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  Boefly Small Business Loans

Boefly Small Business Loans

in Business Loans from Boefly

Unaffiliated

Boefly Small Business Loans

Unaffiliated

in Business Loans from Boefly

Net Recommendation Score -100

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
Community Rating

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Loan Amount $1,000 - $5,000,000
APR  (Fixed APR) 0% - 150%
Loan Term (Months) Up to 0 months

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).

Boefly FAQ

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
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Credit Score Range 300 - 850
Employment Statuses Considered Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
  • Non-Resident
Military Status
  • Non-Military
  • Veterans
Minimum Revenue $0
Verification Documents Required
  • Proof of Identity
  • Proof of Income
Loan Amount $1,000 - $5,000,000
APR (Fixed APR) 0% - 150%
Loan Term Up to 0 months

Boefly Small Business Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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