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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Bluevine

Finanso.Multilogin™

About lender

Bluevine Business Banking offers banking services to small businesses. The company focuses on providing businesses with simple and accessible banking solutions. The company's primary goal is to support small businesses and promote their growth. Bluevine Business Banking offers business loans, business checking accounts, and bill payment services.

Bluevine Inc. was founded by Eyal Lifshitz, Nir Klar, and Moti Shatner in 2013. The idea of creating the company came to Eyal after he saw how difficult it was for his father to increase and support the cash flow of his business. Then he decided to make the process of obtaining banking services for small businesses easier.

The main headquarters of the company is in Redwood City, California. The company also has an operations center in Utah and a development office in Tel Aviv, Israel. Bluevine's services can be used online. Also, banking operations can be carried out without commission at 37,000 ATMs using the MoneyPass partner system.

Pros and cons

Pros

  • There are almost no additional fees

  • There is no minimum deposit for a business checking account

  • Quick application submission

  • Responsive technical support

  • The company is Member FDIC

  • Relatively low requirements for a line of credit loan

  • Submitting an application does not affect the FICO score.

Cons

  • There are many limits and conditions for earning interest

  • Small maximum loan amount

  • Few loan options

  • The company no longer issues PPP loans

  • No loans from U.S. Small Business Administration lenders.

Conclusion

The company's services will suit you if your credit history is not perfect and you have only recently opened your own business. Other companies that issue loans may have higher requirements. It will also be a great advantage for you that you will have almost no additional fees. Other companies usually charge maintenance, origination, opening, and closing fees from customers. Moreover, you do not need a minimum deposit to open an account with the company, and you don't need to contribute any minimum balance. It is important to remember that your deposits are insured, as Coastal Community Bank provides FDIC insurance. However, if your business is already quite developed and has a large annual turnover, then the company's loans will not suit you since you will not be able to take a large amount. Also, you can no longer take out PPP loans from the company.

Terms and conditions

The choice of loans has become less recently. At the moment, the company does not offer PPP loans and loans from the US Small Business Administration lenders.

Business checking

Bluevine Inc. offers a checking account for small businesses. This account allows you to conveniently manage your finances and earn interest. If you open this account, you will not need to pay any monthly ACH, overdraft, incoming wire, ATM, and other fees. Due to the MoneyPass system, you can make payments and withdraw cash from your account using an ATM without commission. Also, you will not need to make a minimum deposit and keep a minimum balance. There is no limit on the number of transactions for the account. If you have less than $100,000 in your account and you spend at least $500 with your company Mastercard debit card or receive at least $2,500 per month of customer payments, then you will earn 1.5% interest. However, you will not receive interest if you have more than this amount in your account or if one of the conditions is not met. FDIC insurance is valid for funds deposited on this account since Bluevine Inc. is a Member of FDIC through Coastal Community Bank. You can link up to 5 sub-accounts to your account or simply give access to the account to your employees.

Business lines of credit

A business line of credit allows you to attract customers, increase profits, and improve brand loyalty. You can take the amount up to 250,000 dollars. The minimum rate is 4.8%. The decision is made by the company in 5 minutes. You will not have an opening, maintenance, and prepayment fees. You can withdraw cash online by pressing one button.

Bill pay

The bill pay service allows you to simplify your loan payments. You can set up one-time or recurring payments yourself in the mobile app. You have the option to send invoices to your dedicated inbox or synchronize your payouts with QuickBooks Online. Choose payees from 40,000 registered in the company or add your own. You can pay vendors from your company account or an external bank account. There is an option to pay with a credit card. Send check, ACH, or wire transfer. Each bill pay transaction with a credit card has a 2.9% fee. Outgoing wires have a fee of $15. Get qualified 24/7 help from the Help Center.

Funding a loan

You have two ways to get your money borrowed by the company. ACH transfers are free, and funds are credited to your account on the next business day. However, the maximum time for funds to appear is three business days. Bank wire transfers cost $15 each, but the money arrives on the same day. You will get money within 24 hours of the approval of the application. Usually, the money comes to customers within a few hours.

FAQ

Is Bluevine banking legit?

Yes, the company's financial transactions take place in accordance with California Financing Law-License No. 6054789.

What bank owns Bluevine?

Bank services are provided by Coastal Community Bank, a member of FDIC.

How long does Bluevine PPP take?

You can submit an application in 5 minutes and receive money in 24 hours.

Is Bluevine an SBA lender?

Bluevine does not offer SBA loans.

Is Bluevine FDIC insured?

Yes, Bluevine is FDIC insured through Coastal Community Bank.

Company documents

Terms of use
Privacy Policy

Our simple, accessible end-to-end banking solutions are tailor-made to help small businesses thrive. Welcome to business banking done right.

© Bluevine Inc

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What to focus on before applying for a loan with Bluevine

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Bluevine and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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