BlueVine Business Loans Review
BlueVine capital is designed to provide your business with just that — capital. The company offers small business loans, including lines of credit and invoice factoring. BlueVine secured $40 million in venture capital in early 2016 and has been growing since then to offer more than $2 billion in financing to date.
The idea behind BlueVine’s business model is to help you get cash quickly if you find yourself faced with cash flow issues when operating your business. If you’re looking for BlueVine reviews to help you make a decision, here’s what you need to know.
In this review:
What Products Does BlueVine Offer?
BlueVine focuses mainly on business financing, offering different products to help you get the cash you need to cover cash flow gaps or expand your business. One of the advantages of BlueVine is that you can access business financing, including invoice financing, even without perfect credit.
The company prides itself on offering approvals in as little as 10 minutes — assuming you have the information you need to apply. Once you’ve been approved, you can receive your money in as little as one business day. This is a huge advantage if you’re down to the wire and need money to meet payroll or cover other expenses.
Here are the main BlueVine products you can access.
BlueVine Business Lines of Credit
A BlueVine line of credit offers you access to a flexible business line of credit designed to meet your needs. You can draw on the credit as you need it, and you only pay for what you use.
- Credit line: $5,000 – $250,000
- Fixed rates start at 4.8%
- FICO: 600+
- Minimum time in business: 6+ months
- Minimum annual revenue: $100,000
- Fees: No application, maintenance, or prepayment fees
You’ll need to answer basic questions about your business when you apply, including sharing your Employee Identification Number (EIN). You’ll also need to provide personal information about your own financial situation. If you can connect to your bank online, that will help BlueVine get the necessary information. Alternatively, you can provide three months’ worth of bank statements.
A business line of credit can be a great option for a business owner who occasionally needs access to cash quickly to cover funding gaps, such as for payroll, or who needs to order additional inventory.
>> Read More: Best Business Lines of Credit
BlueVine Business Term Loans
If you’re looking for a fixed-rate term loan with set payments, BlueVine capital also offers this option. You don’t even have to worry about origination fees.
- Credit line: $5,000 – $250,000
- Rate starts at: 4.8%
- FICO: 600+
- Minimum time in business: 6+ months
- Minimum annual revenue: $100,000
- Fees: No origination fee
As with the BlueVine line of credit, you’ll need to provide business and personal information to verify your identity and to provide the lender with information necessary to determine what terms to offer you.
This can be a great option for a business owner hoping to expand. You can get access to a large chunk of capital to buy equipment or take other steps designed to help you take your business to the next level.
>> Read More: Best Business Term Loans
BlueVine Invoice Factoring
One way to get access to the funding you need when your credit isn’t the best is to use invoice factoring. This is an especially good option if you’re a B2B operation that relies on clients to pay you and those clients sometimes pay late.
Invoice factoring allows you to borrow based on the amount of money you should get from accounts receivable. With BlueVine, you get between 85% and 90% of the face value of the invoice up front.
- Credit line: Up to $5 million
- Fixed rates start at: 0.25% per week
- FICO: 530+
- Minimum time in business: 3+ months
- Minimum annual revenue: $10,000
- Fees: Not provided
The approval for invoice factoring from BlueVine takes a little longer than approval for other credit products because you must provide information and documentation related to your invoices in addition to basic business and personal information. Rather than taking 10 minutes to be approved, this process can take up to 24 hours.
BlueVine can connect to your invoicing software to obtain the necessary information or you can upload details about your outstanding invoices manually through the dashboard. In general, BlueVine requires that your invoices be directed to other business, not to consumers.
Invoice factoring can be a solid choice for business owners who need to fill funding gaps created by late-paying customers and clients. It can also be a way to get a small business loan with bad credit.
>> Read More: Best Invoice Factoring Companies
Benefits of BlueVine
The biggest benefit to BlueVine capital is the fact you can get fast cash to help with your business. Some of the advantages to consider in BlueVine reviews include:
- Bad-credit options: You can get a loan or line of credit with a FICO as low as 600 and participate in invoice factoring with a credit score of 530. If you can’t get funding other places, this can be a solution.
- Manage cash flow: BlueVine includes a helpful dashboard where you can see the details of your financing, make payments, and submit invoices for factoring. It’s fairly easy to manage cash flow.
- Get money as quickly as one business day: You can get money in a few hours in some cases. This is much faster than with than with many other online lenders.
Downsides of BlueVine
No BlueVine reviews are complete without acknowledging some of the downsides. Here’s what you need to take into consideration before you commit to a BlueVine line of credit, term loan, or invoice factoring.
- Expensive financing: In some cases, the annual percentage rate can be rather high when you borrow with BlueVine. With weekly interest, stretching out payments can get expensive. If you have good credit, you might be able to get a better deal elsewhere.
- Penalties for late-paying customers: While you can use unpaid invoices to smooth your cash flow, if your customers don’t pay you’re still on the hook — and might even be charged an extra fee.
- A BlueVine line of credit isn’t available everywhere: Depending on where you live, you might not be able to access the BlueVineline of credit. Residents of North Dakota, South Dakota, and Vermont have to use other options as BlueVine isn’t available in these states.
Bottom Line
BlueVine is a solid choice if you want access to fast small business funding and you don’t have good credit. Depending on the situation, BlueVine can be a little less expensive than Fundbox, which also offers invoice factoring.
>> Read More: BlueVine vs. Fundbox Invoice Financing
In the end, it’s important to carefully consider your situation and your business needs. BlueVine can be a great choice if you’ve been turned down for financing elsewhere and you need fast cash to provide working capital or help smooth some of your cash flow hiccups.
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