BlueVine Business Loans Review 2024

Do I need a credit check to take out a business loan with BlueVine?

The prequalification process does not require a hard credit check - that comes later when you select a loan and complete your application process. You will likely see a soft credit check conducted during your application process and this is done to curate the list of offers that can be presented to you.

Are there any hidden costs and fees associated with BlueVine business loans?

While there are no fees required for simply taking out a loan or working with BlueVine in the first place, you may find yourself facing certain types of loans in two different situations.

Firstly, if you would prefer to receive your funds via wire transfer you will be charged a $15 fee. When compared to the high amount that typically is funded, this fee is a minimal amount and it can be avoided by choosing direct deposit instead of wire transfer.

You may also be charged late fees if you do not pay on time but this fee can obviously be avoided by making on time payments consistently throughout your loan term.

How is BlueVine’s customer service and support?

BlueVine offers a robust customer service section that includes resources such as blog posts and articles that may enable you to answer your question yourself. If you do ultimately need to contact a customer service representative, you can start by filling out the form at the bottom of the page which will start the process of an email correspondence.

If you’d prefer to address your issues via phone, BlueVine offers a customer support help line at (888) 216-9619. Customer service agents are available to help Monday through Friday between the hours of 8:00 AM and 8:00 PM EST.

How to qualify for a Business Loan through BlueVine

The qualifications to borrow from BlueVine will vary but generally you will be able to qualify if you have:

• Personal credit score of at least 600
• Be located within the United States
• $120,000+ in annual revenue
• Have been in business for at least 6 months

How to Apply for a Business Loan with BlueVine

Applying for a business loan through BlueVine is a short and easy process that begins with an online application. During the application you will provide some personal and business information to BlueVine so they can evaluate your creditworthiness and determine how large of a line of credit they can offer you.

If you are accepted, you will know within minutes in most cases. Once you are approved you will have access to an online business portal where you can request funds and BlueVine will deposit those funds in your account within a few hours. Each withdrawal will have a repayment plan that will be weekly or monthly that you can easily track within your BlueVine account. You can make multiple withdrawals with your line of credit as long as the total amount you have borrowed is less than or equal to the total amount of your line of credit.

Is BlueVine Legit and Trustworthy?

BlueVine, like all lenders, will collect personal information from you throughout the application process and they take the safeguarding of that information very seriously. They use the highest industry standards when it comes to information security and they will never sell your personal information. If your information is going to be shared with another organization such as credit bureaus, BlueVine will always inform you well in advance.

BlueVine has been a Better Business Bureau Accredited business since 2014 and currently holds an A+ rating.

Conclusion

BlueVine is ultimately a great service that delivers on it’s promises and allows would-be borrowers with bad credit scores or other negative marks to possibly qualify for loans when other traditional lenders like banks would not be able to approve them. The fast application process and the fact that most applicants will receive their answer within moments can also be a huge draw with BlueVine business loans.

Although there are fees that may come up with BlueVine loans, they are minimal especially when compared to similar lenders. You’ll only get charged fees if you make your payments late or if you would prefer to receive your funds via wire transfer so if you avoid those two situations you can avoid fees during your loan term.

As long as you are not located in Vermont, South Dakota, and North Dakota, it is worth applying for business lines of credit through BlueVine.