BlueVine vs Fundbox: Compare Commercial Lines of Credit

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If your small business needs flexible access to cash to buy inventory, close a seasonal cash gap, or fund daily expenses, consider a business line of credit from BlueVine or Fundbox.

Here’s a side-by-side comparison of the two small business lenders, with details to help you choose.

BlueVine Line of Credit

  • You have to borrow a large amount of money.

  • You need more time to pay off.

BlueVine offers a business line of credit between $ 5,000 and $ 250,000 for short-term financing needs. The company also offers a invoice factoring product for businesses looking to finance unpaid customer invoices.

Minimum diploma: You must have a minimum personal credit score of 600, an annual income of at least $ 100,000 and six months of business history to be eligible for a six-month line of credit. Eligibility for a 12-month line of credit requires a minimum credit score of 620, annual sales of at least $ 450,000 and two years of business history. It is not available to borrowers in North Dakota, South Dakota, or Vermont.

Fresh: The annual percentage rate, which includes all fees and interest, on BlueVine’s line of credit ranges from 15% to 78%.

Refund: Line of credit withdrawals are repaid weekly or monthly over 6 or 12 months.

Speed: Borrowers have same-day access to funds, making it an option for financing immediate short-term business needs.

Best Uses: BlueVine’s line of credit works best for businesses that need quick access to cash.

If BlueVine seems like the right solution:

Fundbox Line of Credit

  • You have a low credit score.

  • You have to borrow small amounts of money.

  • You can refund the prints quickly.

Fund of funds offers a business line of credit of up to $ 150,000 for businesses requiring working capital financing.

Minimum diploma: Fundbox requires a minimum credit score of 600 to qualify. It also requires an annual income of at least $ 100,000 and you need to connect your accounting software or bank account.

Fresh: The APR on Fundbox’s line of credit ranges from around 10% to 80%, similar to BlueVine rates.

Refund: Line of credit withdrawals are repaid in 12 or 24 equal weekly installments, although you can repay it earlier to save on interest.

Speed: You can request funds immediately upon approval, with funding as fast as a business day.

Best Uses: Like BlueVine’s line of credit, Fundbox is an option for businesses that need cash quickly. However, it has more flexible requirements and works best for businesses that can pay off what they borrow within 12 or 24 weeks.

If Fundbox is right for you:

Carefully assess small business loans

If a business line of credit isn’t right for you, there are other options, depending on your financial situation and your needs. When shopping for loans, be sure to compare APR, the true cost of borrowing which includes all fees. NerdWallet’s Small Business Loan Comparison Tool can help you find, compare, and apply for different types of financing.

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