BoeFly is an online business loan marketplace based in New York City that connects small businesses with over 3,600 business lenders. BoeFly's credit assessment software helps businesses get a realistic estimate of how much they can borrow and at what rates. It also helps businesses prepare an effective loan request and matches them with compatible lenders.
Businesses must create an account with BoeFly and purchase either a self-service or full-service plan to gain access to BoeFly's network of lenders, credit tools and loan specialists. As of December 2014, the basic plan was $700 and the premium plan was $1,500. This is a one-time fee per loan. BoeFly also charges lenders a monthly fee in exchange for access to its members and credit assessment tools.
BoeFly is not a direct lender or loan broker, so it has no control over the interest rates lenders charge. These vary depending the loan amount, repayment period and creditworthiness of the business and its owners. One of the advantages of using BoeFly is that lenders compete for your business and you can pick the lender with the lowest interest rates and fees..
Maximum loan amounts vary by lender. One of the advantages of BoeFly is being able to filter from thousands of lenders those who can match the loan you need.
BoeFly includes lenders who operate in all states.
Applying for a business loan is usually a long and involved exercise. BoeFly helps businesses prepare a professional loan package and document their creditworthiness through the help of proprietary tools and loan specialists. Once you upload your credit file and loan request, compatible lenders will ask for access to your loan package and, if the application is successful, complete the transaction.
BoeFly takes the guesswork out of businesses looking for a lender willing to provide the loan amount they need at a rate they can afford. Instead of just forwarding loan referrals, BoeFly also provides assistance with completing an attractive loan package and uploading to a secure location where lenders, once borrowers grant them approval, can access businesses' credit information and loan request.
The fact BoeFly's business model works off a fixed fee per loan for borrowers and a monthly subscription to lenders instead of a commission payment model avoids messy conflicts of interest and focuses the company's attention on providing borrowers and lenders with the best customer experience possible.
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