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Driven Review

Thursday, May 30th

2024 Canadian Business Loan Reviews

Top Consumer Reviews Best-In-Class Blue Ribbon Award Driven Review 5 Star Rating

Driven

5 Star Rating
  • 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
Top Consumer Reviews Best-In-Class Blue Ribbon Award

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.

Best Canadian Business Loans

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.

Who Offers the Best Business Loans in Canada?

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.

The Best Canadian Business Loans Compare Canadian Business Loans Compare Canadian Business Loan Reviews What are the best Canadian Business Loans Best Canadian Business Loan Reviews

Canadian Business Loan FAQ

Business loans are available for just about any need: equipment financing, merchant cash advances, working capital, and much more. While you'll have to provide details about your business to apply and qualify for a business loan, once you've received the funds you can usually use them for whatever your company needs.
There are several types of lenders when it comes to business loans. You could get funding through a traditional bank or credit union, either locally or online. There are also peer-to-peer lending platforms that allow smaller financial institutions and even private investors to fund business loans.
You'll definitely pay interest on your business loan. Rates typically range from 1.5% to as high as 36% APR. You may also have origination fees of up to 6% of the loan amount, depending on the lending partner you select.
That always depends on the lender. Some providers of business loans require you to have a certain length of time in business or a minimum amount of gross annual sales to even apply. It's a good idea to determine those requirements before you begin the application, to save yourself some time and hassle.
Most of the time, you can complete the entire business loan process, from application to funds transfer, 100% online. That's a huge convenience for busy business owners like you, who might be applying outside of traditional bank hours.
Most lenders offer business loans ranging from $2,000 to $500,000. The amount you're approved for will depend on the lender you select and your business situation: naturally, the longer you've been in business and the more profitable you've been, the more likely it is that you'll be approved for a large loan.
You should have the proceeds of your business loan in your account within a week. However, if you need the money sooner, look for a lender that offers next-business-day funding. And, keep in mind that those timeframes are based on when you accept the loan offer you get, not just when you finish the application. Your business loan may require extra verification steps, like documentation of income and expenses, before you receive a funding offer.
Any time you take out a loan, you run the risk of defaulting. Be sure to only borrow what you need and maybe a little extra, and have a clear plan for making on-time loan payments. Many providers of business loans offer education and counseling at no extra charge, if you could use help in determining how much to borrow and how to use the loan wisely to maintain and grow your company.
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Continued from above...

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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