Boefly Small Business Loans Review

Boefly Small Business Loans is a business financing offering by Boefly, based in New York, NY. Founded in 2010, Boefly offers access to business loans in 50 states (and Washington, DC).

What are Boefly Small Business Loans’s rates?

Boefly Small Business Loans offers a fixed APR business financing product that ranges from 0% APR up to 150% APR.

Does Boefly Small Business Loans charge an origination fee?

Yes, Boefly Small Business Loans charges a loan origination fee.

What limitations does Boefly Small Business Loans set on the purpose of the loan?

Boefly Small Business Loans considers 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 business loans does Boefly Small Business Loans 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 Small Business Loans 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 Small Business Loans charge prepayment fees?

Yes, Boefly Small Business Loans 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 Small Business Loans?

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

What is the maximum loan term you can get with Boefly Small Business Loans?

Boefly Small Business Loans 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 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 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