Boefly Unsecured Lines of Credit Review

Boefly Unsecured Lines of Credit is offered by Boefly, a marketplace lending platform founded in 2010 and based in New York, NY. Boefly Unsecured Lines of Credit is available in 50 states (and Washington, DC).

What APRs does Boefly Unsecured Lines of Credit offer?

Boefly Unsecured Lines of Credit offers a fixed APR product that ranges from 0% APR up to 150% APR.

Does Boefly Unsecured Lines of Credit charge an origination fee?

Yes, Boefly Unsecured Lines of Credit charges an origination fee.

What limitations does Boefly Unsecured Lines of Credit set on the purpose of the line of credit?

Boefly Unsecured Lines of Credit considers line of credit applications for business purposes, such as:

• Business Debt Refinance
• Equipment Purchase
• Hiring
• Inventory
• Lease Improvement
• New Location
• Payroll
• Product or Service Expansion
• Technology Investment
• Working capital

Does Boefly Unsecured Lines of Credit charge prepayment fees?

Yes, Boefly Unsecured Lines of Credit charges additional fees to borrowers who pay off their lines of credit sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a line of credit early.

How much can you borrow from Boefly Unsecured Lines of Credit?

Line of credit amounts start at $1,000 and go up to $5,000,000.

What is the maximum term you can get with Boefly Unsecured Lines of Credit?

Boefly Unsecured Lines of Credit offers business lines of credit with a maximum term of 0 months. Having the option of longer terms allows borrowers to take on larger line of credit amounts while keeping monthly payments more affordable. However, the longer the term of the amounts you borrow, the more interest you will pay.

What do you need to qualify for Boefly Unsecured Lines of Credit?

When it comes to credit scores, Boefly doesn't have a set minimum or maximum. People with all types of credit scores can apply.

Boefly Unsecured Lines of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Boefly Unsecured Lines of Credit product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Boefly Unsecured Lines of Credit. Permanent resident / green card holders are also eligible to apply. An uncommon feature is for lenders to offer their services to non-residents. Boefly is one of the few that does.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Proof of identity