BlueVine: What Lending Options Are Available to Small Businesses?

BlueVine is a highly respected online lender that specializes in small business loans and other financial assistance.

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    They promise to use the latest advances in technology along with a personal and caring approach to help business owners nationwide to succeed. Founded in 2013, since then the company has grown quickly thanks to its high levels of service as well as the relatively low qualification requirements they have for businesses looking for loans. As an online lender, a BlueVine login is all you need to manage your dealings with them although you’ll also find that their direct customer support is also very good indeed.

    What are BlueVine Loans?

    BlueVine business loans are short term business loans taken out over between six and twelve months at a single, fixed interest rate that can be as low as 4.8% depending on your circumstances. In business loan reviews, these are often highly praised both for the company’s flexibility and the speed with which a loan can be agreed and the money credited to your business account. They also offer a line of credit of up to $250,000. This is similar to a loan but, instead of providing a lump sum, it lets you borrow as much as you need within an agreed limit.

    How does BlueVine work?

    When your business needs capital or needs to resolve a cashflow issue, you can decide either to apply for a BlueVine loan or BlueVine factoring. Then you need to gather together all the information you need to make your application and contact BlueVine online. You’ll be taken through the process – more details are below – and, as long as you’re accepted, you’ll soon receive your money or factoring agreement. Then it’s just a case of either receiving your BlueVine loan or starting to forward your invoices to them for factoring.

    How Do I Qualify?

    Like all of the best small business loans, there are certain qualification requirements that you will need to fulfil to qualify with BlueVine. The business must have a monthly turnover of at least $10,000 and have been in business for a minimum of 6 months. It’s also essential to have a credit score of 600 or more, which is lower than a number of other lenders. BlueVine will also look into your company’s track record and other factors such as your presence and profile on social media as well as the creditworthiness of your biggest customers.

    Advantages and disadvantages of a BlueVine Business Loan

    Advantages

    • BlueVine business loans can be arranged and agreed very quickly so the money can be with you in a matter of days.
    • The interest rates are competitive.
    • Even though it’s an online service, the person to person customer support is first rate.

    Disadvantages

    • BlueVine’s line of credit is not available in every state so check before you apply.
    • Because BlueVine loans are over 6-12 months repayments can be high.
    • BlueVine loan repayments are to be made weekly, more frequently than many lenders demand.

    How do I apply?

    Application is a simple four-stage process. The first is to go to BlueVine’s website and click on Apply Now. Then enter your personal details and click Get Started. Fill out the required fields with the information about yourself and your business and then click Submit. They’ll do a quick check on you and your business and may be able to give you a decision in principle in as little as five minutes. As long as your application’s been approved, the money could be in your bank account in just a few hours.

    Documents needed to apply

    Before fully approving the BlueVine small business loan, line of credit or agreement for invoice factoring you will need to provide the following information:

    • Full details and proof of your annual revenue
    • Official proof of the address and phone number of your business
    • Your Tax ID number
    • Information about your Tax ID and Type of Entity
    • Information about the customers that you have and the sectors that they operate in
    • Full bank statements for the previous three months of trading. Alternatively, you can provide a Bank Connection if you don’t have printed copies of statements.

    BlueVine’s Invoice Factoring

    If cashflow is an issue for your business then BlueVine invoice factoring could be the solution. The way it works is simple. Once you sign up to the service a “holding account” is set up in your name by BlueVine into which customers pay their invoices. Instead of you having to wait for payment, BlueVine pay you a proportion of each issued invoice straight away. Then, when it’s paid into the holding account, they release the balance, minus their fee for providing the service. You also have the option not to request an advance on certain invoices in which case you’ll receive the full amount.

    BlueVine Loan for Bad Credit

    With a minimum credit score requirement of 600, it could be a good choice for small businesses with a bad credit history, especially as BlueVine has shown considerable flexibility in the past. In fact, one of the founders was inspired to start the business as he had seen his own father struggle to support his own business for this reason.

    Customer Support

    There is an extensive FAQ section on the website plus there are customer service representatives available on the phone during business hours Monday through Saturday. You can also contact BlueVine via the website and they also have Facebook and Twitter accounts. All reports are that the service is helpful and friendly and that advisers are quick to respond to all questions and enquiries.

    Conclusion

    BlueVine may not be the absolute market leader but they are a very good all-rounder that score highly in terms of services, ease of application and customer support. Offering the choice of small business loans, invoice factoring, as well as a line of credit, means they deserve a place on any shortlist of a small business looking for a cash injection or startup funding.