BlueVine Review

BlueVine Review

BlueVine understands how rewarding it is to won a small business, and how it can be challenging to acquire cash. Accessing cash can be quite hard for most small businesses. BlueVine comes in to offer a platform through which small businesses can acquire capital seamlessly.   

One of the reasons for the introduction of BlueVine was to make it easy for small businesses to access capital anytime and easily. Secondly, BlueVine came in to eliminate the need for paperwork, remove the need to wait for long for a loan to be approved, and offer transparent loan application, approval and repayment process. 

What type of funding does BlueVine provide?

Lending Club helps borrowers connect to investors for personal loans, small business loans, patient solutions, and auto refinancing.

Highlights

requirments_icon1Loan Amount
 up to US$150,000 (Lines of credit) and up to US$ 2.5M (Invoice factoring) 

Terms
6 to 12 months

Fund received
Invoice factoring receivables due in up to 3 months 

What do I need in order to qualify for funding?

You will need a few things to qualify for funding: 

  1. Line of credit 
  • In business for 6 months 
  • Business revenue of $100,000 per year 
  • A personal FICO score of 600+ 
  1. Invoice factoring 
  • Personal FICO score of 530+ 
  • Annual revenue of US$530 
  • Active in business for 3 months 
  • Available invoices from customers 

How do I apply to get funding?

To apply for funding from BlueVine, you need to have an account. After you have created an account, you will need to enter details of the funding that you need. You will need to provide details about yourself such as social security number. The second step will prompt you to include your accounting system and bank. Next, ensure that your BlueVine profile is complete. Lastly, you will be provided with a new bank account to change the way your customers will be making payments. 

Find the right funding for your business

What is the process to receive funding?

  1. Invoice factoring 

Getting cash for your unpaid invoice is easy. All you need is to click on the provided button “Add an invoice” after which you will be prompted to add details about your unpaid invoices. You will get 85% to 95% in advance of all the total invoices approved. 

  1. Line of credit 

After getting approved, you are free to draw your credit any time according to your needs. 

Does BlueVine run a credit check? 

Yes 

Do I have to provide security or a guarantee? 

Collateral is bank lien 

Are there fees involved? 

  • Wire fee of $15 

What are the loan rates? 

The loan rates 16 – 62% (line of credit), 17% to 60% (invoice factoring)  

What documentation do I need to provide? 

A few documents are necessary when applying for funding at BlueVine. Such documents include: 

  • Business tax ID 
  • Owner’s information including social security number 
  • Bank statements (3 months) 

How long will it take for money to get into my account? 

24 hours 

What happens in the case of a default? 

BlueVine can relinquish your assets following a default in payment. 

Is BlueVine regulated? 

Yes; all funding is made according to the California Finance Lender License no. 6054789