However, Flex 12 financing is only available to borrowers with a personal FICO score of at least 650. Personal Credit ScoreĪpplicants must have a personal FICO score of at least 625 to be eligible for a Bluevine Flex 6 business line of credit. Meeting the requirements below won’t guarantee approval, but they can help you decide if a business loan is the right fit for you. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as business revenue. For example, applicants must have a higher personal FICO score and be in business longer to qualify for 12-month financing.īusiness loan applications are approved or declined based on a number of factors. Note, however, that qualifications for Flex 12 are more rigorous than for Flex 6. Payments are made every month over the course of 12 months. However, borrowers must wait 90 days to be eligible for an increase. As with Flex 6, the Flex 12 Line of Credit is available between $6,000 and $250,000. However, payments are made weekly over a 26-week period, and the first payment is withdrawn from the borrower’s bank account one week after a draw is funded. Borrower qualifications are more accessible than for the Flex 12 offering. Borrowers can qualify for a Flex 6 Line of Credit from $6,000 to $250,000 and may request a credit line increase after 45 days of payment. While the fintech previously offered invoice factoring, this service was discontinued in December 2021. For that reason, Bluevine may not be a good fit for business owners who aren’t comfortable making frequent payments.Ĭurrently, Bluevine’s only business lending products are lines of credit with six- and 12-month repayment terms. Not only are Bluevine’s repayment terms short, but the Flex 6 Line of Credit also requires borrowers to make weekly payments. Applicants who want to avoid weekly payments.Borrowers who want to extend payments over a longer period of time should opt for another lending platform. Furthermore, the more abbreviated Flex 6 Line of Credit has more accessible qualification requirements than Flex 12, and may be the only option available to some borrowers. Bluevine’s Flex lines of credit are only available with six- or 12-month repayment terms. Business owners who want longer repayment terms.This makes Bluevine lines of credit a more expensive form of financing than what’s available through many other business lenders and fintechs. However, the platform’s lines of credit come with high rates-up to around 78% APR. It’s easier to qualify with BlueVine than with some traditional online lenders.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |