Frequently Asked Questions

What is Boonfi?

BoonFi is a lease program that provides hearing aids through affordable monthly payments. The program is like a car or cell phone lease. Because BoonFi is not a loan, there is no interest rate. Customers pay monthly leasing fees.

How does BoonFi work with AllWell?

Applicants that do not qualify for the AllWell program are instantly reviewed for possible approval for a BoonFi lease. One simple application, reviewing prime to non-prime credit customers and combining to provide the highest approval rate in the industry.

What is a closed-end consumer lease?

BoonFi’s closed-end consumer lease is an agreement that offers fixed monthly payments over a fixed period of time. A customer may purchase the hearing aids outright at any point during the lease or when the lease ends. Customers wishing to purchase their hearing aid at the end of the term will do so by paying the residual amount.

How is this lease different than a loan?

With a loan, a lender loans money to a person whom agrees to repay the loan amount with interest over time. The person can use the loan money however they wish. With this lease, BoonFi purchases the hearing aid for the customer and then leases the hearing aid to the customer for a monthly fee - the customer does not own the hearing aid unless they elect to exercise the purchase option, typically at the end of the lease term. If the customer does not want to purchase the hearing aid, they must return it to BoonFi at the end of the lease.

How is BoonFi different than a traditional lender?

If approved, BoonFi guarantees you access to use a hearing aid for a fixed monthly payment. During the term of the agreement, BoonFi is the owner of the hearing aid and leases it to you. You can purchase the hearing aid from BoonFi at any time and end the lease. At the end of the lease term, you can choose to purchase the hearing aid from BoonFi for the residual amount or return it to BoonFi.

Who is BoonFi’s Customer?

Anyone who does not have perfect credit. Our specialty is in approving customers with no-credit, and non-prime credit. BoonFi is also a good option for customers on fixed or limited budgets who would like known, fixed payments for the term of the lease.

What does it cost to apply?

Nothing! It is free to apply.

How do I apply?

You can see if you pre-qualify without impacting your credit, so there is no risk to apply. You simply fill out the application form, we enter it into the computer and we will receive an answer within seconds.

Will applying with BoonFi affect my credit?

Customers can pre-qualify without impacting their credit. This is called a soft credit check. If a customer is pre-qualified and elects to move forward with the application, the next step is to apply by agreeing to a hard credit check. The credit check will be reflected in their credit report.

How long do approvals last?

Approvals are valid for 90 days, however a customer can re-apply after 60 days.

How much can customers get approved for?

Up to $5,000, based upon credit history. Not all customers qualify or are approved.

How long will my term be?

Terms are up to 36 months.

What do I have to pay today?

A cost reduction payment is due at lease signing. The cost reduction payment reduces the total amount financed, and thus, the cost of the lease. The first monthly payment will be due approximately thirty days after delivery of the hearing aids. No security deposits required.

Will the monthly cost change over time?

No. Monthly payments are fixed throughout the term of the lease. Late fees may apply if payments are past due and a processing fee will be charged for each monthly payment made by mail-in check.

Can the customer make a higher monthly payment then they owe?

Unlike a loan or a credit card, it will not benefit the customer to pay more than their monthly lease payment. In other words, to overpay one month will not shorten the lease because the fees and term are set. However, if the customer would like to purchase the hearing aid and end the lease early, they may elect to use the Early Purchase Option.

Can a customer get a lower Monthly Payment?

The customer’s monthly payment may be lowered by increasing the cost reduction payment at the lease signing. The cost reduction payment must be large enough to reduce the monthly payment.

What are the monthly payment options?

BoonFi recommends using automatic monthly payments directly from the customer’s checking account. This takes the work out of making payments. Customers may also pay by mail-in check. The first monthly payment is due approximately thirty days after deliver of the hearing aid.

Who does the customer pay?

Payments are made to BoonFi. They should receive a monthly invoice by mail within 10 days of signing their lease agreement.

How does a customer contact BoonFi?

BoonFi is available by phone six days a week during business hours at 1-800-215-4126. You can also email questions
to info@BoonFi.com

What if the customer doesn’t like their hearing aid?

BoonFi honors Sam’s Club return policy. During the trial period, a customer may cancel his or her lease agreement, return the hearing aid to Sam’s Club, and obtain a full refund from BoonFi.

What if I have more questions?

BoonFi calls each customer within a few days after he or she signs the lease. The representative will be happy to answer any additional questions the customer may have.




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