BlueVine offers several financing products for small business owners, including lines of credit and invoice factoring.
The online lender BlueVine offers small business owners several loan options to meet short-term financing needs. BlueVine’s corporate line of credit or invoice factoring may be suitable for your business if:
You need cash fast – BlueVine product financing times range from 12 to 24 hours.
Have B2B customers who don’t pay promptly: BlueVine invoice factoring may help fill a cash gap.
Don’t meet credit requirements with other lenders: BlueVine considers borrowers with bad credit.
Line of credit
BlueVine’s business line of credit is best suited for short-term financing needs, such as managing cash flow or purchasing inventory.
Loan amount: $5,000 to $250,000.
APR: 15% to 78%.
Loan term: 6 or 12 months.
How to qualify:
600+ personal credit score.
Six months in business.
$120,000+ in annual revenue.
Not available in North Dakota, South Dakota or Vermont.
BlueVine’s invoice factoring works best for financing larger invoices, but only if your customers reliably pay on time.
Loan amount: $20,000 to $5 million.
APR: 15% to 68%.
Loan term: 1 to 13 weeks.
How to qualify:
530+ personal credit score.
3+ months in business.
$120,000+ in annual revenue.
Reasons to use BlueVine
You need fast cash
Applying is fast and once approved BlueVine can offer you a same day business loan. Here’s how long the approval process typically takes for BlueVine products:
Line of credit: An average of 12 hours.
Invoice factoring: A few minutes to a day.
You typically deal with unpaid invoices
If your clients are other companies or organizations, they may not always pay you quickly. BlueVine invoice factoring, also known as invoice financing or accounts receivable financing, could alleviate the cash flow problems caused by such delays.
Here’s how BlueVine’s invoice factoring works: You receive funds for invoices that are due within one to 13 weeks. BlueVine advances 85% to 90% of the invoice amount, then the rest when a customer pays you, less fees.
You have bad credit
Bad credit can be a barrier to obtaining financing for a small business, but BlueVine considers it even if your credit score is below 630. The lender focuses on your business’s cash flow and, if you ask an invoice factoring account, the creditworthiness of your clients.
Where BlueVine falls short
Pricey financing option
With annual percentage rates of up to 68% on your invoice factoring accounts, BlueVine is more expensive than many business loan options.
You are penalized for poor paying customers
BlueVine invoice factoring allows you to take advantage of unpaid invoices as a source of capital, but you need to have reliable customers who have strong credit and pay your invoices.
BlueVine gives your customer two weeks to pay their BlueVine account directly. If a customer does not pay, they must refund the invoice.
More frequent refunds
The BlueVine line of credit has short payment terms of up to 12 months, resulting in higher payment amounts.
Your line of credit is paid weekly or monthly. The high frequency of payments can be a problem for companies with irregular sales or that do not have a lot of money in a bank account.
Compare business loans
If you want to compare loan options, NerdWallet has a list of small business loans that are best suited to business owners. All of our recommendations are based on the breadth of the market and the lender’s track record and the needs of business owners, along with rates and other factors, so you can make the right financial decision.
Pros & Cons
- Cash can be available within 12 to 24 hours.
- Multiple term lengths for different financing needs.
- Short repayment term results in higher payment amounts.
- Requires personal guarantee.
- Not available in North Dakota, South Dakota or Vermont.
WEB SITE : https://www.bluevine.com/
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