Types of loans: Short term business loans, business lines of credit Rates: Average interest rate for term loans is 52% and for lines of credit is 52.6% APR Terms: Up to 24 months for term loans and 12 months for lines of credit Min. ACH transfers are free, but the funds may take up to three days to reflect in your account. The business must also make at least $40,000 in monthly revenue and have a personal credit score of at least 625.īusiness owners interested in same-day funding should note that Bluevine charges a $15 fee for direct wire transfers. To qualify for a Bluevine line of credit (issued by Utah-based Celtic Bank), your business must be an LLC or corporation that’s been in operation for at least 24 months. That said, it is important to point out that the Bluevine line of credit comes with high annual percentage rates and payments must be made weekly or monthly. A line of credit can provide your small businesses with quick funding you can continue to draw from as you repay. Line of credit: $250,000 Fees: 1.7% per week or 7% per month for line of credit draws, $15 for bank wires (same-day funding)īluevine offers business checking accounts and lines of credit. credit score: 625 or 650 depending on payment plan Min. Types of loans: Lines of credit Rates: Starting at 6.2% (Disclaimer: This rate is a simple interest rate calculated from total repayments over 26 weeks) Terms: 6 or 12 months Min.
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