Finance

BlueVine Loans For Small Businesses | Pros, Cons, and Key Features

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BlueVine loans support the startups and businesses that somehow have a lower credit score. Read through the guide to know what features and services it offers you. 

What Will We Talk About Here?
  • At BlueVine, you can get a loan from $20,000 to up to the amount of $5 million.  
  • You must have a credit score of at least 530 to be eligible for the loans. 
  • BlueVine offers several services such as  BlueVine Invoice Factoring, Paycheck Protection Program, BlueVine Line of Credit, and Term loans. 

…and Much More!

BlueVine Loans – In a Nutshell 

BlueVine provides better banking for your business and has easy checking, bill pay, and lending solutions for you to support your businesses in the long run. Please note that it is not any traditional bank but an officially registered financial technology company. 

BlueVine also has business checking accounts and payment management services, which means it can practically cater to more than one problem. To know how the company works in-depth, let’s get into its key features. 

BlueVine Reviews Key Features 

To help you build and empower your small business, here is a glance at what BlueVine has to offer you by assuring industry-leading technology:

Loan Amounts$5000 to $5 million
Fees0% origination fees 
Minimum Revenue $10,000 per month 
BBB Rating A+
Loan Term 1 to 52 weeks
Years in business At least 6 months 
APR Range 15% to 88%
Availability United States except VT, ND, SD
Repayment Schedule Weekly or Monthly 

Pros 

  • It provides faster access to short-term funding, and you get the funding typically on the same day. 
  • To qualify for the business loan term plans requires a low credit score. 
  • Term lengths also vary with the financing needs. 
  • Easy to be eligible in comparison to the traditional banks or SBA loans. 
  • Fund Through at invoice factoring also speeds up the payment process. 
  • Best for the startup businesses as it only requires you to be in the business for six months minimum. 
  • Offers huge loan amounts in comparison to several other loan lending platforms. 
  • The application process is straightforward and does not require many details other than the basics. 

Cons

  • Recurring payments can be problematic, which are usually made weekly. 
  • Interest rates can also be expensive depending upon the loan amount and loan term. 
  • Not present in the regions of Vermont, South Dakota, and North Dakota. 
  • Short repayment period, i.e., between six and twelve months. 

Services Offered by BlueVine 

Now that you have a general overview of how the service works, let us talk about all the available financial services at BlueVine. 

BlueVine Invoice Factoring

Invoice factoring is the financing in the form of accounts receivable where you need to sell the outstanding invoice to the factoring company. When you give the invoices, they are exchanged with funds instantly

t mostly facilitates the customers who are running a B2B business and allows them to fix cash flow problems. While applying for the invoice factoring at Blue Vine, you get around 80-90% of the total investment or, say, the invoice amount. 

  • You can get a loan from $20,000 to up to $5 million. 
  • It would help if you had a credit score of at least 530
  • Business must be in operation for the last three months at a minimum. 
  • Make sure you are a resident of the United States. 
  • The revenue of your business should be somewhere around $10,000

Paycheck Protection Program 

Another amazing loan service of BlueVine is that of the paycheck protection program. It assists small businesses in nearly competing in the market. The Paycheck Protection program of BlueVine also offers forgiveness eligibility which we will be talking about in a while. 

Small businesses can apply for up to 2.5x of their payroll costs monthly. In comparison, the interest rate of the Paycheck Protection Program is around 1.00%. As far as loan forgiveness is concerned, here is what you should keep in mind. 

To take advantage of the loan forgiveness, you must abide by the following criteria. However, it varies for the first draw and second draw borrowers: 

  • You won’t have to repay your loan if it is forgiven. 
  • A PPP borrower has around 24 weeks to spend the loan on eligible expenses. 
  • 60% of the borrowed loan must be used to fund the benefit costs of the employee along with the payroll. 
  • 40% must be spent on other utilities such as rent, lease payments or mortgage interest payments.

BlueVine Term Loans 

Term loans allow you to access a large capital at once, and these are quite flexible, and you can use them to cover multiple expenses easily. Term loans are used as flexible working capital or investment, and you have to repay them on a set schedule. 

They are of various categories: short-term loans, medium-loans, and long-term loans. In addition, you do not have to pay origination fees with BlueVine as you can get the whole amount of money upfront with only an additional fee of the bank wire transfer, i.e., $15. 

  • An interest rate of BlueVine is 8% for 6 to 12 months. 
  • You need a credit score of 600 at least. 
  • Monthly revenue should be around $100,000 for short-term loans. 
  • For long-term loans, the minimum annual income should be at least $250,000
  • Borrowers are approved for a lump sum of capital but must make weekly or monthly payments. 

BlueVine Line of Credit 

To get the BlueVine Line of Credit, you need to apply online, where you are asked to provide the basic information regarding your business and get instant approval. Then, the online dashboard allows you to draw the funds visible in your account within a few hours. 

Line of Credit means you can use the money anytime you want and spend it on several important necessities as it works just like a credit card. As for the repayments, you have to pay back each draw weekly or monthly as per the lender’s policies. 

  • It offers two packages, i.e., Flex 6 package and Flex 8 package. 
  • The minimum credit score should range between 600 and 650. 
  • Monthly revenue should be somewhere between $10,000 to $500,000. 
  • You must be in your business for at least six months to two years. 
  • The drawing limit ranges from $5000 to the maximum credit amount.

Extra Reading

Eligibility Criteria for BlueVine 

Certain requirements you need to fulfil before applying for the BlueVine financing plans are listed below:

  • You must have your business’s bank statement for at least three months
  • The applicant should be an owner of the company
  • BlueVine requires a personal guarantee, and the lender might also need a general lien on business assets. 
  • You must have a monthly revenue of at least $10,000 to qualify for the BlueVine loans. 
  • The credit score requirement should be a minimum of 530. 

Quick Overview of BlueVine Application Process 

To apply for BlueVine loans, you need to provide complete information about your working niche and address details of the company. In addition to these, you must give the amount you are looking for, type of financing, contact number, and other basic requirements. 

The application process is simple, with mostly instant approvals. Here is what you need to do:

  1. Go to the homepage of BlueVine
  2. Click on the option of Apply Now there. 
  3. Next, fill in all the details there in the fields. 
  4. Go through the loan terms and conditions and cross-check the information. 
  5. Lastly, upload all the required documents that your lender requires, and that is it. 

BlueVine Pricing to Watch Out For 

BlueVine pricing ranges from the loan plans and prepayment penalties, if any. Generally, BlueVine does not charge any origination fees while their credit lines are up to $250,000. You must have a minimum credit score of at least 600 to proceed further. 

Their invoice factoring ranges from $5000 to $5 million with a loan term of up to 12 weeks. Talking about the simple interest rate range, it starts from 4.80% for 6 months term and 12 months term lines of credit. 

Note! Wire transfer charges you $15, and a late fee might also apply to the information of your loan agreement. 

Customer Service

BlueVine has an extensive crew of customer service representatives helping the customers in the best possible ways. You can contact them, and they will guide you through their services with their expertise and knowledge. 

It is a well-reviewed loan lender worldwide and has helped several people build their small businesses to something huge. Their complete process is automated and online; however, if you still wish to contact customer care, here are the details: 

Contact details: 1-888-216-9619
Working hours: Mon to Friday (08:00 AM) 
Email: [email protected] 

The Bottom Line 

BlueVine is the center of quality, reliability, simplicity, and efficient customer solutions, offering innovative and well-formed business products. It was established in 2013 and has successfully delivered $9 billion in financing solutions to its customers. 

BlueVine Loans, as the name suggests, is an online loan lender offering business lines of credit to people in need of finances. Typically, it facilitates the people having a small business and trying to make their way through steady and quality growth. 

Frequently Asked Questions 

Does BlueVine check credit? 

It does not perform a hard credit check that could impact your credit score. Instead it pulls a soft credit check. 

How long does it take BlueVine to deposit PPP money? 

It takes a minimum of five minutes for approval and a couple of hours for the funds to be available in the account. 

What credit bureau does BlueVine use? 

It reports all the payments to Experian.