BoeFly Logo
star_border star_border star_border star_border star_border
0 User Reviews

Launched in New York City in 2010, BoeFly was founded by a team with experience in banking, technology, and the secondary market. Their intention was to provide borrowers with access to lenders across the nation. The end result is an online marketplace for business and commercial loans, designed to provide capital for a wide range of expenses from start-up to renovation and expansion. Borrowers are charged a fixed fee for each loan, and BoeFly then helps them to create a loan package. That package is uploaded onto BoeFly's own online marketplace, where lenders can peruse and make offers. Consumers that choose Boefly should remember that they must have a credit score of 550 or higher. 

Top Ranked Companies


The Good

  • Subscription Service
  • Plans
  • Flexible Terms
  • Fast Funding
  • Secure Site

Subscription Service

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.

  1. 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.
  2. 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.

Flexible Terms

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.

Fast Funding

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.

Secure Site

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.


The Bad

  • Not a Lender
  • Fees
  • Unknown Time Frame

Not a Lender

BoeFly is not a lender or loan broker, so it does not set or influence the rates and terms that lenders charge. The drawback to this is that borrowers really can't know what sort of rates and terms they might have access to until they get into the marketplace. Lenders are potentially all over the map, with some having rather rigid requirements and others offering greater flexibility. Ideally, lenders compete for borrowers, which should provide competitive rates, but there is just no guarantee.


For smaller loans, the subscription fee from BoeFly might seem like a lot, especially for borrowers who want access to their full suite of services. This makes BoeFly a better deal for larger loans. A small business that just needs a small amount of money, say a couple thousand dollars, for equipment or renovations, might want to look at other options, especially if they are not already familiar with the loan process.

Unknown Time Frame

The length of time that the loan process takes will vary by lender, and some will process loans faster than others. There is also no way to know how long it will take for a lender to respond to a specific borrower application. Borrowers who need quick money will probably want to find a company with a more streamlined system.


The Bottom Line

BoeFly is not a lender. They merely help create loan packages and give access to a lender market. Consequently, their service is more suited for borrowers who are interested in participating in a competitive lender market involving over 5,000 potential lenders. For those wanting set terms and rates, BoeFly might not be the right choice. However, for those who are willing to embrace the initial uncertainty, it seems like it is possible to find some really good deals on the marketplace, thanks to a competitive environment. Also, BoeFly provides access to both SBA and conventional loans, so they are poised to meet a wide range of business and commercial needs.

View Best Business Loan Lenders

Was this content helpful?
thumb_up Yes thumb_down No

Star Rating


star_border star_border star_border star_border star_border

0 Reviews

Review Breakdown

5 grade


4 grade


3 grade


2 grade


1 grade


Sentiment Criteria


star_border star_border star_border star_border star_border


star_border star_border star_border star_border star_border


star_border star_border star_border star_border star_border


star_border star_border star_border star_border star_border
Be the first to leave a review.

We're on a mission to empower consumers to make the best decisions and connect confidently with companies that deserve their business.

© 2021 LLC - All rights reserved Privacy Policy | Terms | Do Not Sell My Personal Information