Bluevine invoice factoring4/16/2023 ![]() This is the amount your business receives upfront.Įach week your clients take to fill their invoices, BlueVine charges a factoring fee of at least 0.25%. BlueVine advance rates, factoring fees and termsīlueVine offers advance rates of around 85% to 90% of your invoice's value. This means you're responsible for any invoices that your clients don't fill on time. And like most factoring companies, it only offers recourse factoring. You can cancel your factoring line of credit at any time at no cost. You can have the funds deposited into your account in as little as a few hours. To use its factoring line of credit, select or upload the invoices you'd like to fund to your BlueVine dashboard and send a request. Divide the result by 4.35 - the average number of weeks in a month - to get an estimate of each weekly repayment.īlueVine's invoice factoring service is in the form of a line of credit with limits high as $5,000,000. Use our calculator to find out how much you’d pay on a monthly basis and in total for a specific withdrawal. ![]() Each withdrawal turns into a short-term loan with a term of 6 to 12 months, which your business pays in weekly installments. There are no origination, monthly maintenance, draw or termination fees if you close your account. BlueVine line of credit rates, fees and termsīlueVine charges a starting interest rate of 4.8% on its line of credit. Unlike some providers, it has a minimum amount you can withdraw - $5,000 the first time around and $500 for all other withdrawals. These are secured with a lien on your business's assets and a personal guarantee from all business owners. BlueVine line of creditīlueVine offers a revolving line of credit from $5,000 to $250,000 to small businesses looking for easy-access working capital. Read the fine print to make sure your business is eligible before you apply. There are also restrictions on the types of businesses that can qualify for each product. It's also one of the few factoring companies I've reviewed that has no minimum invoice volume requirements.īut if you can qualify for a bank loan, you'll likely find lower rates and more flexible payments. With low minimum withdrawal amounts and flexible requirements, it's well-suited for new companies and small business owners with less-than-perfect credit. It's simple to use and you can access your funds within one business day - or less, in some cases. BlueVine is a direct online lender that offers business lines of credit and invoice factoring.
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