United Capital Source Logo

BoeFly Review: Pros, Cons, & How to Apply

Most small businesses need financing at some point, whether to fund startup costs, expansion, or manage working capital. However, the number of available lenders makes it daunting to find the best option.

boefly review, logo, small business loans

Lending marketplaces like BoeFly try to solve that challenge by connecting borrowers directly to the lenders that best match their needs. But it might not be the right fit for every business or funding need.

We can help you decide if BoeFly suits your company by breaking down the pros, cons and how to apply. Specifically, we’ll answer these questions and more:

We will help you grow your small business.

Join our Newsletter for great tips and updates.

    What is BoeFly?

    job, office, team, business loan

    BoeFly is a small business lending marketplace that helps connect business owners to its vast network of lending partners. The company does not directly fund loans but helps facilitate the lending process by finding lenders where businesses are most likely to qualify, securing necessary documents, and providing customer service. It states it wants to “accelerate your business forward.”

    One area that sets the company apart from similar lending marketplaces is the emphasis on franchise funding. The financial institution works with various franchisors to help vet and secure financing for franchisee leads.

    Small business owners benefit from the company’s financial technology that helps quickly identify how fundable the business is. This helps match you with lenders that can service your credit profile.

    BoeFly launched in 2010 intending to connect small business borrowers to lenders. It’s based in New York, NY. Various franchise brands began approaching the company about securing financing for their franchisee candidates, which helped power the company’s growth into its current status.

    How does BoeFly work?

    money, finance, mortgage. small business loans, business loan

    The lending marketplace’s network of lenders allows it to offer a wide range of small business loans. Unfortunately, it also means they don’t list borrowing amounts, rates, or terms, as those vary significantly depending on the small business lender.

    Here are the small business loans and services available through the online marketplace.

    Proprietary Franchise Sales and Financing System

    The company provides various services to facilitate the franchising process, including business loans for franchisees. Franchisors get a convenient tool, bVerify, to streamline doing due diligence on franchise candidates.

    SBA Loans

    Some financial companies in the marketplace’s network are SBA-approved lenders. It does not specify which SBA loans are available. The US Small Business Administration (SBA) oversees the program and partially guarantees up to 85% of the loans. With backing from the federal government, lenders have the security to offer higher borrowing amounts at lower fees and longer terms.

    Conventional Business Loan

    Conventional loans refer to financing not involving a government entity like the SBA. The marketplace’s lenders include banks, credit unions, and alternative lenders that can offer conventional loans. These term loans offer a large borrowing amount, repaid with interest and fees in fixed monthly payments.

    Other Small Business Loans

    Other financing options include:

    What are the qualifications for BoeFly?

    The qualifications largely depend on the financing product. Unfortunately, BoeFly does not publish the minimum eligibility requirements for each product offered.

    Instead, potential borrowers complete the application. The company’s financial technology (fintech) analyzes your credit history, revenue, time in business, borrowing needs, and other factors and then matches that to lenders in its network.

    Customers with excellent credit are more likely to qualify for SBA and conventional loans. Lower credit score business owners are more likely to qualify for MCAs or invoice factoring.

    For BoeFly, You Need to Know That:

    The company uses a proprietary data collection system to match you with the right lenders. While there’s no guarantee that you will get approved, the process is designed to increase your approval odds significantly.

    Some online reviews suggest the company may charge an origination fee. However, whether BoeFly charges the fee or the loan broker charges it is unclear. Depending on the lender you work with and the financing you get, there might also be a prepayment penalty if you pay off the debt early.

    While the company matches you to the lenders where you have the highest chances of approval, it’s up to you to decide if that lender is right for you. Carefully review all disclosures to ensure you understand the rates, fees, terms, and responsibilities.

    There is no minimum credit score requirement to apply. The company will access your credit report with a soft credit pull, which won’t impact your credit score. The marketplace doesn’t provide much detail on the available loans, but you can get some helpful information on the BoeFly FAQ.

    BoeFly offers a business loan referral partner program for independent sales organizations (ISOs) and business loan brokers. Brokers can use the company’s fintech platform to connect their small business clients to its lender network.

    It also offers a white-label option to put your branding on the company’s platform so your customers only see your info. The service gives brokers full insight into the loan process so they can advise clients and set and manage expectations.

    How to apply to BoeFly:

    BoeFly’s application process helps connect directly to lenders, where you will finalize the process. Follow these steps to apply.

    Step 1: Financial Review & Application 

    As a small business owner, you’ll get the ball rolling by creating an account and providing some basic information. The company analyzes your finances to determine how fundable your business is.

    Next, you’ll complete a single application that goes to multiple lenders. BoeFly gives you transparency in the process so you can track the status of your loan application.

    Step 2: Connect with Lenders

    The company connects you with lenders where you’re most likely to qualify. At this point, you’ll follow the lender’s process to complete the application.

    Step 3: Finalize and Get Funded

    Once you finalize and close the loan, the lender issues you the loan proceeds. Funding times can vary significantly depending on the product.

    Some small business loans, like SBA loans, can take weeks to close and fund. Others, like a merchant cash advance, could provide funding within 48 hours.

    BoeFly, Post Funding:

    The repayment process varies depending on your small business loan. SBA and conventional loans will carry fixed monthly payments.

    Other financing structures might require weekly or daily payments. Ensure you understand the repayment process before agreeing to a loan contract.

    What are the advantages of BoeFly?

    finance, facade, reflection, small business loans, business loan, franchise sales, financial institution

    One of the primary benefits of BoeFly is its franchise expertise. The company has a robust platform to facilitate the franchise process, including loans to acquire a franchise or multi-units.

    Small business owners at all levels of creditworthiness can apply because it works with such a diverse group of lenders. The range of lenders also means you can get flexible terms.

    The company provides a single application that goes to multiple lenders. It saves you the time of having to research and apply to multiple individual lenders.

    Fast funding is available depending on the lending product. If you indicate you need urgent financing, the company will try to match you with a lender that provides quick funding times.

    The website is secure and provides secure document storage. You can be assured your information is safe with the lending marketplace.

    What are the disadvantages of BoeFly?

    It isn’t easy to ascertain the available lending products, borrowing amounts, rates, and terms from the company. This is one of the drawbacks of its vast lender network.

    The timeframe for approval and funding is open-ended. While it will try to match you to fast business loans if you need urgent funding, the company cannot guarantee quick funding. It does not provide a timeline for how long it takes to get funded.

    BoeFly Pros & Cons:

    seek, help, faq


    • Offers franchise funding and expertise.
    • Small business owners with any level of credit can apply.
    • A diverse range of business funding options.
    • Possible fast funding options.
    • Secured website & document storage.


    • Doesn’t provide borrowing amounts, rates, or terms.
    • Doesn’t specify a timeframe for how long it takes to get funding.

    Apply for business funding through United Capital Source today.

    Frequently Asked Questions

    Is BoeFly legit?

    Yes, BoeFly is a legitimate online small business financing marketplace and fintech platform. The company is Better Business Bureau (BBB) accredited and has an A+ rating on the watchdog site.

    What do BoeFly reviews typically focus on?

    Despite more than a decade in business, BoeFly has a surprising lack of customer reviews. On a loan broker review site, a broker referred to the company as a stealthy giant.

    It doesn’t have any Trustpilot or Google reviews, and only three reviews on the BBB. It has a few reviews scattered across various other sites.

    Of the available feedback, the company has a mostly positive reputation. Several customers talked about the company’s customer service team, with a few mentioning their agent by name. There are also multiple customer success stories on the BoeFly website.

    One of the only negative reviews available comes from the BBB, where a customer complained about not receiving a PPP loan. A negative review from a customer on Best Company claims they paid a fee of $1,200 but never received their loan or a refund on the fee.

    What if BoeFly declines me?

    When you apply to lenders through BoeFly, there are two chances of being denied. The company may determine you don’t have the financials to be fundable. The second option is that BoeFly matches you to a lender who might deny the loan application during lending. However, the company tries to avoid the latter by ensuring it matches you where you’re most likely to qualify.

    If your application gets declined, the denial letter will explain why. You can contact the company directly if you need more information.

    Fortunately, there are plenty of lenders and lending marketplaces to consider if BoeFly doesn’t work for you. Several lenders offer SBA loans and business term loans.

    You might also want to consider one of the following small business finance options:

    Making Your Decision

    decision, path, signpost, business loan

    BoeFly is best suited for small business owners who need financing but are unsure where to start. In particular, it’s an excellent option for business owners looking to open or expand franchise locations. The platform helps both franchisors and franchisees complete the lead-to-close process.

    Entrepreneurs and business owners who want more control over where their information goes or which loan they receive might want to look for a different service. A highly qualified borrower can likely get more advantageous loans directly from a lender.

    Based on BoeFly’s available products, reviews, and platform, we rate the lending marketplace and fintech platform as a 3 out of 5. The company is a solid option for franchise businesses, but its lack of transparency could be an issue for other small business owners.

    Disclaimer: The BoeFly trademark is owned by BoeFly Inc. and its use herein is for reference purposes only and it does not indicate sponsorship or endorsement from BoeFly Inc.

    Apply for business funding through United Capital Source today.

    Why Choose United Capital Source?

    Why businesses choose UCS:

    Quick funding options that won’t affect credit
    Access to 75+ lenders with multiple products to choose from
    Financing up to $5 million in as few as 3 days
    1500+ 5 star reviews from happy clients!

    Ready to grow your business? See how much you qualify for:

      Current monthly sales deposit average to your business bank account?

      How much Working Capital would you like for your business?

      Need Instant Help?
      Call Us Now At:

        Current monthly sales deposit average to your business bank account?

        How much Working Capital would you like for your business?

        At UCS, we understand the value of your time and want to ensure that your application has a great chance of approval. Please take note of the following details before applying:
        • To be eligible, it’s necessary to have a business bank account with a well-established U.S. bank such as Chase, Wells Fargo, Bank of America, Citibank, or other major banks. Unfortunately, online-based bank accounts like PayPal, Chime, CashApp, etc., are not permitted.
        • When describing your current average monthly sales deposits to your business bank account, please provide accurate information. Our approval process is based on your current business performance, and it’s essential to provide accurate details about your current sales in the first question on the application form. We cannot approve applications based on projected revenues after receiving funding.
        We appreciate your understanding and cooperation in ensuring a smooth and successful application process.
        1500+ 5 star reviews
        1500+ 5 star reviews

        Take a minute, Get a FREE Consultation

        Your Connection is
        securely encrypted

        $1.3+ Billion Matched to US Businesses