Tuesday, October 8th
2024 Canadian Business Loan Reviews
Driven
- Over 700 5-star reviews from very satisfied clients
- Worked with more than 17,000 small- to medium-sized Canadian business since 2006
- Has funded more than $1 billion in loans
- Loans available from $500 to $300,000 with daily, weekly, or bi-weekly payments
- Terms range from 2-24 months
- Funding available in as little as 24 hours
- Minimum requirements: in business for at least 6 months, credit score of 600+, annual revenue of $120,000+, have a business bank account
- 24 hour support
Formerly Thinking Capital, Driven has become a Canadian fintech leader, assisting 17,000+ businesses since 2006, with a $1 billion loan portfolio. The eligibility process requires a 600+ credit score, six months in business, and $120,000+ annual revenue. Quick approval and funding are just part of what businesses love about Driven, along with the flexible options of daily, weekly, or bi-weekly repayments on loans ranging from $500 to $300,000. Driven's glowing client reviews, exceptional client support, and strong industry partnerships have helped this lender maintain its top-tier position among Canadian business loan providers.
iCapital
- Borrow up to $250,000
- Get a term loan, merchant cash advance, secured business loan, or line of credit
- 98% approval rate
- Funding typically within 48 hours
- Eligibility requirements: in business for at least 6 months, over $100,000 in annual sales
- Daily or weekly repayments
- Backed by DC Bank
- In business since 2007
iCapital, a Canadian digital lender since 2007, offers business loans up to $250,000 with a 98% approval rate. Backed by DC Bank, it provides various lending products, including term loans, merchant cash advances, and possibly lines of credit. However, there are discrepancies in information on the iCapital website, especially with respect to repayment details. And, despite a decade in operation, iCapital has a "Not Rated" status with the BBB and limited customer feedback. While credible enough to earn a respectable rating from us, iCapital has a ways to go before earning a higher ranking among business loan options in Canada.
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Whether you're a budding entrepreneur embarking on a new venture, or a seasoned business owner with a family legacy, the need for financial support is inevitable. At some point in your business journey, you will likely find yourself in need of a loan to bridge the gap between profits and expenses, address unexpected payroll issues, or capitalize on a surge in customer demand.
In recent years, applying for a business loan online has gained immense popularity for several reasons. One significant factor contributing to this trend is the accessibility and convenience offered by online lending platforms. Unlike traditional banks that often involve lengthy processes and extensive paperwork, online lenders streamline the application process, making it far simpler for business owners in need of funding.
Canadian Business Loan FAQ
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Online platforms provide a user-friendly interface that allow business owners to easily navigate through the loan application process. This simplicity makes it easier for individuals who may find traditional financial applications complex or intimidating. With clear instructions and helpful online support, these platforms empower entrepreneurs to take control of their financial needs without being overwhelmed.
Another reason why online loans are so popular is the speed of the loan approval process. Traditional banks may take weeks or even months to approve a loan, causing delays in crucial business operations. Instead, online lenders leverage technology to expedite the evaluation process, providing swift responses to loan applications. This quick turnaround time is particularly beneficial for small businesses that may need timely financial support to address unexpected challenges.
The question then arises: where should you seek a business loan? While your first inclination may be to approach the financial institution where you already hold personal or business accounts, convenience doesn't always translate to being the best financial option. Local banks may lack the motivation to provide the most competitive rates, and smaller banks might not possess the resources for substantial loans.
Fortunately, Canadian business owners have a range of choices when it comes to securing a loan. While local banks remain a viable option, there are reputable online lenders that simplify the application process, offering the possibility of receiving funds within a business day or two. You'll want to compare offers from both local and web-based lenders to identify the loan that offers the most favorable rates and terms for your specific needs.
Determining which lender is the right fit for your business involves considering various factors:
- Loan application process. Evaluate the ease and speed of the application process. Can you complete it online, and how long does approval and fund disbursement take?
- Loan requirements. Check the eligibility criteria, considering factors such as business tenure, gross revenue, and the need for collateral.
- Loan amount and rate. Understand how much you can borrow, the interest rates, and the repayment duration.
- Reputation. Research the lender's reputation. Look for feedback from other businesses, consider the Better Business Bureau's ratings, and seek insights from the lender's clientele.
To assist Canadian entrepreneurs in navigating these considerations, Top Consumer Reviews has diligently reviewed and ranked the best business loan providers. Our goal is to equip you with the information needed to secure the funding essential for your company's growth and success. Whether you're a startup or an established business, we hope our insights guide you toward the right financial partner. Here's to your business thriving and flourishing!
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