Driven Review

Saturday, January 18th

2025 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 known as Thinking Capital, Driven has established itself as a pioneering force in the Canadian fintech industry, supporting over 17,000 small- and medium-sized businesses since its inception in 2006. With a lending portfolio exceeding $1 billion, Driven provides a range of fixed and flexible funding options, accommodating daily, weekly, and bi-weekly repayment terms.

Do you meet the eligibility criteria?

Driven's eligibility criteria require you to have a 600+ FICO score, at least six months in business and an annual revenue of at least $120,000. Not sure if you're eligible? You can always enter the amount of the funding you need and the length of time you've been in business, plus your contact info and the purpose of your loan. If you meet the basic criteria, you'll get a "congratulations” message and a link to continue your application.

Apply in 10 minutes or less

You'll then complete a brief 10-minute online form after creating an account on their platform. You can even connect to QuickBooks to make it go faster. The verification process involves confirming your account via email, so no fakes allowed if you're serious about getting a business loan. After providing basic business information, contact details, and financing needs, you may need to upload a government-issued photo ID and a void cheque from your business account. Depending on the loan amount, additional documentation may be necessary. Expect confirmation within 24 hours, and if approved, funds could be accessible within 48 hours.

Lots of advantages

While you'll have to sign up for an account at Driven (or call for a consultation) to determine the details of your particular business loan, there are some big perks offered by this Canadian lender that put it above the competition. First off, you can borrow as little as $500 or as much as $300,000, a much broader range than most institutions offer. Your repayment terms could be daily, weekly, or biweekly, and the term of your loan could extend over 2, 3, 4, 6, 9, 12, 18, or 24 months. The Driven team will work with you to create a total package that makes sense for your business: one that will help you get the funding you need now, without putting you in dire straits down the road. There's even an express option to get funding of up to $20,000 quickly.

All the benefits of both term and line of credit loans

And, the way Driven structures its business loans is somewhat of a line of credit hybrid. When you finish your application, you'll know the total amount you're approved for, but you can borrow only the amount you need at the time. Each draw you make comes with its own fees and terms, clearly disclosed at the time, and only the amount you borrow is counted as a loan in your credit history (not the total pre-approved limit).

Business owners get the funding (and support) they need

Driven's reputation is rock-solid, due in part to the lender's partnerships extending to major financial institutions like Alterna Bank, Meridian, and Moneris. Although we still didn't find a Better Business Bureau rating for Driven, client feedback is plentiful and enthusiastic. Out of nearly 850 client reviews, 92% rated Driven with 4 or 5 stars. Clients praise the business loan experience here from start to finish, describing it as "timely," "transparent," and "supportive." The customer service team also receives accolades (often by name) for their friendliness, knowledge, and professionalism.

New name but still #1 for business loans in Canada

The team at Driven knows exactly how to help your business with the funding to grow, adapt, or take care of the unexpected. You can trust that you'll get the guidance you need if you apply for a business loan here, and that you'll have a dedicated support team on your side. Driven may have a new name, but they've kept their former first place spot on our list of options for Canadian business loans.