Bluevine PPP loan funding should take about two weeks from the time you send your request to the time Bluevine allocates funds. The application is quick and easy to use, and also accessible to some individuals from different backgrounds and industries.
The Bluevine procedure, along with obtaining your loan number, is automated online. Bluevine is not a financial institution, but rather a financial technology firm. It has given more than 200,000 people that own small business funds.
When COVID-19 struck, they offered SBA Paycheck Protection Program loans, financing 155,000 smaller companies with more than $4.5 billion and rescuing 450,000 careers. Unlike commercial banks, Bluevine is delighted to assist business owners with a median PPP loan size of $19,862.
The Paycheck Protection Program provided 100% government-insured loans to small companies to help them surmount challenges caused by the COVID-19 outbreak. Smaller companies may be eligible for close to 2.5x their monthly payroll costs.
A PPP loan would have a 2-5 year maturity, a 1.00% interest rate, and might even work as a grant if companies fulfilled forgiveness standards. Loan forgiveness and approval are contingent on your capacity to achieve the government’s qualifying conditions.
Pros and Cons of Using or Working With Bluevine
Flexible application process
In comparison to other online and conventional lenders, Bluevine seems to have more accommodating eligibility requirements. Bluevine’s line of credit may be an excellent alternative for companies with poor credit, as you must have a credit rating of 625 or higher to meet the criteria.
Bluevine will take into account borrowers who have been in business for six months and above, which makes it a good alternative for startup business loans. This financial institution prioritizes your company’s financial performance, which is why you must link your business bank account — or have bank statements — as a component of your application.
Large credit lines with low fees
Bluevine provides a line of credit with a total value of $250,000, which is extremely high compared to its nearest major online competitors. Bluevine doesn’t give unnecessary service charges, account closure charges, or prepayment penalties if you pay back your balance earlier than usual.
If you require quick cash, Bluevine is a viable solution. You could apply online by entering basic data about yourself and your company, then connecting your business bank account or uploading bank statements. Bluevine might offer you a same-day business loan once you send in your application, with finances in your bank account within 24 hours. If you pay a $15 fee for a wire transfer, you will receive your funds within a matter of hours.
More frequent repayments
Bluevine’s credit line has shorter payback terms of 12 months, resulting high cost of payment. Its own credit line is reimbursed either weekly or monthly. The intensity of reimbursements when executed on a weekly basis, can be problematic for companies that seem to have irregular sales or insufficient capital.
Can be expensive
Bluevine is more expensive than other business loan options. You must have an annual percentage that is up to 78% of their business lines’ credit.
Despite the fact that the PPP loan program has ended, Bluevine strives to fortify small businesses by providing other banking and lending services. Bluevine’s checking, lending, and bill pay make it easy to manage your company. Aside from that, It secures your account and private details with sophisticated authentication and data encryption.