BlueVine Business Banking 2022 Review: Features and Comparisons
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Running a business means you need a constant supply of capital to pay for day-to-day expenses and fund expansion plans. If you need a loan or a line of credit, BlueVine is one option you might want to consider.
BlueVine offers business loans as well as business audits to help you run your business. If you’re looking for a business bank account, here’s a closer look at how BlueVine works.
Who is BlueVine for?
BlueVine might be a better fit for some types of business owners than others. You may consider a line of credit, invoice factoring, or a business audit with BlueVine if you:
- You need a line of credit and are having trouble qualifying for loans elsewhere.
- Looking for fast loan approval and financing.
- You don’t mind offering a personal guarantee for a line of credit.
- Are interested in leveraging unpaid invoices for invoice factoring.
- You want a free business checking account that earns interest on balances.
- You don’t need to access a physical branch for business banking services.
- You want a business debit card with access to toll-free ATMs.
BlueVine lines of credit can give you access to a revolving line of credit of up to $ 250,000. You can use your line of credit as needed and pay the money back with interest. There are no prepayment fees, monthly maintenance fees or account closure fees for BlueVine lines of credit.
If your business has a high volume of unpaid invoices, you can use factoring to get a capital advance. BlueVine offers factoring lines of up to $ 5 million with low interest rates and fast approval and funding.
On the banking side, you might prefer BlueVine if you want to avoid high bank charges. You can also earn a competitive APY on balances, up to $ 100,000.
Main features of BlueVine
BlueVine is one of the leading business lenders. But what gives it an advantage over the competition? Here are some of the best features this platform has to offer.
High credit limits
Compared to other commercial lenders, BlueVine offers generous limits for lines of credit and invoice factoring. It is therefore possible to borrow larger sums when you need working capital to cover expenses or finance an expansion project.
Getting a loan with BlueVine can be worthwhile if you’re having trouble getting approval elsewhere. The minimum qualifications for a loan include six months of operating history, a credit score of 600+ and $ 10,000 in monthly income. Applying for a loan will not affect your credit score.
Low rates for invoice factoring
BlueVine offers low weekly invoice factoring rates so that you can calculate how much interest you will pay based on how long it will take to pay off your loan.
Free business audit
BlueVine does not charge any monthly fees for business verification. There is no insufficient funds charge (NSF) and no minimum deposit requirement. Your account comes with a debit card that you can use to access over 37,000 MoneyPass ATMs at no charge.
Earn interest on business balances
Business chequing accounts with BlueVine benefit from a competitive interest rate on balances up to $ 100,000. The current APY is what you can earn with some of the best high yield savings accounts.
Compare BlueVine to other business banking options
BlueVine is not the only option for getting a business line of credit or opening a business checking account. If you are looking for a loan or check option, here are a few other options to consider.
FundBox offers quick and flexible lines of credit and term loans up to $ 150,000. These loans are designed to help homeowners alleviate cash flow shocks. FundBox does not offer any banking options other than loans.
On the bridge
OnDeck offers lines of credit up to $ 100,000 and term loans up to $ 250,000 for business owners. You’ll need a business bank account to apply for either, but OnDeck doesn’t offer business verification at this time.
Compare the checking accounts of several banks and find the one that’s right for you.
Advantages and disadvantages of BlueVine
Finding the right business loan or checking account to meet your needs is important. If you are considering BlueVine, here are some of the top pros and cons to be aware of.
How to start
To get started with BlueVine, you must first decide what type of account you want to open. If you are interested in a loan, you can also open a BlueVine checking account.
Having the checking account won’t necessarily improve your chances of getting approved, but it could make it easier to pay off your loan if you’re eligible for funding.
You can apply for an account with BlueVine online. The type of information you will need to provide may depend on whether you are completing a business loan or verification application, but typically BlueVine will ask you:
- Name and company name
- Address and business address
- Phone number
- Date of Birth
- Social security number or tax identification number
- Type of company
- Number of employees
If you are approved for a loan, you will need to tell BlueVine where to send the money. Likewise, you will need to give BlueVine the bank account number and the routing number of an external account that you want to link in order to make your initial deposit into a professional checking account.
BlueVine has some cool features, but it’s important to take a closer look to make sure they’re what you’re looking for. Here is an overview of the best features and benefits of BlueVine.
The BlueVine website is easy to navigate. You can simply switch between the different account options in the main menu.
There is also a mobile app available in the Play Store and the App Store, although neither have stellar ratings. So you might be better off managing your account from your laptop instead.
Fees and rates
BlueVine doesn’t charge a lot of fees for business verification, but it’s transparent about what it does. It’s easy to see at a glance how much you’ll pay and how much interest you can earn on deposits.
You can also see the minimum rates and fees associated with BlueVine lines of credit and invoice factoring, making it easy to compare with other lenders.
It’s easy to see details of BlueVine’s checking account and lending options right on the home page. If you have a question about something, you can visit the Online Help Center, which includes answers to frequently asked questions.
If you need help or have a question you can’t answer online, BlueVine support is available by email or phone.
BlueVine lines of credit offer flexibility in that you can draw on them when needed. This means that you only pay interest on the amount of your line of credit that you actually use.
You cannot choose when your loan is due. Instead, loan payments are deducted from your bank account automatically every week or every month. But that means you won’t have to worry about missing a payment or paying late.
As mentioned, BlueVine offers a mobile app, but it doesn’t have good reviews in terms of usability. If you need to contact customer service, you can send a secure message online or call them Monday through Friday at 888-216-9619.
Business loans can help you get closer to your business goals or just stay in the dark when it comes to cash flow.
BlueVine is an option you might want to consider if you are looking for flexible financing options or invoice factoring. And a BlueVine checking account could make it easier to keep track of expenses and deposits.
If you are interested in what BlueVine has to offer, you can take the next steps to open an account today.