@mattmyFIC0 wrote:I found BlueVine while browsing some business credit forums and thought it sounded interesting. I went ahead and applied last Friday night. The application was very simple. You just link your business account up and fill in some very basic info, kind of like Kabbage. It was pending (they say it takes 24hrs) and then I got a call Tuesday and a very friendly rep just wanted to know how I heard about them, how long I had been in business, what my business did, what I might use the LOC for, how much I was interested in getting. He said he would call back when their UW team had finished up with the app and a few hours later I was called and told that I received a 10K LOC.
You can pay the LOC off early but it has to be a lump sum payoff. Otherwise, you make 26 weekly payments until it is PIF. They want you to make a 5K initial draw to "lock everything in" but the rep said it's no problem to just pay it off once you receive the funds. He said every 6 weeks they will evaluate the account for CLI automatically based on payment/financial history.
The rep said this is a new product they are offering (only about 10 weeks old) so they are taking suggestions still about wanted features. I told him being able to pay towards the balance would be nice and not having to just PIF or make weekly payments. They have offered invoice factoring for quite a while now. No HP yet so I'm remaining hopeful on that front.
Took the initial 5K draw today and I'll update as any new info comes in.
You inspired me, so I went to their site and took a shot.
But I definitely am not comfortable with this business of letting them log into my bank account. That was the reason I never followed through with Kabbage. I just sent them with pdf's. If that reduces my chance of acceptance by 20% as they say, then so be it.
