Are you a small business owner looking for financial support to grow your business? Look no further than Bluevine Business Loans. Bluevine is a leading online lender that offers flexible financing solutions tailored to the needs of small businesses. With Bluevine, you can get a line of credit or term loan of up to $250,000 in just a few minutes.
What sets Bluevine apart from other lenders is its innovative technology platform, which streamlines the application process and delivers funding quickly. Plus, Bluevine’s expert team is dedicated to helping you find the right loan product for your business, with personalized support every step of the way.
Whether you need funding for inventory, equipment, marketing, or anything else, Bluevine has the expertise and resources to help you achieve your business goals. So why wait? Apply for a Bluevine Business Loan today and take your business to the next level.
Who Bluevine Is Best For
Based on its range of loan products and features, Bluevine is an excellent choice for various types of businesses. It is especially ideal for:
1. Newer businesses: Bluevine’s Flex 6 Line of Credit is available to businesses that have been operating for at least 24 months. This is a more flexible requirement compared to other lenders who typically require businesses to be operational for much longer. Moreover, the lender also offers the Flex 12 financing option, which is available to businesses that have been operating for at least three years.
2. Businesses with established revenue: While Bluevine’s time in business requirements are less rigorous than other lenders, businesses must still demonstrate at least $480,000 in annual revenue to qualify for the Flex 6 plan. For this reason, the lender is better suited to borrowers with established revenue.
3. Businesses that need operating capital quickly: Bluevine’s funding timeline is one of its standout features. Approved applicants who opt for bank wire transfers can receive their funds as soon as the same day. Those who choose automatic clearing house (ACH) payments receive their funds the next business day or within three business days. This makes Bluevine an excellent option for businesses that need operating capital fast.
In summary, Bluevine offers a wide range of loan products and features that cater to the needs of different businesses. Its flexible requirements, fast funding timeline, and excellent customer support make it an attractive option for businesses in need of financing.
Who Bluevine Isn’t Right For
Although Bluevine is a reputable online lender with a range of loan products, it may not be the best fit for everyone. Here are some groups of borrowers who may want to consider alternative lending platforms:
1. Well-qualified borrowers: While Bluevine has more relaxed eligibility criteria compared to traditional lenders, its lines of credit come with high annual percentage rates (APRs) of up to around 78%. This makes Bluevine’s lines of credit a more expensive form of financing than what’s available through many other business lenders and fintechs. If you are a well-qualified borrower, you may want to look for lenders with more competitive rates.
2. Business owners who want longer repayment terms: Bluevine’s Flex lines of credit come with relatively short repayment terms of six or twelve months. Additionally, the Flex 6 Line of Credit has more accessible qualification requirements than Flex 12, making it the only option available to some borrowers. If you prefer to extend payments over a longer period, you may want to explore other lending platforms that offer longer repayment terms.
3. Applicants who want to avoid weekly payments: The Flex 6 Line of Credit from Bluevine requires borrowers to make weekly payments, which may not be suitable for all business owners. If you are uncomfortable with frequent payments, you may want to consider lenders that offer monthly payments instead.
How to Apply for a Bluevine Business Loan
Here’s how you can apply for a Bluevine business loan:
1. Visit the Bluevine website: To start your application, visit Bluevine’s Flex Line of Credit webpage and click “Get started.” If you have a Quickbooks Online account, you can use your existing login credentials.
2. Provide necessary information: Follow the online application wizard to provide basic personal information and details about your business. You will also need to provide year-to-date bank statements or connect your bank account through the platform.
3. Await approval: Once you submit your application and the necessary documentation, you will need to await approval. In some cases, approval can take as little as five minutes after you complete the online application.
4. Request funds: Once you’re approved for a Bluevine line of credit, you can access funds by navigating to the borrower dashboard and requesting the amount you need. Borrowers who opt for the bank wire transfer option can receive funds within a few hours of approval. However, most ACH electronic fund transfers take up to one business day, and funding can take up to three business days.
5. Make payments: After you draw on your line of credit, Bluevine will automatically debit your business bank account every week for repayment.