Bluevine offers two different lines of credit, the Flex 6 and the Flex 12. Both have borrowing limits between $6,000 and $250,000.
Firstly, the Flex 6 is for six-month lines of credit and can be obtained by businesses that meet the following criteria:
- Your business must be at least six months old
- Your business must generate at least $10,000 a month in revenue
- Your personal credit score must be 625 or more
- You’ll need to have had no bankruptcies within the past year
Weekly payments are made against the drawn amounts in 26 weekly installments.
On the other hand, to be considered for the Flex 12 line of credit, you must meet the following conditions:
- Your business must be at least 2 years old
- Your business must generate at least $10,000 a month in revenue
- Your personal credit score must be 650 or higher
- You’ll need to have had no bankruptcies in the past year
Unlike the Flex 6 product, repayments for Flex 12 are in monthly installments.
Repayment rates start from 1.7% for weekly payments and 7.0% for monthly payments. When converted to annual rates, these equate to around 80% and, as such, are very expensive. Therefore, you should shop around for cheaper financing options if they are available to you.