Best Business Loans for Bad Credit October 2022 – Forbes Advisor
BlueVine is a fintech company that provides financing solutions to small businesses nationwide. It is specifically specialized in lines of credit and current accounts. As of December 2021, BlueVine no longer offers invoice factoring.
Business owners with bad credit looking to access a line of credit if needed can receive funds between $6,000 and $250,000. With BlueVine’s Flex 6 payment structure, borrowers make weekly payments over 26 weeks. Additionally, after 45 days of payment on Flex 6, you may be eligible for an increased line of credit. BlueVine also offers its Flex 12 structure, but it requires a minimum credit score of 650, so it is not suitable for applicants with bad credit.
BlueVine also charges weekly or monthly fees for its line of credit. The standard price is 1.7% per week or 7% per month for line of credit drawings.
Note: BlueVine’s Line of Credit is available in most US states, excluding North and South Dakota, Puerto Rico and US territories.
Eligibility: Applicants must meet the following criteria to be eligible for BlueVine’s Flex 6 payment structure:
- Minimum personal credit score of 600
- Must be in business for at least six months
- $10,000 per month income or $120,000 per year
- Your business must be a corporation or LLC
- No bankruptcy in a year
Completion time: After submitting your application, you can receive a decision as quickly as five minutes. If approved, you will receive your funds in your bank account within hours if you choose its $15 wire transfer option. Choose its free ACH transfer option and you’ll receive your funds within one to three business days.