Online Lender Reviews: The BlueVine Review
Note: we updated our BlueVine review in June of 2021.
Get winning funding! We hope our BlueVine review will help you make the smartest possible business decision you can make.
BlueVine is one of several lenders in the online space. They offer Invoice Factoring and Lines of Credit. They confirmed the information we had found on them. We look at the specifics and drill down into the details.
BlueVine Review: Background
BlueVine is online here: https://www.bluevine.com. Their physical address is:
401 Warren Street #300
Redwood City, California 94063.
You can telephone them at: (888) 216-9619. Their contact page is here: https://www.bluevine.com/contact-us/. They have been in business since 2013.
Note: BlueVine no longer offers invoice factoring.
They offer up to $5,000,000 in invoice factoring financing. Your business must be B2B.
Your business must have revenues of $10,000 or more per month. Also, you need to be in business for three or more months. And you need to have a FICO score of 530 or better.
NOTE: BlueVine will penalize you for deadbeat clients. So if they don’t pay their invoice, you are responsible for paying
Pay rates as low as 0.25% per week.
Lines of Credit
They offer a true revolving line of credit for small business for up to $250,000. You get 24 hour approval. Your business must have revenues of $10,000 or more per month. You have to be in business for at least 6 months. And you must have a FICO score of 600 or better.
Their interest is as low as 4.8%. There are no maintenance fees and no unused credit fees.
Get term loans for small business for up to $250,000. You must be in business for six months or more. And you need to have a FICO score of 600 or better. You must have at least $10,000 in monthly revenue.
Their interest is as low as 4.8%.
Factors Considered for Financing Approval
These are: strength of customers and business cash flow. But they are also personal credit history (less important); and business credit history (which is also less important).
Information You Need to Provide
BlueVine is looking for general business information like EIN and address. They also ask for information about the business owner applying. And this will include your Social Security number. You must provide either your three most recent bank statements or read-only access into your business bank account.
Secured or Unsecured?
They do not provide unsecured financing. Secured financing comes from a general lien on your business assets, as backed with a personal guarantee. Personal assets cannot be used as collateral.
BlueVine Review: Advantages
One advantage is their interest rate is fairly low. Furthermore, your personal credit does not have to be stellar, and you can get a line of credit with a 600 or better personal FICO score.
BlueVine Review: Disadvantages
One disadvantage is that you can’t use their services if your business is B2C (business to consumer). And you also can’t use their services if you’re in the medical or health care industry.
BlueVine Review: Takeaways
BlueVine is a great option if your personal credit score is not so hot. Their interest rate is surprisingly low for allowing such low personal credit scores.
However, you will be the one to pay if your clients do not. So if you’re going to use BlueVine, make sure you’ve got dependable clients. And of course if your company is in the health care or medical industries, or you are a business to consumer organization, BlueVine is utterly off the table.
A Word to the Wise about our BlueVine Review
And finally, as with every other lending program, whether online or offline, remember to read the fine print and do the math.
Go over the details with care, and decide whether this option will be good for you and your company. In addition, consider alternative financing options that go beyond lending. These include building business credit, in order to best decide how to get the money you need to help your business grow.
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