Hello my friends,
I am looking for a revolving business line of credit. Asking for $60k - $80k. I applied with my bank (Wells Fargo) but they denied me due to BK Ch 7 (dischage in Sep 2014). HP on EX 
Yesterday, I applied with BlueVine and they approved me for $45k (soft pull, according to them, they only do a SP), but the interest is extremely high (3.4 % monthly plus 1.7% draw fee) Is so tought to work with this kind of interest.
Today I applied to see my chances in Lending Tree and the following companies reach me with offers but I need to submit the applicacion to see the terms.
They are: ViewRidge, Quickbridge, Rapid Finance, National Funding and Fora Financial.
Fora Financial called me today and they wanted that I submit the app, no HP and supposly they are not a part form Lending Tree.
Company Stats
Company effective open Jan 2020 but operating since Jan 2022.
Average monthly sales since Feb 2022 $30 - $50k. Same average in deposits (Business checking acount).
Business Cards:
WF Business Card: CL 5K (since Dec 2021)
Amex Blue Business Cash: CL 2K (since Feb 2022)
Amex Business Gold: NPSL 10K (since Feb 2022)
Fico EX 722, TU 718 UT: 14%
I would like to get an advise from you.
1. I should accept the BlueVine offer (hight rate, but at least I can build a business credit profile wiht them)
2. I should submit the app with one of those companies (only is a SP) to see the terms. I think this is the next step.
3. If you know a lender who can approve me with my profile with a lower rate (for me works 1.5% monthly), please let me know.
I really appreciate your advise on this.
@em2006 wrote:Hello my friends,
I am looking for a revolving business line of credit. Asking for $60k - $80k. I applied with my bank (Wells Fargo) but they denied me due to BK Ch 7 (dischage in Sep 2014). HP on EX
Yesterday, I applied with BlueVine and they approved me for $45k (soft pull, according to them, they only do a SP), but the interest is extremely high (3.4 % monthly plus 1.7% draw fee) Is so tought to work with this kind of interest.
Today I applied to see my chances in Lending Tree and the following companies reach me with offers but I need to submit the applicacion to see the terms.
They are: ViewRidge, Quickbridge, Rapid Finance, National Funding and Fora Financial.
Fora Financial called me today and they wanted that I submit the app, no HP and supposly they are not a part form Lending Tree.
Company Stats
Company effective open Jan 2020 but operating since Jan 2022.Average monthly sales since Feb 2022 $30 - $50k. Same average in deposits (Business checking acount).
Business Cards:
WF Business Card: CL 5K (since Dec 2021)
Amex Blue Business Cash: CL 2K (since Feb 2022)
Amex Business Gold: NPSL 10K (since Feb 2022)
Fico EX 722, TU 718 UT: 14%
I would like to get an advise from you.
1. I should accept the BlueVine offer (hight rate, but at least I can build a business credit profile wiht them)
2. I should submit the app with one of those companies (only is a SP) to see the terms. I think this is the next step.
3. If you know a lender who can approve me with my profile with a lower rate (for me works 1.5% monthly), please let me know.
I really appreciate your advise on this.
I would not accept the Blue Vine offer.
I would stick with a bank or credit union.
If I couldn't get a line of credit from a bank or credit union I would skip it; predators are not our friends.
I've often wished I had a good business line of credit. I got one from NFCU and that's it. With NFCU I only asked for $5k, and they gave it to me, so I probably could have gotten a bigger one. The problem is that NFCU's business department is the absolute opposite of NFCU's consumer department. With the business department, the application is long and tedious, the customer service is creepy and brittle, and there are no CLI's without more tedious paperwork. But the interest rates are decent compared to banks.
So you might want to find a credit union with better customer service for its business customers.
Thank you! I just apply for a SBA, they asked for a lot of documentation. Let's see what happen... I will keep you posted.
@em2006 wrote:Hello my friends,
I am looking for a revolving business line of credit. Asking for $60k - $80k. I applied with my bank (Wells Fargo) but they denied me due to BK Ch 7 (dischage in Sep 2014). HP on EX
Yesterday, I applied with BlueVine and they approved me for $45k (soft pull, according to them, they only do a SP), but the interest is extremely high (3.4 % monthly plus 1.7% draw fee) Is so tought to work with this kind of interest.
Today I applied to see my chances in Lending Tree and the following companies reach me with offers but I need to submit the applicacion to see the terms.
They are: ViewRidge, Quickbridge, Rapid Finance, National Funding and Fora Financial.
Fora Financial called me today and they wanted that I submit the app, no HP and supposly they are not a part form Lending Tree.
Company Stats
Company effective open Jan 2020 but operating since Jan 2022.Average monthly sales since Feb 2022 $30 - $50k. Same average in deposits (Business checking acount).
Business Cards:
WF Business Card: CL 5K (since Dec 2021)
Amex Blue Business Cash: CL 2K (since Feb 2022)
Amex Business Gold: NPSL 10K (since Feb 2022)
Fico EX 722, TU 718 UT: 14%
I would like to get an advise from you.
1. I should accept the BlueVine offer (hight rate, but at least I can build a business credit profile wiht them)
2. I should submit the app with one of those companies (only is a SP) to see the terms. I think this is the next step.
3. If you know a lender who can approve me with my profile with a lower rate (for me works 1.5% monthly), please let me know.
I really appreciate your advise on this.
BlueVine works, but they front load a lot of the already high interest in addition to origination fee. On top of that, they vary the available loan limit constantly based on your business checking balance/statements. So if you ever run into a cash crunch and rely on something like BlueVine, you might find reduced availability when you need it the most. IMO loans like that, while real, are last resort options.
Look into the PNC Bank Business Line of Credit, it is a very simple app process online and only a Soft pull. The SP only applies to that BLOC, not the cards or loans, those will HP.
I have a also have a discharged BK7 (12/2012) and I was approved for a PNC $50k BLOC from them last month painlessly, and it goes up to I believe 100k if you need that much. The rate is very reasonable (mine 7.39), and a $175 annual fee. The drawing repaying process has been very smooth, it's a great product.
I believe if you are in the PNC bank footprint they do now require you open a business checking account, but if not in footprint you can get the BLOC I believe by itself (others please confirm?). I needed the bank account, so I just went into a branch and opened the business checking with $5k. Waited a day until I had online access, then successfully apped for the Bloc online. A week or so later, score! It's worth that account open hassle IMO.
Thanks @TryItAgain .
I will look into a PNC Bank, since is a SP, I don't have anything to lose.
I tried SBA (Newtek) but I don't meet the requirements due to the business income tax, the last 2 years I declared lost.
