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Overview
With over 5 years in business and over a billion dollars in funds delivered, BlueVine has quickly made a name for itself when it comes to business financing solutions. They offer two funding solutions: invoice factoring services and business line of credit. Customers can easily apply online and approval can be completed in just 20 minutes.
Features
With their invoice factoring and business line of credit, BlueVine makes a great choice for businesses that require financing to cover large expenses, expansion fees, payroll, and more.
Their business line of credit loans feature allows businesses to access funding of up to $250K. Businesses draw whenever they need and only pay for what they actually use. To qualify for this type of loan, businesses require a credit score of at least 600. Furthermore, lines of credit loans are not available to those located in Kentucky, Tennessee, Nevada, Vermont, New Hampshire, North Dakota, and South Dakota.
Invoice factoring is a slightly different process and can range from $20,000 all the way up to $5M. This typically requires a credit score of at least 625 and funds can be transferred in as little as 1 day.
Application Process
BlueVine has a quick and simple online application that asks basic questions about your contact info and business. The application also requires your last three bank account statements and offers the ability to connect your accounting or invoicing software. After submitting the application, a BlueVine representative will contact you by phone to walk you through the loan process.
Repayment Terms
Like all business loan providers, exact repayment terms can vary greatly depending on the loan amount, the term length, and the business' information.
Customer Support
BlueVine is known for its excellent customer support and has representatives available by phone Monday through Friday 8 AM to 8 PM EST and Saturdays from 12 PM to 4 PM. However, they don't offer 24/7 support.
BlueVine's website also has a comprehensive FAQ section plus a business blog with helpful tips and articles.
