Bluevine Small Business Loans

The BlueVine Process Post-Approval

BlueVine clients gain access to an online dashboard. On the dashboard, you can see your monthly statements, account usage history, and track your repayment progress.

Advances are available upon request for your invoices. You can request advances for as many invoices as you need to on the dashboard. Here’s how it works:
• Advance amounts are available within your approved credit line
• BlueVine will advance you up to 90% of your invoice’s value and retain 10%
• You pay a 0.25% to 1% fee each week your invoices remain unpaid.
• Your client pays their invoice to your BlueVine account—instead of directing it to you as in the past.
• If your customers pay on time, there’s no repayment requirement for you.
• You get the 10% reserve with BlueVine’s fees deducted.
BlueVine does not tell your clients that you take advances for their outstanding invoices. Other services do this, but we prefer not to interfere with the relationship between you and your customer. However, should you choose to inform them you could become eligible for larger credit line.

If a he client defaults on their invoice, you become responsible for settling the balance with BlueVine. If you cannot pay it in full, we offer an installment plan. Repayment is simpler for the line of credit and term loan products. For the line of credit, you’ll pay the balance back over 26 weekly payments (automatically debited from your bank account) if you have a six-month term. Otherwise, you’ll repay over 12 monthly payments if you have a 12-month term.

BlueVine’s Flex Credit is Revolving Credit

For withdrawals on your credit line, 1.6% to 2.5% fees apply on each draw. The principal portion of your repayment of the withdrawals goes back to your available credit line.

For example, if your weekly payment is $100 and your fees that week are $10, your available credit will go back up to $90 when you repay.

We automatically debit your term loan payments from your bank account weekly over 26 or 52 weeks, depending on the term of the loan.

Range of Financing

$20,000 – $5 million

Terms (f/r for Terms)

1 – 13 weeks

Interest rate

0.25% – 1.7% weekly

Basic qualifications for BlueVine’s Accounts Receivable Financing Solution product:

Minimal yearly revenue

$120,000

Your credit score

530

Minimum age of business
3 months

Sorry, we cannot offer BlueVine Accounts Receivable Financing Solution to you if your business is:

A business-to-consumer structure

Engaged in the following:

Gambling

Adult entertainment or paraphernalia

Political campaigns

Legal and illegal substances (e.g. marijuana)

Firearms and paraphernalia

Lenders and financial institutions

Donation-based nonprofits

Auto dealerships

That have past-due outstanding invoices

Working on invoices shorter than net 7 days

Businesses outside of the United States or Canada

A pre-startup phase (or not yet delivering products or services to clients)

Credit Line Solution

Your Bluevine Credit Line Solution Checklist:

Range of Financing

$5,000 – $250,000

Terms

6 or 12 months

Interest rate

4.8% – 51%

Minimum requirements to qualify for BlueVine’s Line of Credit (Flex Credit) product:

Minimal Yearly Revenue

$100,000

Your Credit Score

600

Minimum Age of Business

6 months

Sorry, we cannot offer BlueVine Credit Line Solution to you if your business is:

In North Dakota, South Dakota, or Vermont

In the following sectors:

Gambling

Adult entertainment or paraphernalia

Political campaigns

Legal and illegal substances (e.g. marijuana)

Firearms and paraphernalia

Lenders and financial institutions

Donation-based nonprofits

Auto dealerships

Term Loan Solution

Your BlueVine Term Loan Solution Checklist:

Range of Financing

$5,000 – $250,000

Terms

6 or 12 months

Interest rate

4.8% – 51%

Minimum requirements to qualify for BlueVine’s Term Loan product:

Minimal Yearly Revenue

$100,000

Your Credit Score

600

Minimum Age of Business

6 months

BlueVine Term Loans Are Not Offered

In North Dakota or South Dakota

In the following prohibited industries:

Gambling

Adult entertainment or paraphernalia

Political campaigns

Legal and illegal substances (e.g. marijuana)

Firearms and paraphernalia

Lenders and financial institutions

Donation-based nonprofits

Auto dealerships

Find Out if You’re Eligible

Application Check List

Provide your business bank statements for three months or a read-only connection to your business bank account

General information about your business (
address and phone number, DBA if applicable, tax ID)

Your information as the applicant business owner (phone number, email, home address, SSN, DOB, percentage of ownership)

Your current invoices/receivables or a read-only connection to your invoicing or accounting software (for Accounts Receivable Financing Solution)

You Should Know That:

Average funding speed: is two to seven business days.

No minimum average bank balance required for eligibility.

Tax lien? With proof of a repayment plan, you can still qualify. The tax lien will impact the amount your eligible to borrow.

Personal bankruptcy? You can still qualify after one year has passed since discharge.

Only the owner or an officer of a company should apply.

You Also Need This Information

We reports payment activity to Experian, allowing you to improve your credit rating.

After the initial soft credit pull, we must do a hard credit pull if you accept an offer. We don’t do this under any other circumstances.

You pay a fee of 1.6% to 2.5% for every withdrawal on your credit line.

We file a blanket UCC lien on your business assets after closing on all loans.

An officer of your business may be asked to sign a personal guarantee. We can be waived for large funding lines. We decided this on a case-by-case basis.

We can refinance up to 100% of your existing debt.

BlueVine Application and Underwriting Process

To begin, you will be asked to fill out an application and provide us with some details about your business and yourself. The next step in the process is a soft credit score pull and a review of your business earnings.  You can link your accounting or invoicing software (QuickBooks, for example) if you are applying for Accounts Receivable Financing Solution. Alternatively, you can enter your invoice information by hand.

For Accounts Receivable Financing Solution applicants, the quality of your clients will be a consideration during the BlueVine underwriting process. Their creditworthiness will impact your Accounts Receivable Financing Solution application even more than your own. Ideally, the outstanding invoice is higher than $500 and due for payment on a date between one week and thirteen weeks from your application date.

Once you pass underwriting, the credit limit BlueVine approves you for will be set up. We take about one business day to decide on approval and make you an offer. Funds will be available for withdrawal from your credit line immediately upon approval. If you withdraw via ACH transfer, there are no fees and they take up to three business days to arrive. For same day transfers, the wire transfer fee is $15 and funds should arrive in your bank account within a few hours.

Frequently Asked Questions

How does BlueVine work?

Each of our solutions works for you in unique ways. That said, all our solutions work paperless and are simple in function.

Underwriting calls for just a few documents, and the post-funding process is easily navigated. The review above of the process will give you more insight about how our solutions work.

Is BlueVine legitimate?

Wise business owners should be concerned about the legitimacy of online business lenders indeed.

We do charge higher interest rates than other lenders, but that is because we take on more risk working with less-qualified borrowers that banks turn down. Our higher rates may give some borrowers pause, but this is simply a function of our business solutions and our structure that makes us so accessible to you.

BlueVine vs. Kabbage: which one is right for me?

While researching credit line and business financing available to you in online lending, you’ve are likely to encounter the BlueVine vs. Kabbage question.

Kabbage also provides short-term lines of credit to borrowers who don’t qualify for larger amounts long-terms.

A few lenders operate in the online lending space. Kabbage is very similar to BlueVine. We both offer quick, easy application process. The difference is that Kabbage tends to be more selective about which businesses to approve and they only work with you if you have been in business at least 12 months. If you just recently launched this year, then BlueVine is a better option for you.

Also, for business who have more than a year under their belt and need longer payment terms, Kabbage offers 18-month terms on a business line of credit. Kabbage does not charge withdrawal fees on their credit line.

Lastly, if you wish to secure your line of credit using outstanding invoices, BlueVine has Accounts Receivable Financing Solution. Kabbage doesn’t provide this.

What is the focus of a typical BlueVine review?

What we’ve seen is that customers who give BlueVine Capital positive reviews from customers focus on speed and accessibility of small business funding. Many of our satisfied clients say we are one of the easiest companies to work with in the industry.

Sometimes negative BlueVine reviews from customers focus on the lender’s tendency to deny requests to draw from lines of credit. Every time a customer makes a request to withdraw funds, BlueVine reviews their file. If they notice any new debt, then they the request could be denied.

Some find it a frustration to secure a business line of credit, and then be prohibited from accessing it down the line, and BlueVine reviews from clients who have been through this do indeed express their frustration.

What’s the difference between BlueVine line of credit and Accounts Receivable Financing Solution?

These two capital solutions have fundamental differences. At the very least, only B2B businesses that wish to exchange unpaid invoices for capital can qualify for BlueVine Accounts Receivable Financing Solution. Your clients’
creditworthiness are key for successful Accounts Receivable Financing Solution because the fees you incur result directly from your customer timing of invoice payment. Also, BlueVine Accounts Receivable Financing Solution is shorter-term with higher costs, and a lower barrier for eligibility. BlueVine’s line of credit is longer-term, lest costly, and requires more eligibility factors.

In addition, while BlueVine Accounts Receivable Financing Solution can get you a lump sum pool of cash based on the value of your invoices, the BlueVine line of credit gives you the ability to tap into available credit as you need it, so you only need to repay what you spend.

Borrower Eligibility

The eligibility restrictions differ between their business funding solutions. Their Accounts Receivable Financing Solution has the lowest barrier for eligibility, requiring just a credit score of 530 and a minimum of three months in business. Their other products, the line of credit and term loan, require a higher score (at least 600) and a minimum of six months in business.