BlueVine Review 2024

BlueVine Application Process

Before you start applying for a loan, make sure your business fulfills the company’s minimum requirements. Depending on which type of loan you are applying for, your business needs to have a credit score of at least 600 (530 for invoice factoring) and at least $10,000 in monthly revenue.

Your business will also need to have been in operation for at least six months (three months for invoice factoring) before applying for a loan. As soon as you check these parameters, you can start the application process.

The approval process takes only a few minutes, and the money arrives incredibly quickly. In fact, you can start using your funds just a few hours after getting approval.

You need to follow further instructions to complete the application process:

• Go to BlueVine’s homepage.
• Click on the “Apply Now” button.
• Fill out the required personal and business information.
• Check the loan terms and conditions and upload the documents that the lender requires.

What Information Do I Need to Apply?

To open you account and complete the application process, you’ll need to provide the following information:

• How much money you need
• Which financing type you want to use
• First and last name
• Preferred phone number
• Email address
• Password
• Connect to Quickbox Online (optional)

The application process is fast and smooth. After you’ve submitted your application, you can expect a call from a BlueVine representative. You’ll then need to provide some additional information, such as the business’s tax ID, the business owner’s Social Security number, and the business’s three most recent monthly bank statements.

The BlueVine representative will check your business to see if it is eligible for the loan you’re applying for. Besides standard requirements like your FICO score and the financial health of your business, the final decision regarding your loan will depend on a number of other factors. Some of these factors include your business history and cash flow as well as the reliability of your customers.

BlueVine is also well-known for lightning fast approvals and transfers of funds. No matter what type of financing you’re looking for, it will generally take less than 24 hours from the beginning of the application to approval. After that, your money will arrive in just a few hours.

In-Depth Description of BlueVine Features

BlueVine offers multiple financing options, including lines of credit, term loans, and invoice factoring. Borrowing amounts range anywhere from $5,000 to $5 million and loans come with fixed rates. To apply for any of these types of loans, a business needs to have been in operation for at least three months with a credit score of 530+ and a minimum monthly revenue of $10,000.

BlueVine is the first choice for many business owners mainly because of its easy and fast application process. The capital you borrow can arrive in your account just a few hours after you finish the application.

Besides fast funding, this lender allows businesses that don’t have a high credit score to get loans.

However, borrowers should bear in mind that loans are short-term, meaning they come with a higher interest rate. The APR depends on which type of loan you take out, the amount of money you use, and your business’s strength, but it can be as high as 88%.

Loan Amount and APR Details

BlueVine loans have fixed interest rates. However, the repayment period is usually short, and as such the APR is automatically higher than what you’d see with some other lenders. On the other hand, there are no surprising origination fees or termination fees.

• Loan amount: $5,000 to $5 million
• Interest rate: starts at 4.8% over a period of six or 12 months
• APR: 15% to 88%
• Fees: No origination fee
• Loan term: 1-52 weeks
• Payment terms: Weekly or monthly

Eligible and Ineligible Businesses

This lender provides services to a variety of industries, including IT services and technology, wholesale trade and distribution, and manufacturing, just to name a few. As we’ve already mentioned, BlueVine is not strict in terms of enabling businesses with a low score to apply for credit. But there are a few other criteria that businesses need to fulfill to get funds.

Before you get confirmation as to whether or not you’re eligible for BlueVine’s services, your business will be checked thoroughly by the lender’s agents. There is a fairly long list of industries that are not suitable:

• Gambling
• Pornography and associated paraphernalia
• Political campaigns
• Potentially illicit substances (including medicinal marijuana) and associated paraphernalia
• Firearms and associated paraphernalia
• Financial institutions and lenders (including insurance providers)
• Donation-based non-profits
• Auto dealerships

BlueVine Repayment Terms

BlueVine takes weekly or monthly payments, depending on which service you use. If you take out a line of credit, there are both weekly and monthly options. Meanwhile, a weekly rate is charged for loan terms. The maximum repayment period is 12 months.

BlueVine automatically charges a fixed interest rate each week or month, so you don’t need to worry about calculating how much you have to pay. Of course, this lender allows you to repay your loan ahead of time if you’re able to do so. Note, however, that you’ll need to repay the full interest amount; there are no discounts for paying early.

Bottom Line

Overall, BlueVine is a good solution for small businesses looking for fast and simple solutions to get funding, as well as for B2B businesses since it provides large amounts of money almost instantly with very low credit score requirements. On the other hand, BlueVine’s loan periods are short, which bumps the interest rate up higher.