BlueVine is an online lender that offers lines of credit as an alternative to bank loans. It can fund your loan within 24 hours after approval, has options for businesses with credit scores as low as 600 and requires 24 months in business to qualify. Unlike some providers, there are no origination, draw or maintenance fees.
But some of BlueVine’s competitors offer faster, less expensive or more flexible options. Sole proprietors and partnerships may particularly want to consider these alternatives, since businesses with those structures have limited options at BlueVine.
While Bluevine started as an invoice factoring provider, it sold its factoring business to FundThrough in early 2022. This new-and-improved version offers higher advances than previously available through — up to 100%, minus fees.
Unlike most factoring companies, FundThrough integrates with QuickBooks Online and OpenInvoice to automate the application process — with no paperwork required. The automated process meansit can send you the funds as soon as the next business day. It also doesn't require you to sign a contract committing to months of financing or factoring services. But while invoice factoring can reach $10 million, it only offers financing up to $15,000. Some accounting software also may not be compatible with Fundbox.
Pros
Advance rates up to 100%
No commitment
Fully automated application
Next-day funding available
Cons
Fast funding may require software
Only offers invoice financing up to $15,000
Loan amount
$500 – $10,000,000
APR
Not applicable
Min. Credit Score
500
Loan term
1 to 3 months
Requirements
At least $100k in accounts receivable to one customer, invoice B2B or government agencies, invoices are for completed work, no construction or real estate, no explicit liens on receivables
The American Express Business Line of Credit offers a very similar line of credit to BlueVine. It offers a quick no-doc application for a low-fee line of credit. There are no prepayment penalties, application fees or origination fees. However, instead of interest, the American Express Business Line of Credit charges a flat monthly fee based on your loan term. A 6-month line of credit ranges from 3% to 9%, 12-month terms are 6% to 18%, 18-month terms range from 9% to 27% and 24-month lines of credit can range from 12% to 18%.
It offers slightly lower credit limits compared to BlueVine's $5,000 minimum — and it only requires one year in business, making it a more attainable option for newer businesses. But it requires a higher credit score than BlueVine, of at least 660.
The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.
All businesses are unique and are subject to review and approval.
American Express® Business Line of Credit offers two loan types, installment loans and single repayment loans for eligible borrowers. All loan term types, loan term lengths, and pricing are subject to eligibility requirements, application, and final approval. This article contains general information about the American Express® Business Line of Credit installment loan type only.
Pros
No prepayment, origination or application fees
Online no-doc application
Only requires one year in business
Cons
Requires higher credit than BlueVine
Previous servicer filed for bankruptcy
Loan amount
$2,000 – $250,000
APR
N/A
Min. Credit Score
660 (The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.)
Minimum FICO score of at least 660 at the time of application, have started your business at least a year ago, and an average monthly revenue of at least $3,000
Wells Fargo offers multiple business line of credit products, including unsecured and secured options. For example, the Small Business Advantage line of credit is for businesses with less than two years in business and comes with no annual fee.
When you apply for a business line of credit, Wells Fargo will match you to the product based on eligibility. However, for each line, how much you pay in interest is dependent on the prime rate. And Wells Fargo doesn't have the best track record with regulators, and overall, customer reviews are poor.
Pros
Options for newer businesses
Prime line offers up to $1 million in revolving credit
OnDeck is an online lender offering business term loans and lines of credit. Unlike BlueVine, OnDeck can fund your loan within a matter of minutes. Instant funding is available for $1,000 to $10,000 transactions at no extra cost. For other draws, funding time is one to three business days.
While that speed is impressive, rates start at a high 29.9%, making it potentially more costly than BlueVine. OnDeck also states that the average rate for lines of credit is 48.9% APR. With starting rates that high, OnDeck may be better if you're in a tough spot and have exhausted all other options.
Pros
Same-day funding available
Builds business credit history
No draw fees
Cons
High 29.9% starting rate
No invoice factoring
Loan amount
$6,000 – $100,000
APR
52.6% average APR
Min. Credit Score
625
Loan term
Up to 24 months
Requirements
Companies in business at least 1 year, $100,000+ in gross annual revenue, majority owner with a 625+ personal credit score, active business checking account
Like BlueVine, FundBox is an online lender that offers lines of credit tailored to the needs of B2Bs. It's one of the few no-doc lenders out there, connecting to your accounting software instead of asking for financial statements and tax returns, which helps speed up the application process and relieve stress with hardcopy paperwork.
But it's more expensive than BlueVine. It charges a weekly fee instead of interest, which works out to an APR starting at around 35%. It also frontloads these fees, so you won't save much by paying off your loan early. And Fundbox has a lower credit limit of $150,000 compared to BlueVine's $250,000.
Pros
No-doc application
Withdraw funds with companion app
Next-day funding available
No prepayment penalties
Choose repayment terms with each draw
Cons
APR starts around 35%
Lower borrowing limit than BlueVine
Loan amount
$1,000 – $150,000
APR
Not stated
Min. Credit Score
600
Loan term
12 or 24 weeks
Requirements
$100,000+ in annual revenue, 3+ months in business, 600+ FICO credit score, business checking account
Lendio is an online business loan marketplace that is useful for comparing personalized offers. It partners with over 75 lenders — including BlueVine — with options for startups and poor credit.
Since business loan providers rarely disclose the maximum rates and fees they charge, it can be a helpful way to find a lender that best fits your business's needs. But you may receive marketing calls from its partners after you receive your funds, and loan amounts and rates vary by lender.
Pros
Free comparison service
Compare lenders in minutes
Over 75 lending partners
Wide variety of loans to search for
Cons
Loan details vary by lender
Plan on marketing calls
Loan amount
$1,000 – $10,000,000
APR
Varies by lender
Min. Credit Score
500
Loan term
3 months to 25 years
Requirements
Operate business in US or Canada for 6 months or more, have a business bank account, minimum 520 personal credit score, at least $8,000 in monthly revenue.
BlueVine is also on its way to becoming a full-fledged fintech, offering new financial services like business checking accounts and insurance products. And like many other fintechs out there, BlueVine is a low-doc lender with an online application.
For business financing, it used to be a little more accessible to newer businesses — it originally accepted as little as six months in business but now requires two years. BlueVine states that its starting rate is 6.2% over a 26-week term, and there’s not much more information on pricing. And in terms of BlueVine’s invoice factoring, those are now through the provider FundThrough. Visit our guide to factoring companies to learn about more options.
On the plus side, its credit score requirement is low at 625, and it has a high maximum credit limit at $250,000 compared to competitors.
Pros
Same-day funding available
No origination, draw or maintenance fees
Accepts fair credit
Cons
$5,000 minimum first-time draw for credit line
Limited options for sole proprietors and partnerships
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
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