Need a simple business line of credit? A BlueVine line of credit strikes a great balance between requirements and rates. Many business loans and lines of credit require years of experience. But with BlueVine, if you’ve been in business for 6 months, you likely qualify.
So, let’s look into one of the most useful lines of credit available. We’ll look into the pros and cons of a BlueVine line of credit. We will also go over what it takes to qualify.
BlueVine Line Of Credit Special Qualities & Features
10-Minute Application
Like most alternative lenders, BlueVine is fast. But BlueVine is even faster than most other online lenders.
It doesn’t usually take long to apply for a BlueVine line of credit. And BlueVine often provides decisions on applications in as little as 10 minutes after an application.
Wide Array Of Draw Limits
You don’t need a very high credit score to apply for a BlueVine line of credit. But a higher credit score and higher revenues will gain you access to much larger draw limits.
A BlueLine line of credit comes with a draw limit of $5,000 to $250,000. You can draw funds at any time, with repayments lasting from 6 to 12 months.
Short Terms
While it’s not necessarily a pro, BlueVine lines of credit come with short repayment terms. The maximum time is one year. Because it’s so fast and easy to get a BlueVine line of credit, they are only ideal for short-term expenses.
Small Fees
BlueVine is light on the fees. There are no application, management, prepayment, or termination fees.
The only fee you may be faced with is a $15 fee for receiving a wire transfer instead of an ACH payment.
Low Rates
As we’re about to discuss, you can get very good rates with a BlueVine line of credit…
BlueVine Line Of Credit Pricing & Terms
A BlueVine line of credit comes with a $15 fee if you want to receive your funding via bank transfer.
Repayment terms last either 6 or 12 months. During this time, your potential interest rates start at 0.3% per week or 1.5% per month. This is a great rate, but it’s only available if you have good credit and strong revenues. So, at the lowest, you will face a 15% APR. Low-credit borrowers may have to pay an APR of up to 78%.
You can save on your overall costs by repaying BlueVine early. Unlike many other lenders, BlueVine won’t charge you any early repayment fees.
Do I Qualify For A BlueVine Line Of Credit?
The minimum requirements for a BlueVine line of credit are:
- $100,000 in annual revenues
- At least 6 months in business
- A personal credit score of at least 600
BlueVine’s minimum requirements are typical of online lenders. But they offer some of the more competitive rates among lenders with similar requirements.
Factors To Keep In Mind
Possibly Weekly Repayments
BlueVine takes repayments either monthly or weekly. If you have a weekly repayment plan, you need to be a bit more careful. Seasonal businesses can have an especially hard time with such frequent repayments.
If you are considering BlueVine’s flex6 program, make sure your cash flow can handle these frequent payments.
Fast Business Lines Of Credit
BlueVine’s line of credit is ideal for smaller businesses facing short-term expenses. Frequent draws are not penalized with BlueVine, so you can draw funds as you need to.
Because BlueVine lines of credit come with a short repayment term and only up to $250,000 in funding, they are not ideal for big businesses or large expansions. But if you need access to a respectable business line of credit quickly, BlueVine offers a much stronger option.
Emergency Option
Because BlueVine lines of credit are processed so quickly , they are also a good option for many emergencies. You can get your BlueVine line of credit quickly then start drawing funds in days. They are short-term lines of credit that serve this purpose well.
The Last Word On The BlueVine Line Of Credit
BlueVine offers a business line of credit that is both affordable and convenient. Their rates are just under par for similar business lenders. But their processing speeds are superior to most of their competition.
If you’re running a small business expecting cash flow problems up to one year from now, BlueVine is a good option. But their line of credit simply won’t cut it for more ambitious projects. But even medium-sized businesses will find it useful in supporting their working capital expenses.
