How to qualify
New applicants who qualify for Flex 12 typically have been in business for over two years, own a Corporation or LLC, have a FICO score of 650 or more, and generate over $500,000 annually in revenue. The same criteria applies for existing BlueVine clients as well. However, we require that existing clients demonstrate at least 10 consecutive weeks of successful repayments, in addition to the FICO and revenue requirements, before requesting to switch over to Flex 12.
Flex 12 allows clients to make monthly payments over 12 months. With Flex 6, clients make weekly payments over 26 weeks.
How to get Flex 12
To see if you qualify for Flex 12 please reach out to your Account Manager. If you qualify for Flex 12, we will confirm the change with the account holder. Once changed, all future draws will be on a 12 month payment plan. Switching to Flex 12 will not affect any current outstanding draws. Any current outstanding draws on a 6 month schedule will remain on that same schedule for the lifetime of that draw.
How to Change Payment Date
For Flex 12, the payment date on all draws are automatically set to the 5th of every month. To change your payment date, go to “Profile”, then “Settings” on your BlueVine Dashboard.
Under Payment Preferences and next to “I’d like to repay my draws on”, click the date you want to change your next payment to.
You can change the payment date once every 3 months to any date so long as the new payment date is not more than 38 days from the last payment date. If it’s more than 38 days, a payment will be processed the same day you make the change.
For example, let’s say your last payment was on September 5th. Your next payment would normally be on October 5th. However, on October 2nd you decide to push your next payment date to October 30th. Since the new payment date is more than 38 days from the last payment date (September 5th), you will be billed on October 2nd. Your subsequent payment dates will then be changed to October 30th, November 30th, December 30th, etc.
If you decide to change your next payment date to anything less than 38 days from the last payment date, your next payment will be the day you choose. For example, if your last payment was on September 5th, and on October 2nd you decide to change your payment date to October 8th, you will be billed on October 8th. Your subsequent payment schedule will then be on November 8th, December 8th, etc.