|Loan Amount||$1,000 - $5,000,000|
|APR (Fixed APR)||0% - 150%|
|Loan Term||Up to 0 months|
Where does Boefly do business?
Boefly is a business financing offering by Boefly, a marketplace lender based in New York, NY. Founded in 2010, Boefly offers access to business loans in 50 states (and Washington, DC).
What are Boefly’s rates?
Boefly offers a fixed APR business financing product that ranges from 0% APR up to 150% APR.
Does Boefly charge an origination fee?
Yes, Boefly charges a loan origination fee.
What limitations does Boefly set on the purpose of the loan?
Boefly considers loan applications for business purposes, such as:
- Business Debt Refinance
- Equipment Purchase
- Lease Improvement
- New Location
- Product or Service Expansion
- Technology Investment
- Working capital
What types of business loans does Boefly offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Boefly provides access to the following business loan types:
- Unsecured term loans
- Secured Term Loans
- Lines of Credit
- SBA Loans
- Invoice Financing
- Merchant Cash Advances
- Commercial Real Estate
- ACH Cashflow Loans
- Bridge Loans
Does Boefly charge prepayment fees?Yes, Boefly charges additional fees to borrowers who pay off their loans 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 loan early.
How much can you borrow from Boefly?
Loan amounts start at $1,000 and go up to $5,000,000.
What is the maximum loan term you can get with Boefly?
Boefly offers business loans with a maximum term of 0 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for Boefly?
Boefly does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.
Applicants with a credit score of at least 300 and up to 850 are eligible for Boefly.
Boefly 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 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, permanent residents, and non-residents can all apply for a Boefly loan.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Proof of identity
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Credit Score Range||
300 - 850
|Immigration Status Considered||
|Employment Statuses Considered||
|Verification Documents Required||
|Loan Amount||$1K - $5M|
|Loan Term||Up to 0|
|APR (Fixed APR)||0% - 150%|