Fundbox and BlueVine have pretty similar application and approval processes. They both use fancy algorithmic technology for their approval process. Sounds boring, but it means you can get approved much more quickly than you would through a traditional lender.
To apply to either lender, you’ll need to answer a few basic questions about yourself and your business (think name, location, etc.). Then the lender will need to connect to your business bank account. Its technology looks at your bank account history and decides whether or not to approve you.
(Don’t worry―Fundbox and BlueVine both have a history of keeping their customers’ data safe. You should be fine connecting your bank account.)
With Fundbox, you should get an answer in just a few minutes. BlueVine also offers near-instant approval on its invoice financing, but for its business loans and lines of credit, you should expect to wait at least a few hours to get approved (usually it takes less than 24 hours).
Once you’ve been approved, you can get your funding. In many cases, Fundbox can get you your money within one business day. BlueVine offers same-day funding if you pay a $15 wire transfer fee, or you can wait one to three days for free funding through an ACH transfer.
But assuming you get your financing, will you be happy with it? Well, according to customers of both lenders, probably.
BlueVine has a 4.5 out of 5 on Trustpilot, while Fundbox has a slightly higher 4.7 out of 5.1,2 Those are both excellent scores that indicate tons of positive reviews.
Positive reviews for BlueVine rave about good customer service interactions, helpful account managers, and the fast funding process. We also saw praise for BlueVine’s low interest rates. The negative BlueVine reviews, on the other hand, complain that the automated application didn’t work properly or that BlueVine placed surprise freezes on lines of credit.
Fundbox reviews largely praise its fast and simple application process, along with the quick funding process. Some reviewers even say that Fundbox offers fair pricing for its funding. Negative reviews, though, sometimes complain about Fundbox’s fees. They also complain about low credit limits and the weekly repayment schedule.
But again, as you can see, most customers have really good things to say about BlueVine and Fundbox. Based on their experiences, you’ll probably have a good borrowing experience with either lender.
Even so, we want you to have the best possible experience. So let’s talk about which lender you should choose.