With their revolving line of credit, you get continuous access to funds up to a certain limit and only pay for what you use. Repayments are made on a weekly or monthly basis over 6-12 months. Every time you make a payment, your available funds are replenished. This can come in handy during slow seasons, or when you’re experiencing cash flow issues.
BlueVine offers business lines of credit up to $250,000. You are required to draw a minimum of $5,000 upon first use of your credit line, but you can draw as little as $500 upon subsequent withdrawals.
Users manage their line of credit through BlueVine’s dashboard. All you need to do is click on the “Get funds now” button, and that’s it. Funds are deposited into your business bank account through your choice of ACH electronic transfers or bank wire transfers. Depending upon the method chosen, funds can be deposited in as little as a few hours.
You can keep drawing from this balance without paying any additional fees to maintain the line. You need to pay a simple interest rate that’s calculated from the total repayment amount. There are no prepayment penalties either, which gives you the freedom to repay your line of credit early.
An overview of BlueVine lines of credit: