Boefly Merchant Cash Advance Review

Boefly Merchant Cash Advance is offered by Boefly, a marketplace lending platform founded in 2010 and based in New York, NY. Boefly Merchant Cash Advance is available in 50 states (and Washington, DC).

Does Boefly Merchant Cash Advance charge prepayment fees?

Yes, Boefly Merchant Cash Advance charges additional fees to borrowers who pay off their Boefly Merchant Cash Advance 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 Boefly Merchant Cash Advance early.

How much cash can you advance from Boefly Merchant Cash Advance?

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

Does Boefly Merchant Cash Advance charge an origination fee?

Yes, Boefly Merchant Cash Advance charges a origination fee.

What is the minimum repayment amount required by Boefly Merchant Cash Advance?

There is no minimum repayment ammount.

What do you need to qualify for Boefly Merchant Cash Advance?

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

Boefly Merchant Cash Advance 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 Merchant Cash Advance 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 Merchant Cash Advance. 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

What limitations does Boefly Merchant Cash Advance set on the purpose of the merchant cash advance?

Boefly Merchant Cash Advance considers merchant cash advance 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