Get personalized help qualifying for a big-dollar bank loan. But beware of steep fees.
- Best for businesses that need extra help applying for a bank loan.
- Pick something else if need less than $100,000.
Product Name BoeFly business loan marketplace Min. Amount $100,000 APR Varies by lender
How much does it cost to use BoeFly?
Usnig BoeFly will cost a different amount depending on which plan you choose from: the self-service plan or the full-service plan.
Fee: $699 per loan
BoeFly advertises this plan for business owners who’ve been around the block and are comfortable applying for a loan themselves. BoeFly connects you with lenders, gives you feedback on your loan application, reviews your documents and provides basic customer support by phone.
Fee: $1,499 per loan
Business owners who are new to borrowing might want to take advantage of this plan. In addition to support offered under the self-service plan, you can access:
- The bQual Report. BoeFly compiles a report and score for you and your business that might boost your chances of prequalifying with one of its partner lenders. It includes your business credit score, your personal credit score and report and a detailed review of your ability to repay debt.
- Dedicated phone support. BoeFly assigns a loan specialist to your case who is dedicated to assisting you at any time during the application process.
- 1-on-1 loan phone assessment. Before you start putting together your package, you speak with your BoeFly loan specialist so they have a better idea of your business needs and financial status.
- Full-service loan packaging. BoeFly takes on the heavy lifting of putting together your loan application for you. All you do is upload the relevant support documentation.
- DIY business plan and projection software. Get a year of access to LivePlan, a software that helps you put together a business plan and track your business’s growth.
The loan itself will also come with interest and potentially fees, which vary depending on the bank you work with. But its partners only offer loans starting at $100,000 to use this service.
First, do I qualify?
You don’t need to meet eligibility requirements to sign up for its services. But it works exclusively with banks, which tend to be picky. Typically you’ll need to meet the requirements to qualify for a loan through one of BoeFly’s partners.
- Need at least $100,000 in financing
- Positive cash flow
- Personal credit above 660
- Over 18
- US citizen or permanent resident
What information do I need to apply?
The documents you’re required to submit to BoeFly generally depends on the plan you sign up for, your business type and the financing you’re looking for.
You might have to provide following documents when working on your application:
- Personal and business bank statements
- Last year’s tax returns
- Financial projections
- Profit and loss statements
- Business plan
What business loans are available through BoeFly?
BoeFly works with over 5,000 banks — so most types of business loans are available. This includes your standard business term loan, government-backed SBA loans and commercial real estate loans. Its partners also offer special programs for franchises, including funding to cover the startup costs of a new franchise.
Pros and cons
Signing up for BoeFly offers a lot of advantages, which is why it isn’t free. But the high price might not be worth it to some businesses.
- Over 5,000 partner banks
- Personalized help to strengthen your application
- Franchise financing available
- Fee of $699 to $1,499 just to use the service
- Few details about its partners available online
- No loans over $100,000