BlueVine provides line of credit funding solutions to address common cash flow problems:
BlueVine has the solution whether you need a short-term infusion of cash to cover expenses or peace of mind that you always have a funding reserve to draw on.
The amount of credit you receive from BlueVine replenishes as you make payments, and you pay no fees during times when you have not drawn out any money. This flexibility means that you can always borrow as little or as much cash as you need and pay interest only on the amount borrowed.
BlueVine was founded in 2013 to help small businesses avoid cash flow problems.
BlueVine holds an A+ rating with the Better Business Bureau and is staffed by a team of knowledgeable executives and financial advisors. The company prides itself on fast funding and accessible services to help small businesses meet daily financial needs.
With no application, lockbox, maintenance fees, or prepayment penalties, BlueVine simplifies the funding process and makes it easier for businesses to grow. BlueVine frees you to run your business without worrying about large monthly payouts or unexpected funding shortages.
Since BlueVine provides working capital rather than term loans, it asks for much less information than banks. These lower requirements speed up the application process and make it easier to qualify even if your credit score prevents you from getting a bank loan. Basic requirements are different for each type of financing.
Credit line applicants are required to:
The application asks for the following information:
Applicants must also provide bank statements from the past three months or give BlueVine permission to view digital statements in your bank account on a “read only” basis.
As an alternative to banks and other institutions offering large loans with long-term commitments, BlueVine seeks to provide funding to companies seeking quick solutions to cash flow problems.and focuses on fulfilling the needs of small businesses.
For easier money management, the services sync with popular accounting software, such as QuickBooks, Xero, and FreshBooks.
The BlueVine credit line is a revolving structure of drawing and repaying funds. Flex Credit lines are typically approved for up to $250,000, but it is possible to request a custom quote for a higher amount. Unlike a merchant cash advance, your business does not need to accept credit card payments to be eligible for Flex Credit.
Using the credit line is straightforward:
No additional fees for maintenance are required, so if you haven’t borrowed any money, you don’t owe any extra payments. Automatic weekly deductions from your bank account help prevent missed payments and can increase your credit score. As long as there is enough money in your business account to cover your weekly obligation, you’ll never fall behind. And BlueVine now offers a 12-month business line of credit with monthly payments.
However, there are some restrictions to their credit lines. The company is unable to offer this type of financing in:
Applying takes only five minutes and requires basic personal and business information common to alternative lending applications. Decisions usually occurs within 24 hours, and funds may be available the same day if you choose to pay the $15 fee for a wire transfer. Payment via ACH can arrive the next business day but may take up to three days.
To qualify for a line of credit, you need a minimum credit score of 625 for a line of credit. However, the company also looks at past business cash flows and the strength of your customer base when considering your application, so your credit score is not always the deciding factor.
Credit lines have a six or 12-month term with simple interest as low as 6.2%. The short terms make overall interest rates higher than those of traditional loans, but you are not stuck with a long-term commitment to a financial institution, nor do you have to worry about running out of money with payments still hanging over your head.
Payment on the money drawn from a credit line occurs automatically from your bank account every week.
A GeoTrust certificate offers security for the entire website, and the company uses secure sockets layer encryption to protect any personal information you submit. Sensitive data is stored in secure databases. Information is only accessed and shared as necessary to provide services. Financial transactions are protected by the companies BlueVine works with when handling advances and payments.
The FAQ page covers most questions concerning credit lines, the minimum and maximum amount of credit a company can request, and how payments are handled. However, some information is not so readily available, and you may have to contact BlueVine for more details to determine which financing option is right for you.
The financial advisors can be reached from 7:00 am to 4:30 pm PT Monday through Friday. Phone support is available whether you are considering applying for financing or are already using one of their services.
BlueVine provides fast financing solutions for small businesses in need of working capital. With flexible credit lines ranging up to $250,000, the company is a viable alternative to traditional lenders.
A simple application and 24-hour decisions allows businesses to obtain funding when and how it is needed and bypass the lengthy and complex conventional loan application process of most bank loans. Fewer fees, short terms, and automatic payment options make BlueVine an accessible choice for many small businesses.
BlueVine Capital, Inc.
401 Warren St. Fl. Suite 300
Redwood City, CA 94063-1578