BlueVine Review

BlueVine is a business financing offering by BlueVine, based in Palo Alto, CA. Founded in 2013, BlueVine offers access to business loans in 50 states (and Washington, DC).

What are BlueVine’s rates?

BlueVine offers a fixed APR business financing product that ranges from 4.8% APR up to 60% APR.

Does BlueVine charge an origination fee?

No, BlueVine does not charge a loan origination fee. A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

What limitations does BlueVine set on the purpose of the loan?

BlueVine considers loan applications for business purposes, such as:

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

What types of business loans does BlueVine offer?

Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. BlueVine provides access to the following business loan types:

• Lines of Credit
• Invoice Financing

Does BlueVine charge prepayment fees?

No, BlueVine does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

How much can you borrow from BlueVine?

Loan amounts start at $5,000 and go up to $5,000,000.

What do you need to qualify for BlueVine?

BlueVine requires companies to be in business for at least 3 months. Businesses must have a minimum annual revenue of $100,000 to be considered.

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 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. Permanent resident / green card holders are also eligible to apply.

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

• Proof of income
• Proof of identity

What is the estimated funding time for a business loan via BlueVine?

BlueVine can approve (or deny) a loan application within 1 hour and fund business loans within 1 business day of approval.

Does BlueVine report your account activity to credit bureaus?

Yes, BlueVine reports your account activity to the following credit reporting agencies:

• Equifax
• Experian

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.