Fundbox and BlueVine are both financial technology companies that offer financial solutions for small businesses, including lines of credit and invoice financing. However, there are differences in terms, eligibility requirements, and services offered by each platform. Below are some general comparisons based on information available up to September 2021:
Fundbox:
- Eligibility: Fundbox generally has easier qualification requirements. Businesses may qualify even with a relatively low credit score.
- Services Offered: Primarily offers revolving lines of credit and invoice financing.
- Speed: Fundbox often provides fast approval, sometimes within minutes after the application. Funds may be available as quickly as the next business day.
- Line of Credit Limits: As of my last update, Fundbox offered credit lines up to $150,000.
- Terms: Short repayment terms, often 12 to 24 weeks.
- Cost: Fees are based on the amount drawn from the credit line, and you can often save on fees if you repay early.
- Application Process: Online-based, with minimal paperwork required.
- User Experience: Known for its easy-to-use online interface.
BlueVine:
- Eligibility: Typically requires a higher credit score and a longer business history compared to Fundbox.
- Services Offered: Offers revolving lines of credit, invoice factoring, and business checking accounts.
- Speed: Also offers fast approval and fund disbursement, though the timeline may vary.
- Line of Credit Limits: Generally offers higher credit limits compared to Fundbox, sometimes up to $250,000 or more depending on the financials of the business.
- Terms: Offers 6-month and 12-month repayment terms for lines of credit.
- Cost: Interest rates can vary and may be lower for businesses with strong financials.
- Application Process: Also primarily online-based but may require more documentation compared to Fundbox.
- User Experience: Known for strong customer service and a user-friendly platform.
Both platforms have their pros and cons, so the best choice will depend on your business’s specific needs, your creditworthiness, and the financial terms you are looking for. Always read the terms carefully and consider seeking advice from a financial advisor before making a decision.
Head head to matchup of Fundbox and Bluevine Loans in 2023:
- Loan amounts: Fundbox offers credit lines up to $150,000 whereas BlueVine offers term loans up to $250,000.
- Eligibility: Both require minimum 6 months time in business and $50,000 in annual revenue. Fundbox focuses on invoice financing while BlueVine has broader eligibility.
- Rates and fees: Fundbox charges rates from 1.2% – 1.4% per week. BlueVine’s rates range from 4.8% – 30% APR for term loans. BlueVine has lower rates overall.
- Term length: Fundbox credit line is 12 weeks max. BlueVine offers 3, 6, and 12 month term loans.
- Time to funding: Fundbox delivers funding same-day or next day. BlueVine promises next business day funding.
- Repayment: Fundbox repaid as you collect invoices. BlueVine repaid in fixed monthly payments.
- Credit check required: Yes for both lenders, but Fundbox claims to do a “soft credit pull” that doesn’t affect score.
- Collateral required: Neither requires collateral.
- Usage of funds: Fundbox for short-term working capital needs. BlueVine for broader expenses.
In summary, Fundbox specializes in very short-term financing while BlueVine offers more affordable longer-term loan options up to $250k for small business needs. BlueVine may be preferable for larger and longer duration loans.
4 Notable statistics comparing startup loans from Fundbox and Bluevine:
- Fundbox offers a business line of credit that ranges from $1,000 to $150,000, depending on creditworthiness and business finances
- The interest rates start at 4.66% for 12-week terms and 8.99% for 24-week terms
- To be eligible for a Fundbox line of credit, the business must be based in the US, have $100,000+ in annual revenue, be in business for 6+ months, have a 600+ personal FICO score, and have a business bank account
- Bluevine offers short-term business lines of credit between $6,000 and $250,000. The repayment periods for these lines of credit are six or twelve months.
- The minimum credit score required to qualify for a Bluevine line of credit is 625. The starting interest rate for a Bluevine business line of credit is 6.20%
Does Fundbox or Bluevine offer unsecured loans?
Both Fundbox and Bluevine offer unsecured startup loans in the form of business lines of credit. These lines of credit do not require collateral and are based on the creditworthiness of the business. Fundbox offers a business line of credit up to $150,000, while Bluevine offers a line of credit up to $250,000. Both lenders have flexible repayment terms, with Fundbox offering 12 or 24-week terms and Bluevine offering 6 or 12-month terms.
Features of Fundbox and Bluevine Loans
| Features | Fundbox | BlueVine |
|---|---|---|
| Eligibility | Easier qualification, may accept lower credit scores | Higher credit score and longer business history usually required |
| Services Offered | Revolving lines of credit, invoice financing | Revolving lines of credit, invoice factoring, business checking accounts |
| Speed | Fast approval, funds as quick as next business day | Fast approval, timeline may vary for fund disbursement |
| Line of Credit Limits | Up to $150,000 | Up to $250,000 or more |
| Terms | 12 to 24 weeks | 6-month and 12-month terms |
| Cost | Fees based on amount drawn, possible early repayment discounts | Interest rates vary, may be lower for strong financials |
| Application Process | Online-based, minimal paperwork | Online-based, may require more documentation |
| User Experience | Easy-to-use interface | Strong customer service, user-friendly platform |