- Flexible terms
- Fast funding
- Secure site
By connecting borrowers with over 5,000 lenders across the nation, the competition is intended to yield better terms and save money. Unlike similar loan companies, BoeFly does not charge transactions fees. Instead, it works as a subscription service. The process is intended to be simple and seamless, cutting out a lot of wasted time by connecting borrowers to the right lender.
For borrowers, the strength of BoeFly is its marketplace. As thousands of lender vie for the same loan applications, it can potentially result in some truly affordable rates and terms. Businesses who want to use BoeFly's system must first pay a one-time fee. Fortunately, BoeFly gives two options, so businesses can choose which one suits them best. Let's take a quick look at the options.
- Self Service Plan - This package is intended for those who are already familiar with the lending process. The Self Service plan provides only basic support and loan package review. The cost is $699.
- Full Service Plan - This package in intended for businesses who want the help of a loan specialist from BoeFly during the loan process. This $1499 package includes dedicated phone support, 1-on-1 loan assessment, full service loan packaging, a FICO credit report, and business planning software.
By giving two tiers, borrowers are not obliged to pay for services they don't actually want or need. The basic Self Service plan gives the same level of access to the marketplace of lenders, so the end result is the same. However, for those who are willing to pay and want the help, the Full Service option can contribute to a more attractive loan package, which could help borrowers find better deals with lenders.
Since BoeFly operates as a marketplace, facilitating connections between borrowers and thousands of lenders, the maximum loan amounts, rates, and terms are all highly variable because all of these things are set by individual lenders according to their own particular preferences. BoeFly does not set any rates or terms of their own, and they do not charge any ongoing fees. They simply create the access point with lenders. This means it is theoretically possible to find just about any kind of small business loan with just about any rates or terms you can imagine.
Because there are so many lenders, it is possible to find some who offer quick-close products that can process funds in as little as 48 hours. BoeFly provides access to conventional business loans as well as SBA (Small Business Administration) loans. SBA loans follow government guidelines and go through a financial institution, but they tend to have lower down payments, longer terms, and greater flexibility than conventional loans.
Maximum loan amounts vary by lender, with some options going into the millions of dollars. Fortunately, with so many options and such a wide range of lenders, BoeFly also provides search filters, so borrowers can narrow down the list of lenders to those who match their specific needs. BoeFly includes lenders who operate in all states.
A business's loan posting, documentation, and personal information are all password-protected and can only be viewed by the borrower and support team. The borrower alone decides if and when to give lenders access to that information. In fact, lenders initially only see a basic financing request. They must then request loan details and supporting documentation from the borrower.