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02-27-2019, 05:38 PM #1
- Join Date
- Oct 2015
- Posts
- 37
Headway LOC VS. Bluevine LOC
Anyone know the pros and cons for each?
How do these 2 match up?
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02-27-2019, 07:45 PM #2
- Join Date
- Dec 2015
- Location
- Texas
- Posts
- 552
who is headway? Bluevine is funded by celtic bank and its a real bank LOC, just with aprs fees almost double a true bank LOC
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02-28-2019, 09:19 AM #3
- Join Date
- Jun 2017
- Posts
- 2,049
Headway doesnt even take ISO's im pretty sure.
Kabbag, Bluevine and Fundbox are the LOC providers, OnDeck too. They all are in the same ballpark pricewise.
Par has a LOC program too, with 6 point upsell on a buy rate schedule. I like their program cause you can make the most.
Imagine if you had a BlueVine type product 1.12 Buy Rate and you could put whatever points on a 6 month term. Id love that, brokers would move that product like hot cakes. Add 15 point to a 1.12, 6 Month 1.27 weekly payment.....thats totally sellable
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02-28-2019, 09:32 AM #4
- Join Date
- Oct 2016
- Posts
- 4,318
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02-28-2019, 12:27 PM #5
- Join Date
- Aug 2016
- Posts
- 831
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02-28-2019, 11:46 AM #6
- Join Date
- Dec 2018
- Posts
- 46
is there a number i can call you
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03-21-2019, 04:28 PM #7
- Join Date
- Dec 2018
- Posts
- 46
is there a number i can contact you?
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03-21-2019, 04:35 PM #8
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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03-21-2019, 04:29 PM #9
- Join Date
- Dec 2018
- Posts
- 46
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02-28-2019, 11:47 AM #10
- Join Date
- Apr 2018
- Posts
- 144
Headway Capital is part of Enova International, which also owns The Business Backer and other online personal loan programs in Brazil and UK.
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02-28-2019, 12:56 PM #11
- Join Date
- Jan 2014
- Posts
- 1,380
Headway pricing is MCA pricing except they go out longer up to 18 months I think with their program. As mentioned above they are owned by ENova which also owns Business Backer so I am sure BB has access to anyone you send to Headway.
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02-28-2019, 08:58 PM #12
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
Quick comparison (note - I'm obviously biased because I work at BlueVine):
- Max LOC size: Headway = $100k and BlueVine = $250k
- Frequency of repayment: Both Headway and BlueVine do weekly and monthly
- Max term length: Headway = 18 months and BlueVine = 12 months
- Speed: BlueVine faster than Headway
- Approval rate: BlueVine > Headway
- Pricing: Don't have great data here, but fair to assume roughly equivalent for apples-to-apples customers
Candidly, I don't often find us competing against Headway. More often, we're competing against a Kabbage offer that an ISO's client may have gotten a direct offer for (i.e. client applied directly on Kabbage web site) or against a term loan / MCA type product.
Matt Estes
BlueVine
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03-02-2019, 10:59 AM #13
- Join Date
- Nov 2014
- Posts
- 97
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03-12-2019, 01:55 PM #14
- Join Date
- Oct 2015
- Posts
- 37
Thanks you all for the info!
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03-12-2019, 02:46 PM #15
- Join Date
- Jan 2014
- Posts
- 1,380
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03-01-2019, 09:35 PM #16
- Join Date
- Dec 2018
- Posts
- 3
As the head of the ISO Division for Headway (Enova) I'll chime in. As matt.estes said, I'm biased as well since I work for Headway.
- Speed: App to FIRM offer in 2-3 hours with the ability to approve customers instantly; Online Checkout which takes minutes to complete
- Repayment: Monthly on every deal
- Terms: Up to 24 months
- Interest accrual: Daily interest accrual; only pay for the days you keep the funds out
- Commissions: We pay 5% or more (depending on volume) on EVERY draw
We are launching new partners every week. I will admit several years ago our sign up process sucked; it was long and cumbersome. We're a public company and want to partner with the right people. But our process is significantly faster and easier than before.
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03-25-2019, 05:27 PM #17
- Join Date
- Nov 2018
- Location
- Miami
- Posts
- 116
Do you guys PO Factoring?
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03-26-2019, 12:49 PM #18
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
We don't finance purchase orders; we only factor invoices where the work has been completed / product has been delivered.
I've worked with a few PO financing companies over the years with some pretty mixed experiences...
We have had a good experience working with Mark Polinsky at Gateway Trade Funding (mpolinsky[at]gatewaytradefunding[dot]com).
Matt Estes
BlueVine
partners@bluevine.com
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03-12-2019, 02:50 PM #19
- Join Date
- Mar 2017
- Location
- Nunya
- Posts
- 830
This is a very informational thread. We should do more of these head-to-heads.
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03-12-2019, 03:39 PM #20
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 732
Bluevine's UW model is hard to work with. It all depends on their computer and "risk" ...
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03-13-2019, 12:53 PM #21
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
I don't completely disagree, Omegafund. It can feel black-boxy at times because of the automation. But we do our best to communicate underwriting standards upfront and decline reasons after the fact.
That said...we can give you good guidelines on FICO, monthly deposits, ending daily balance, and existing leverage where you'll see 70%+ average approval rates if you hit the guidelines.
Happy to discuss more 1:1 if you think it would be helpful.
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03-13-2019, 01:01 PM #22
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03-13-2019, 05:25 PM #23
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
Hey brokerCompany - Can you please PM me with a way to contact you? Not sure which ISO you're with.
Matt Estes
BlueVine
partners@bluevine.com
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03-13-2019, 01:21 PM #24
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 732
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03-13-2019, 02:06 PM #25
- Join Date
- Jun 2015
- Posts
- 3,326
one of the big issue i have with bluevine is that if someone pays off completely and the next day they fund him you do not get paid . Most funders have a 30-90 day period where it will still be yours
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