BlueVine Business Line of Credit

BlueVine Business Line of Credit Review

BlueVine Business Line of Credit is offered by BlueVine, a direct lender founded in 2013 and based in Palo Alto, CA. BlueVine Business Line of Credit is available in 50 states (and Washington, DC).

What APRs does BlueVine Business Line of Credit offer?

BlueVine Business Line of Credit offers a fixed APR product that starts at 4.8% APR.

Does BlueVine Business Line of Credit charge an origination fee?

No, BlueVine Business Line of Credit does not charge an origination fee. An origination fee is what some lenders charge for processing, underwriting, and funding a business financing product. Typically fees range from 0.5% to 5% of the line of credit amount. Whenever possible, go with lenders that don’t charge origination fees.

What limitations does BlueVine Business Line of Credit set on the purpose of the line of credit?

BlueVine Business Line of Credit considers line of credit applications for business purposes, such as:

• Equipment Purchase
• Hiring
• Inventory
• Lease Improvement
• New Location
• Payroll
• Product or Service Expansion
• Working capital

Does BlueVine Business Line of Credit charge prepayment fees?

No, BlueVine Business Line of Credit does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the line of credit balance off early.

How much can you borrow from BlueVine Business Line of Credit?

Line of credit amounts start at $5,000 and go up to $250,000.

What do you need to qualify for BlueVine Business Line of Credit?

Applicants with a credit score of at least 650 and up to 850 may be eligible for BlueVine Business Line of Credit. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

BlueVine Business Line of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the BlueVine Business Line of Credit product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by BlueVine Business Line of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Recent bank statements
• Business formation documents
• Proof of identity

What is the estimated funding time for the BlueVine Business Line of Credit?

BlueVine Business Line of Credit can approve (or deny) a line of credit application within 1 hour and fund business lines of credit within 1 business day of approval.

What are the business financing requirements for BlueVine Business Line of Credit?

To apply for BlueVine Business Line of Credit, the applicant needs to provide the following documentation:

• Business license
• Business bank account

Does BlueVine Business Line of Credit report your account activity to credit bureaus?

Yes, BlueVine Business Line of Credit reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

What types of business lines of credit does BlueVine offer?

BlueVine only offers unsecured lines of credit.