Boefly Small Business Loans Review

Boefly is a business financing offering by Boefly, based in New York, NY. Founded in 2010, Boefly offers access to small 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 business loan?

Boefly considers business loan 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

What types of small business loans does Boefly offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. Boefly provides access to the following business loan types:

• Unsecured Term Business Loans
• Secured Term Business Loans
• Lines of Credit
• SBA Loans
• Invoice Financing
• Merchant Cash Advances
• Commercial Real Estate Loans
• ACH Cash Flow Loans
• Bridge Loans

Does Boefly charge prepayment fees?

Yes, Boefly charges additional fees to borrowers who pay off their small business 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 business loan early.

How much can you borrow from Boefly?

Business loan amounts start at $1,000 and go up to $5,000,000.

What is the maximum business loan term you can get with Boefly?

Boefly offers small 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 Small Business Loans?

Boefly Small Business Loans 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.

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

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 Small Business Loans 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 Small Business Loans. 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