Benefits of Bluevine Checking Accounts and Loans for Small Businesses
Running a small business requires hard work and financial planning, and it can get all the more challenging if you want to expand. You would have to increase operations, boost production, and upgrade existing infrastructure, which requires a decent cash inflow. The best way to secure this additional funding for expansion is to get a business loan for a reasonable interest rate. Bluevine is among the most popular for such small banking solutions.
Bluevine business checking account
A checking account is a must for smooth business operations. Bluevine offers a lucrative checking account with no monthly fees, no minimum balance requirements, and no overdraft fees for exceeding the withdrawals. The benefits of this account are:
No limit on monthly transactions
You can make hundreds of monthly deposits and withdrawals without worry. It is advantageous because many market lenders, banks, and financial institutions allow limited monthly transactions.
No charges for transactions
The company does not charge a single cent for monthly recurring client transactions using its Bill Pay services. Withdrawals made at network ATMs are also free, and you get two checkbooks per funded account.
Better interest rates
A higher interest rate is the main reason customers prefer having a checking account with this lender. You can earn 1.5% interest on account balances of up to $100,000. So, parking money in a Bluevine high-interest checking account can be beneficial.
Use for bill payments
The checking account can be utilized for bill payments with auto-debit instructions. It is convenient for startups and small businesses to save time and improve efficiency.
Exclusive account management
You can operate and link up to five sub-accounts with your primary checking account to manage finances. Each sub-account can be designated for particular bills or payments.
Account access Beta
This feature enables your colleagues to access account-related information using a dedicated login system. Each individual can have a unique password, and there are no limitations on the number of users who can access it.
Integration with third-party apps
Bluevine can also be integrated with third-party apps like QuickBooks to track and manage all accounting transactions in one place. You can schedule payments and get an extra credit period of 45 days to pay off vendor bills if they do not have a credit facility.
These basic yet cost-effective features are among the primary reasons startups and small business owners prefer opening Bluevine high-interest checking accounts. It helps with cash flow management and allows for debt consolidation, making financial planning easier.
Bluevine low-interest small business loans
Small business owners can also benefit from Bluevine loans and other lending schemes with low interest rates. The application process takes a few minutes, and the funds are processed within a few hours after the loan is approved. Here are the three basic application steps:
Step 1: Gather relevant business details, such as your income tax ID/EIN.
Step 2: Fill out all particulars in the online form and apply.
Step 3: Await approval. It usually takes no more than five minutes for the company to process information.
An approval grants you immediate information about to the requested funds, and the first withdrawal is possible within 24 hours.
Key features of Bluevine loans
While several lenders in the market provide loans and other credit options for small businesses, only a few are truly affordable. Here are a few features that make Bluevine suitable:
Multiple loan term lengths are available for different financing requirements.
Applying with a low credit score is possible.
Loans are available for established small businesses and startups.
You enjoy low interest rates of 4.8%, which is better than the market standard.
Those eligible can get a credit limit of $250,000 upon approval.
The credit line is restored simultaneously as you repay.
There are no opening fees, account maintenance charges, or account closure penalties.
Repayment can be made in fixed weekly or monthly payments between six to 12 months.
Application criteria, eligibility, and limitations
Bluevine simplifies the process of credit approval, subject to a few conditions. The following terms apply to your business:
The business should be operational for at least six months before the application.
It must be a registered corporation or limited liability company (LLC).
There should be no bankruptcies or unresolved financials for the previous year.
Business revenues and conduct with the stakeholders should be satisfactory in all aspects.
A minimum of $10,000 should be generated in revenue every month before the application.
Your personal financial standing also impacts the application process for Bluevine loans. For instance, you can apply for the line of credit only with a FICO credit score of 625 or more. You may also have to provide the lender with your bank statements for the past three months to verify creditworthiness.
Note that Bluevine loans’ annual percentage rates are higher than the market standard, so lines of credit may be expensive to repay. Also, since a shorter repayment tenure is offered to most customers, your repayment amount may increase based on the weekly or monthly frequency.
Bluevine’s additional line of credit
If your business needs an extra line of credit over the approved $250,000 limit, you must provide proof of business growth and show a steady income. Your tax returns and the company’s balance sheet should support these claims. Also, the limit increase will be approved after you have repaid pending Bluevine loans.
Note that financial products and banking services are subject to terms set by private lenders. The conditions linked to any contract may be altered at the lender’s discretion as deemed prudent with prior notice. Read all offer documents and consult with company executives before signing contracts.
