Bluevine Review 2022: Pros, Cons, and Alternatives

BlueVine is a fintech company, not a bank, that offers lines of credit of up to $250,000. This is an option for small business owners who need short-term working capital, which is issued by Celtic Bank, a Utah-chartered industrial bank and member of the FDIC.

Bluevine’s application process is simple and allows business owners to log into their business checking accounts and get decisions in minutes. BlueVine also offers business checking accounts, although this is not a requirement when applying for funding through them.

BlueVine Benefits

Let’s take a look at some of the key benefits BlueVine offers a small business owner looking for funding.

Quick funding

One of the main benefits of working with BlueVine is that they make funding decisions very quickly, usually within hours. The application process is also brief and should only take a few minutes.

Earn 1.5% interest with BlueVine Business Checking

One of the benefits of BlueVine business checking accounts is that account holders can earn a high level of interest on their balance. 1.5% interest is a substantial amount for a bank account, which is one of the reasons owners can open a business account with BlueVine.

Live Support

BlueVine Customer Service has live chat to help customers when they need help with anything related to their accounts. This is a great advantage for BlueVine customers and is not always a feature available from competitors.

BlueVine Review: Features and Price

With a better idea of ​​the benefits of working with BlueVine, let’s take a look at some of the key features of their main products, including a business checking account and small business financing.

BlueVine Business Verification

  • No monthly fees
  • No minimum balance requirement
  • No account closing fees
  • Unlimited trades
  • High Yield Interest
  • Add sub-accounts

Customers who have a BlueVine Business Current Account can enjoy no overdraft fees, and unlimited transactions and eligible customers can earn 1.5% on the balance. It’s a free checking account with no monthly fees or minimum balance. Many business checking accounts have at least a monthly maintenance fee, which the BlueVine business checking account does not. Customers can deposit cash or mobile check deposit into their account and view account balances from anywhere through the online platform.

BlueVine Business Loans

  • Lines of credit up to $250,000
  • Rates as low as 4.8%
  • Decisions as fast as 5 minutes

In addition to online banking, BlueVine offers financing for businesses in the form of lines of credit. They offer this service to businesses at any stage, including those with a business history of only 6 months. Their flexible requirements and simple application set them apart, although their interest rates tend to be higher than other small business loan products.

BlueVine Bill Payment

Another excellent service offered by BlueVine is its bill payment feature. Customers can schedule payments so they never miss a bill and can pay vendors with a credit card even when it’s not an accepted payment method.

Quick overview of BlueVine

With all of these benefits in mind, let’s take a look at the top benefits of working with BlueVine.

BlueVine

Best Overall Value

Open account

Bluehost Customer Reviews

Really happy to do business with Bluevine. The line of credit they gave me really helped my business a lot. I would recommend Bluevine to all of my associates and clients.

grinding wheel

Incredible experience. This company is 5 star and got me approved a substantial number within 24 hours

Harvey

The full experience with Bluevine was fulfilled with ease. From the initial application process to the withdrawal of funds, everything was smooth.

Reginald

This was my first time applying for a business line of credit and I have to say that my experience was more than pleasant and exceeded my expectations…I highly recommend Bluevine to any conventional bank!

Caesar

BlueVine Service Review

BlueVine reviews (1)

BlueVine Reviews

Price and overall value 80%
cost value 80%
Customer service 70%
Ease of use 90%
Features Included 80%

Let’s take a final look at BlueVine and how it can meet your business needs.

Is Bluevine right for you?

BlueVine is primarily known for its line of credit, although it also offers a BlueVine business checking account which has no fees or balance requirements, and is a high-yield account. The BlueVine checking account and line of credit are great options for start-up businesses and are very affordable.

cost value

Since BlueVine has fee-free bank accounts and does not charge a number of additional common fees, they offer great value for consumers. The BlueVine Business Line of Credit charges interest that can be higher than other loan products, so this is something to keep in mind.

Customer service

The customer service offered by Bluevine through their live chat is a great feature for account holders, which may not be available through other comparable service providers.

Ease of use

They have a very simple application process that can be completed in minutes, and their online platform is easy to use and navigate. It’s also easy to deposit cash and checks into the account, which is a great and convenient feature for many.

Features Included

BlueVine doesn’t just offer the line of credit, they also offer a number of other services like their banking services and bill payment. To deposit money, customers can make mobile check deposits, cash deposits and view their bank statements anytime online to monitor their cash flow.

Globally

Above all, BlueVine is a great choice for many small businesses due to their low fees and flexible financing needs.

2 Best Bluevine Alternatives

Novo Bank Hunt BlueVine
Costs No monthly or ATM fees, no balance requirements, $27 for NSF or returned items $15-95 monthly service fee, $34 NSF fee, $15 wire-in fee; no outgoing transfer fees No monthly fees, insufficient funds or incoming transfer fees; $15 outgoing transfer fee, $4.95 to access money through GreenDot
ticket vending machines Unlimited reimbursement of all ATM fees worldwide 16,000 More than 37,000 MoneyPass ATMs
Customer service Phone, email, or in-app messaging: Monday through Friday, 9:00 a.m. to 6:00 p.m. EST Phone, Twitter, and Message Center: Available Monday-Friday: 7 a.m.-11 p.m. ET and Saturday-Sunday: 10 a.m.-7 p.m. ET Telephone and e-mail: Monday to Friday. 8 a.m. to 8 p.m. EST
Minimum initial deposit $50 $0 $0
Link

Open account

Open account

Open account

Novo Bank

Novo Bank presents itself as the banking solution for modern entrepreneurs. They offer bank accounts for small business owners, entrepreneurs, and freelancers with no hidden fees. Candidates can open an account in minutes and face no deposit or balance minimums.

Hunt

Chase is an American national bank, a subsidiary of the multinational banking holding company JPMorgan Chase. They offer many perks for their business customers and a variety of checking and savings accounts for them to take advantage of.

Conclusion

BlueVine is a great choice for any small business to consider when looking for online banking services and ways to obtain external financing. Their business loan products, checking accounts, and bill payment features are all great aspects of their business banking offerings. With flexible funding requirements, no fees, and other benefits as a merchant payment processing provider, BlueVine will continue to be a good option for start-ups.

Frequently Asked Questions (FAQs)

Does Bluevine still offer invoice factoring?

No, as of December 2021 they no longer offer this service.

What is Bluevine’s rating with the Better Business Bureau?

They have an A+ accreditation with the Better Business Bureau.

What type of banking services does BlueVine offer? Does this include a savings account or a personal account?

They have business checking accounts, although they don’t offer savings accounts or personal accounts.

Is there a business relationship between Coastal Community Bank and BlueVine?

Coastal Community Bank, Member FDIC is the partner bank for Bluevine’s checking account product. This way, customers can notice the name of the bank appearing on direct deposit payments.

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