If you’re looking for short-term financing for your business, BlueVine Business Loans is a reasonably good option. Read on to know more about the BlueVine business line of credit.
What is BlueVine?
BlueVine is an online lender that offers business lines of credit to small business owners looking for short-term working capital. Prospective borrowers can borrow from $5,000 to $250,000 by choosing between 6 months and 12 months lending period. While BlueVine’s lending products are limited only to lines of credit, these are a good fit for business owners looking for some quick working capital.
What services do they offer?
BlueVine currently offers lines of credits with a 6-month and 12-month lending period only. Lines of credit offer services similar to those of credit cards in that they have a set amount of credit that you can use to draw funds. They offer a revolving line of credit which means that the credit replenishes once payment has been made.
The two lines of credit offered by BlueVine are:
How does BlueVine work?
The approval or rejection of a business loan at BlueVine depends on several factors such as the credit profile of the applicant, business revenue, and so on. Fulfilling the requirements listed below can help you to decide if a BlueVine business loan is best suited for your needs.
Personal credit score
You need to have a minimum FICO Score of 600 for Flex 6 and at least 650 for Flex 12.
If your business has been in operation for at least 6 months, you are eligible for Flex 6 financing. At least two years of business operations are required to be eligible for the Flex 12 line of credit.
A business must generate at least $10,000 monthly revenue or $120,000 annually to qualify for BlueVine’s business line of credit. Prospective borrowers should not have records of any bankruptcies within one year before the date of application.
As a financial tech company, BlueVine follows a streamlined business loan application process that can be completed within a few minutes. Follow these simple steps to apply for a business line of credit at the BlueVine platform:
Once you have drawn on the line of credit, payments will be made weekly via automatic debit from your business bank account.
Rates and fees
For a 6-month draw term, the interest rate varies from 0.3% to 1.5% per week; for a 12-month draw term, it ranges between 1.5% to 6.5% per week. There is also a draw fee of 1.6% whenever a request for funds from the credit line is made.
The Annual Percentage Rate (APR) also varies from 15% to 78%. All these depend on several factors such as the credit history of the borrower, the business standing, and so forth. Other than that, BlueVine does not impose any additional charges on its borrowers.
BlueVine features two repayment plans depending on the type of business loan taken. Borrowers under the Flex 6 financing plan will have a 6-month repayment period payable in 26 weekly installments.
Whereas, borrowers under the Flex 12 line of credit plan will have a repayment period of 12 months payable in 12 monthly installments. BlueVine does not impose any prepayment penalty. So, you may repay earlier by paying the interest that has accrued up to the date of payment.
Pros & Cons
BlueVine is a reputable platform providing short-term financing to prospective borrowers looking for quick working capital. It has been in business for almost a decade and has financed more than 200,000 customers. The lender provides its service throughout the country with three physical outlets in New Jersey, Louisiana, and California. They have been given an A+ rating by the Better Business Bureau (BBB) and an “excellent” rating by TrustPilot.
Borrowers applying for the Flex 6 line of credit need a minimum credit score of 600 while those looking to apply for the Flex 12 financing should have a credit score of at least 650. These are just qualifying limits and do not guarantee loan application approval.
While the loan application may be approved in as early as five minutes, the time taken for depositing the funds will vary depending on the payment method opted for. In case of a paycheck, the funds will be available within a few hours from approval. For free ACH transfer, the funds will usually be deposited the next business day but can take up to 3 business days. For bank wire option, the funds will be deposited the same day with a $15 fee.
BlueVine business loans are best suited for:
The customer support service is available from 8 am to 8 pm EST from Monday to Friday. There is also an option to send an email via the contact page. For less formal contact options, there are BlueVine accounts on Facebook, LinkedIn, Instagram, and Twitter. The service provider also features an extensive FAQ section to help resolve any general queries from users.