LendingIf you’re approved for a Bluevine Line of Credit, you may be offered one of our two repayment plans for repaying your draws. We created our weekly plan for newer businesses. Our monthly plan is for businesses older than three years.
Before applying for a Bluevine Line of Credit, it can be good to see which plan better fits your business. You can also switch from a weekly plan to a monthly plan once you’re qualified.
Weekly repayment plan
With the weekly plan, you’ll repay your Bluevine Line of Credit draws in weekly installments over 26 weeks. To qualify for Flex 6, you must meet these requirements:
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Your business must be a corporation or LLC:
- With a FICO score of 625+
- In business for 24 months or longer
- Earning $40,000 in monthly revenue or $480,000 annual revenue
- With no bankruptcies within the past three years
These are the minimum requirements for a Bluevine Line of Credit. All applications are subject to review, so meeting these requirements doesn’t guarantee you’ll be approved.
Monthly repayment plan
With the monthly plan, you’ll repay your Bluevine Line of Credit draws in monthly installments over 12 months. To qualify for Flex 12, you must meet these requirements:
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Your business must be a corporation or LLC:
- With a FICO score of 700+
- In business for three years or longer
- Earning $80,000 in monthly revenue or $960,000 annual revenue
- With no bankruptcies within the past three years
I’m currently on a weekly plan. How do I switch to a monthly plan?
If you are on a weekly plan and meet the above requirements for the monthly plan, you can request to switch your repayment plan. You must have made at least 10 consecutive weeks of on-time payments on your weekly plan and your account must be in good standing.
To see if you qualify, reach out to us at (888) 216-9619, option 1 then option 2. If you meet the requirements, we’ll confirm the change and all future payments will be monthly.
Note: Switching to a monthly plan won’t affect any of your outstanding draws. You’ll need to repay the outstanding draws on your weekly plan each week until they’re repaid.