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Find A LenderDriven: Overview
Since Driven first launched onto the Canadian financial scene in 2006, they’ve provided more than $1.6 billion in funds to over 20,000 Canadian small and medium-sized business owners. Funds can be used for just about anything, from minor cash flow issues to more significant financial difficulties. Driven is committed to helping business owners with the capital, support, and innovative solutions they need as they face new challenges, uncertainty, surprises, and opportunities every day.
Our Verdict
| Who is Driven best for? | Best suited for businesses that: – Are in operation for at least 6 months – Generate at least $120,000 in revenue per year – Have good credit |
| What we like about Driven | – Large Loan Amounts – Flexible Terms – Flexible Use Of Funds – No Hidden Fees |
| What we don’t like about Driven | – Minimum Credit Score Of 600 Required – Not Suitable For Start-Ups |
What Does Driven Offer?
Driven business loans help entrepreneurs cover just about any financial need they may have throughout their operations.
One of the unique features of Driven’s business loans is that you have the option to either take a one lump sum payment, or tap into your loan on an as-needed basis, like a traditional line of credit. Each withdrawal has its own fixed repayment schedule. When you pay back what you’ve withdrawn, your credit limit is refreshed.
Your credit limit may be revised based on your business revenues, and payments are automatically withdrawn from your bank account.
Driven Business Loans: Snapshot
| Loan Amount | $10,000 – $300,000 |
| Loan Term | 3 – 24 months |
| Funding Time | As little as 24 hours |
| Repayments | Daily or weekly payments |
| Basic Requirements | – Minimum 6 months in business – Minimum credit score of 600 – Minimum annual revenue of $120,000 – Business operating in Canada |
Qualifying With Driven
To qualify for a business loan from Driven, you must meet the following criteria:
- Minimum Credit Score: 600+
- Minimum Time In Business: 6 months
- Minimum Annual Revenue: $120,000
- Operations: In Canada
- Other Requirements:
- Active business bank account
- Business existing as a corporate entity
- Business is in good standing
How To Apply With Driven
To apply for a business loan from Driven, follow these steps:
Step 1: Provide Your Personal information
Enter your personal information, including your:
- Name
- Phone number
- Email address
Step 2: Provide Information About Your Business
Enter information about your business, including:
- Business name
- Date business was established
- Average monthly revenue
Step 3: Connect Your Bank Account Information
You’ll need to provide a bank connection and bank statements from the last 6 months when you apply for a loan from Driven. Connecting your bank account information is done for the purposes of verifying your finances, depositing your funds, and withdrawing your loan repayments
Step 4: Sign The Loan Agreement
Once you’re approved for a loan, you’ll sign the loan agreement. Make sure to review the contract and understand all terms, including your repayment obligations.
Step 5: Get Funded
The funds will be deposited in the account of your choice in as little as 24 hours. For your first draw, additional verifications may be necessary before the funds are released.
What We Like About Driven
Driven offers several benefits, including the following:
- Large Loan Amounts. Borrow anywhere from $10,000 to $300,000, making Driven’s loans useful for both minor and more significant funding purposes.
- Flexible Terms. Choose loan terms from 3 to 24 months, with the ability to draw as much or as little as needed, like a line of credit.
- Flexible Use Of Funds. Use the funds from your loan to cover just about any business-related need.
- No Hidden Fees. Driven is very transparent about the pricing structure, so you’ll know exactly how much you’re paying for your loan upfront.
What We Think You Should Watch Out For
Before applying for a loan from Driven, be wary of the following potential drawbacks:
- Minimum Credit Score Of 600 Required. Driven conducts a credit check and requires a credit score of at least 600 to qualify for funding. So, bad credit borrowers may have a tough time getting approved. However, even with bad credit, Driven may look at other factors and offer different pricing terms.
- Not Suitable For Start-Ups. Your business will need to generate at least $120,000 in annual revenue and be in operation for at least 6 months to qualify for funding.
Is Driven Safe?
Yes, Driven Financial is safe. The lender is well-established in Canada with a strong reputation, and has provided over $1.6 billion in funds to over 20,000 businesses since 2006. The company uses SSL encryption and multi-factor authentication to ensure secure transactions. Plus, it has hundreds of positive reviews from customers on Trustpilot and Google.
What Do Consumers Think Of Driven?
Based on online reviews, Driven has a positive reputation among customers:
| BBB Accredited + Rating | Not BBB accredited |
| Google Rating | 4.5/5 stars 268 Google reviews |
| Trustpilot Rating | 4.9/5 stars 958 reviews |
| Social Media Presence | LinkedIn: 13K followers X: 731 Followers Facebook: 19K followers |
| Physical Location | 130 Adelaide St W, Suite 3100 Toronto, ON M5H 3P5 |
How Does Driven Compare To OnTap Capital?
Business loans are available from other lenders, including OnTap Capital. So, how does Driven compare with OnTap Capital? The following chart compares the two:
| Driven | OnTap Capital | |
| Financing Options | – Business loans | – Merchant cash advances – Bridge financing – Secured property loans- Lines of credit |
| Amounts | $10,000 – $300,000 | $10,000 – $2 million |
| Terms | 3 – 24 months | Up to 36 months |
| Repayment Options | – Daily – Weekly | – Daily – Weekly – Bi-weekly |
| Funding Time | In as little as 24 hours | 24 hours |
| Availability | All across Canada | All across Canada |
| Eligibility | – Minimum 6 months in business – Minimum credit score of 600 – Minimum annual revenue of $120,000 – Business operating in Canada | – Own a business for a minimum of 1 year – Minimum revenue of $25,000/month |
Final Thoughts
If your business is looking for fast and flexible business financing, Driven is a great option. However, while the lender provides accessible funding, it’s not suitable for start-ups, given the minimum annual revenue and time in operation required. Carefully review the terms of Driven’s business loans to ensure they align with your financial needs and goals before applying.
