Have you ever wondered about the best BlueVine alternatives out there that you could try?
Understanding the key features of BlueVine that make it a popular online business banking and financing team is vital in this regard.
Fortunately, today, we have outlined some of the top BlueVine alternatives to help you find the most valuable solution for your own requirements. We also explain why we think they are just as good if not better than BlueVine.
What is BlueVine?
Before we go any further, it’s vital that we first consider what BlueVine is.
BlueVine is a specialist online business banking and financing provider based in California and founded in 2013 (although its development office is located in Tel Aviv). The brand mainly provides financial support for small and medium-sized businesses. The firm delivers its customers a choice of three main types of services:
- Lines of credit
- Business checking accounts
- Term loans
It is important to consider that BlueVine is not a banking provider, despite offering banking services; instead, it is a FinTech company that was launched with the goal of making business financing more accessible overall.
Pros and cons of BlueVine
In order to determine the most effective solutions for your business banking requirements, it’s important to consider the main strengths and weaknesses of BlueVine. We’ve outlined several of these as follows to help you find the ideal banking services provider for your needs.
- With almost a decade in business since its founding in 2013, BlueVine is a highly trusted FinTech company for business lending. It has supported over 25,000 small business owners with over $3 billion in funding.
- Funding is provided rapidly for business customers with a good credit score.
- Only requires businesses to have been in operation for six months; this low minimum time in business requirement means that most businesses can claim through BlueVine.
- BlueVine offers a generous borrowing range for small and mid-size businesses between $5,000 and $5 million.
- No borrowing fees or monthly fees, with origination fees of just 1.5%.
- Doesn’t have an opening deposit fee for commercial customers.
- BlueVine is not available for companies outside of the United States; as such, European nations may need to consider a BlueVine alternative.
- B2C companies may not be able to access BlueVine’s services, which are mainly focused on B2B business models instead.
- Relatively high APR is between 17% and 60%, making it much higher than some other small business lending services providers.
- BlueVine does not support brand new businesses or businesses with lower incomes or credit scores, which may require these firms to look elsewhere for funding.
BlueVine alternatives and why they’re great
At this point, we’ve outlined some of the key features of BlueVine that you should know. But what BlueVine alternatives are available, and can they provide better services than BlueVine?
Here we cover the top BlueVine alternatives and why; hopefully, this will help you find a suitable lending team to help with your overall specific business needs.
BlueVine Alternative #1. Accion
As a nonprofit community organization, it’s safe to say that Accion is an excellent BlueVine alternative brand for those looking for great value-for-money support.
Indeed, regardless of your credit score, Accion may be able to provide affordable lending solutions – which makes it highly appealing for many different brands. In addition, it’s worth considering that Accion is highly praised for its support of new businesses – although it may be less helpful for firms that are well-established or need more than $250,000 in funding.
The application process is slightly more involved than some others.
BlueVine Alternative #2. Lendio
Similarly to BlueVine, Lendio requires a minimum of six months in business from its applicants, although it offers a beneficially lower annual revenue requirement. Comparatively, while BlueVine requires a revenue of $60,000 per year, Lendio only demands $50,000 or more, offering greater flexibility overall.
It also supports applicants with substantially lower credit scores and provides numerous loan opportunities, which may explain why it’s a popular option for small business banking and lending. However, it is important to read all of the paperwork carefully, as Lendio’s terms can be somewhat complex.
BlueVine Alternative #3. FundBox
Before we go further, it’s worth considering that FundBox does come with the drawback of applying additional fees on a weekly basis; as such, if you have been looking for a long-term lending solution, it may not be the right option for your needs. However, if you’re looking for a quick lending solution until your next payments come in, it might be an excellent option to consider!
There are also no early repayment fees, and funding is incredibly quick, often arriving within just one working day or so – making it great for short-term financing requirements. You can borrow for up to 24 weeks at a time, with starting interest rates depending on the duration of the loan.
It’s also worth noting that FundBox has the lowest minimum lending amount of any of the brands on this list at just $1,000. Of course, this does mean that the maximum lending amount is also lower, capped at just $150,000.
In short: if you’re looking for a short-term loan, FundBox is likely the ideal solution for you! This brand specializes in providing short-term business loans and encourages early repayments by removing early repayment fees. As such, it might be ideal if you are confident that you can repay your loan quickly. However, it does charge late fees, so be sure to make repayments on time.
Similarly to BlueVine, FundBox also only supports brands with a mid-high credit score of over 600 on the FICO measure.
BlueVine Alternative #4. Kabbage
Kabbage is one of the fastest-growing online lending platforms for small businesses, and since its founding in 2011, it’s supported almost 150,000 firms.
One of the most notable advantages of Kabbage over BlueVine has to be its smaller minimum borrowing amount of $2,000, which enables small businesses to take out just what they need.
In addition, loan terms run over just six or twelve months, making them much more practical for small businesses that would prefer not to remain indebted. They will also lend to businesses with poor or no credit, which offers a further benefit.
BlueVine Alternative #5. Novo
Overall, if you’ve been looking for an awesome BlueVine alternative, Novo may be a popular option to consider. It’s particularly valuable thanks to its wide support of ATM use; unlike many other providers, Novo refunds all ATM fees and has zero maintenance fees. This makes it a highly popular choice for businesses that don’t require any lending solutions. However, since Novo does not offer credit options, it’s worth considering that other options may still be somewhat more valuable overall.
Of course, it is worth considering here that Novo is an exclusively online business. As such, if you’re looking for a business that can provide banking services and in-person branch support, teams such as NorthOne may be more appropriate.
BlueVine Alternative #6. OnDeck
Another option you could consider as a great alternative to BlueVine is OnDeck.
While its loans are more limited in value than BlueVine’s (with a maximum loan of $250,000), OnDeck nevertheless offers a wide variety of solutions, including 18-month term loans and 12-month credit lines.
It is also generally a little more affordable than BlueVine; while APRs of over 24% are still common, this often beats BlueVine’s expensive 60% APR charges. It’s also a much more well-known firm than BlueVine, providing over $8 billion in funding since it was launched in 2007.
BlueVine Alternative #7. NorthOne
NorthOne is a highly praised business banking provider, focusing particularly on micro businesses and freelancers. It’s a relatively new FinTech company, only launched in 2019, but it has gone on to achieve support from almost 200,000 firms since then.
One of NorthOne’s most notable features is its wide range of services, allowing businesses greater flexibility overall. In addition, the bank strives to deliver clear, transparent banking support without hidden fees, which certainly makes it appealing compared to many other providers.
BlueVine Alternative #8. Rapid Finance
A further option you may want to consider when considering BlueVine alternatives is Rapid Finance. Launched in 2005, it’s one of the oldest online FinTech companies on this list and specializes in supporting small and medium-sized businesses, comparably to BlueVine.
With a generous limit of up to $500,000 for its merchant cash advance plan, it’s easy to see the appeal for many firms. However, some loans can even go as high as $10 million for larger firms.
As such, it’s a great BlueVine alternative for businesses that need a larger loan. Moreover, with funding provided within a matter of hours and flexible payment structures, it’s easy to see why they come highly recommended. It is no mystery that Rapid Finance achieves average ratings of 5.0 stars out of 5.
If you have been looking for an excellent BlueVine alternative, we hope today’s guide will have helped. Indeed, while BlueVine is an excellent business banking provider, it may not always be an ideal solution for your particular business needs.
As such, considering some of the above BlueVine alternatives can be an excellent way to ensure you’re getting the most from your choice of banking providers.
Have you had any experience with any of the providers above? Did you like working with them? Let us know!