BlueVine Business Loan Review

BlueVine is a business financing offering by BlueVine, based in Palo Alto, CA. Founded in 2013, BlueVine offers access to small 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 business 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 business loan?

BlueVine considers business loan applications for business purposes, such as:

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

What types of small business loans does BlueVine offer?

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

• Unsecured Term Business Loans
• Secured Term Business Loans

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 business loan off early.

What do you need to qualify for BlueVine Business Loan?

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

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

• Proof of income
• Business formation documents
• Driver's license
• Government issued photo ID
• Proof of identity

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

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

Does BlueVine Business Loan report your account activity to credit bureaus?

Yes, BlueVine Business Loan 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.