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Fundbox invoice factoring11/2/2022 The funds can become available within only 3 hours.įundbox also has a fast and straightforward application process. If you get approved for a line of credit, you will be able to make draws from your online dashboard. This usually takes around 5 minutes for a line of credit and 24 hours for invoice factoring. Afterward, your application will be reviewed. First, you have to provide your personal and business details by filling in an online form, which requires approximately 10 minutes. Whether you apply for invoice factoring or line of credit, there are 2 steps involved. Additionally, a business checking account is also necessary for a line of credit application.īottom line: Fundbox offers lower credit score and annual revenue requirements.īlueVine's application process is easy. The company might also ask you to sign a personal guarantee when your application is approved and have a business lien. You can qualify for a term loan or line of credit with a score as low as 600 and you only have to prove you’ve been in business for the past 6 months. Fundbox Requirementsįunbox is an excellent choice for borrowers who have a low credit score and a short business history. To be able to qualify for this lender, you need a higher revenue than what its competitor requires: $120,000 per year, $10,000 per month respectively. However, if your annual revenue is above $200,000, you can also apply with a lower credit score of only 600. This threshold applies to companies that have annual revenue between $60,000 and $200,000. To be able to apply for a line of credit through BlueVine, business owners need a relatively good credit scores of approximately 650. The average monthly revenues and transaction volumes will also be taken into consideration The minimum loan is $1,000 and the maximum amount is $150,000.īottom line: Because it might be easier to access a term loan these days, we choose Fundbox as the winner.īlueVine vs Fundbox: Interest Rates and Fees The loan’s term length is 24 or 52 weeks, and the repayment is done on a weekly basis. BlueVine used to offer Paycheck Protection Program (PPP) loans in the past, however, these loans are no longer available since The SBA closed the PPP program at the end of May.įundbox also offers term loans, which enable borrowers to access a lump sum they can later repay over a longer period of time. Other Loan Optionsīoth companies offer other loan options besides lines of credit and invoice factoring. Fundbox’s annual percentage rate (APR) is around 20% while BlueVine’s rates start at 4.78%. Fundbox only offers a maximum amount of $100,000. The maximum amount you can access as a line of credit with BlueVine is $250,000. With Fundbox, the repayment is done weekly. BlueVine, on the other only provides 6- or 12-month terms.
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