hold deposits itself. Its banking services are provided through third-party chartered financial institutions. Most notably, Bluevine's business line of credit is issued by Celtic Bank.

  • Bluevine issues lines of credit and facilitates term loans (through partner banks) with maximum loan amounts of $250,000. Of course, not all businesses will qualify for the maximum.

  • Bluevine has a specific list of qualifications that must be met for a business line of credit, which is its main lending product. These include monthly revenue of $40,000 or more, a personal FICO® Score of at least 625, and at least two years in business. Some of these factors may be prohibitive for many small businesses.