BlueVine came into existence with a core mandate to provide over $9 billion to 200,000 customers or more.
BlueVine PPP was established back then in 2013 as an entrepreneurial leader whose target is to finance small businesses with a credit worth of $250,000 and invoice factoring with credit lines to a tune of $5 million.
BlueVine also serves as an online vendor and bill payments program and also as a business checking account.
For exceptional services, its services cut across the US region with some basic locations in Redwood City, California, Gretna, Louisiana, and Jersey City, New Jersey.
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Best Features of BlueVine PPP Loans
- It deals with invoice factoring credit lines in a tune of over $5 million
- It has no delays in disbursement which is usually within 24 hours
- It is not rigid in nature hence the credit facility is meant for small and medium businesses with lines up to $250,000
Drawbacks
- As a norm in credit facility that requires guarantor or collateral, BlueVine may also require a general lien on business assets and a personal guarantee.
- They don’t deal with new business startup hence they have little or no financial record that can speak of their financial prudence.
What Services Does BlueVine Offer?
We offer both business loans and financial services including:
- Invoice factoring
- Business lines of credit
- Payment program
- Business checking
What Are BlueVine’s Loan Terms, Fees and Discounts?
BlueVine services covered not just business loans but also other financial services and so to say its terms, fees and discounts also vary depending on which services you applied for.
This means BlueVine invoice factoring covers a duration of 12weeks from $5,000 to $5 million. However, lines of credit are put to $250,000.
Withdrawals with BlueVine are flexible in nature hence there is no other fee attached for term loans or prepayment penalties for lines of credit. Feel free to make withdrawals as long as it is within your credit limit.
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How Can You Qualify for a BlueVine Loan?
Preconditions for earning a BlueVine invoice factoring is for you to be at least three (3) months old in business with the lowest monthly revenue of $10,000 and a minimum personal FICO credit score of 530.
In addition, you are required to make available a personal guarantee, and a general lien on business assets.
How Long Does BlueVine Take to Deposit Money?
Getting approval for any funds with BlueVine is just within five (5) minutes while funds can only be made available within few hours of approval.
If your choice of transfer is via ACH, expect to see the funds the next business working day or two days after hence it comes without charges. But for a bank like Wire, it will cost $15 for you to receive the funds the same day.
What Credit Score Do You Need for a BlueVine Loan?
Credit scores are a precondition for loans, though, BlueVine credit scores are moderate and also vary. You need credit scores above 530 for invoice factoring while credit scores are more than 650 for business lines of credit.
Is BlueVine Financial Reputable?
No doubt, BlueVine is ranked very high going by records available with the Better Business Bureau. This means it has a “superb” rating even with TrustPilot.
What Is the BlueVine Loan Application Process Like?
The process of applying for a business loan with BlueVine is seamless. This is done within minutes, you will be required to furnish the lender with some basic information about your business, your address, and your tax ID number.
Also of great importance is to provide some personal information, such as your Social Security number. Don’t forget to made submission to BlueVine your bank statement for the last three months.
The information submitted is treated with utmost confidentiality, encrypted, and transmitted safely.
How to Apply for a BlueVine Loan
- Apply Online. Apply with basic information about you and your business.
How to Complete Your PPP Loan Application
- Step 1: Access your PPP Application.
- Step 2: Add or Confirm Existing Business Information.
- Step 3: Add New Requirements for Business Information.
- Step 4: Enter or Confirm Ownership.
- Step 5: Enter or Confirm Additional Owner Info.
- Step 6: Upload or Confirm Documents.
What Are Some Additional BlueVine Features?
For exceptional services to meet the yearnings and aspiration of small business owners, BlueVine in 2020 has expanded its scope of operation to cover Business Checking, that includes earning 1.0% interest on your account balance up to $100,000.
This development comes with no deposit or balance fees and no monthly service fees attached.
BlueVine also serves as a bill-paying agent where people can be able to pay vendors using either a bank account or credit card. even if the vendor does not accept cards. BlueVine charges a 2.9% fee for credit card charges, and ACH payments are free.
BlueVine Business Loans Are Best For:
- Businesses that want access to funds quickly
- Borrowers that want a single source for a business line of credit, invoice factoring, checking account and payments program
- Borrowers with at least a 530 credit score
