With each Driven.ca review, you can see why this company has such a good reputation. Driven.ca is one of the best lenders that come to mind when thinking of “Flexible terms”.
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Last Updated: Sep 17, 2023
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Based on a Trustpilot score of 4.5 and over 804 reviews, millions trust Driven.ca to get their business loans. In addition to loans, they have no hidden fees or collateral requirements. And with an all-online application process available, Driven.ca offers an easy way to get a loan.
Most Canadians take out loans daily and are left paying exorbitant interest rates. If you are applying for a loan from an online lender, you should consider Driven.ca.
Today, we’ll introduce you to Driven.ca and discuss the pros and cons. And in this Driven.ca review, we will also cover the application process, services, and frequently asked questions.
Driven.ca is one of the well-known lending companies, thanks to its loan options. But the loans are not the only thing to love about Driven.ca.
The company has an integrated business loan calculator that makes a customer’s life easier. Believe it or not, that’s not all Driven.ca offers. On the contrary, it boosts Driven.ca Insights and top security features.
Driven.ca Insights is an excellent resource for determining how your company compares to competitors. You can also keep track of your business performance and cash flow.
Security is one of the major selling points. Driven.ca has a Secure Socket Layer (SSL) on top of the multi-factor authentication. Furthermore, the company has an excellent reputation, evidenced by its 4.5-star rating on Trustpilot.
But that’s not all Driven.ca has put forward. If you want to learn more about how the company, including the pros and cons, continue reading our Driven.ca review!
Now let’s get into the main event: The pros and cons of Driven.ca.
So, why is this Canadian company voted one of the best loan lenders? For all the reasons listed below:
After approval, you can get access to your loan within 24 hours. If you need cash right away, Driven.ca is an excellent choice.
Unlike traditional banks, you don’t need to set foot in a branch to apply for a loan. Instead, you can apply for a loan online.
Where most online loan lenders have hidden fees, you only need to pay interest rates.
Driven.ca operates in more than 300 industries, including restaurants, construction, bakery, etc. This is one of the key things that distinguishes Driven.ca from other lenders.
You’ll need to put up a specific asset when you apply for a loan. However, collateral is not required to get a loan from Driven.ca.
Like many other lenders, Driven.ca has some drawbacks that may not make it an excellent choice for your needs. Please look at these cons and assess whether they outweigh Driven.ca’s cons.
Since Driven.ca automatically deducts payments from your account, you need to have sufficient funds. Otherwise, Driven.ca charges a high insufficient fee if you don’t have enough funds.
Unlike other lenders, Driven.ca offers a repayment starting at two months. This is particularly limiting for borrowers when repaying the loan.
Driven.ca does not allow co-applicants. This means borrowers cannot apply for a loan with a co-applicant.
In this section of our Driven.ca review, we discuss the most crucial thing: Driven.ca products and services. As one of the leading loan lenders in Canada, Driven provides a variety of loans with no hidden fees and zero collateral.
And according to the Driven.ca small business loans review, starting a business is one of the reasons why customers use Driven.ca loans.
Below, we will explore each service alongside who they are best for:
The small business loan amounts range from $500-$300,000. And the interest rates start from 9.99%. According to Driven.ca’s small business loans review, this is significantly lower than other lenders’ rates.
Moreover, besides the appealing low-interest rate, customers can take advantage of the lending terms of up to 24 months. Depending on your preference, Driven.ca also offers customers daily, weekly or biweekly payments. And, as if that’s not enough, Driven.ca also ensures your loan is deposited into your account within 24 hours.
You can get a business line of credit if you want to buy business assets or cover expenses. The business line of credit is recommended for those looking for financial support.
As a major plus, you can choose between a cash flow and a business line of credit. Aside from that, you can opt for business equity or a standard business line of credit. Driven.ca business loan reviews show that many Canadians benefit from a business loan line of credit because there are flexible repayment options.
Hang on because there is more coming from our Driven.ca review. Their business loan calculator offers an easy and convenient way to calculate your loan repayment terms. But wait, how does it work?
Enter the loan amounts, terms in months, and the interest rate per year. It will calculate your monthly repayment and total interest rate.
The Business loan calculator is not the only feature our Driven.ca review covers. Driven business insights are designed to give you real-time cash flow forecasting. The feature also allows you to benchmark your company’s performance against competitors.
Undoubtedly, the quality of the products and services is one of the essential factors to consider when choosing Driven.ca. Driven.ca is aware of this and only offers the best quality.
Although it has adequate precautions in place, there are still some things that might go wrong. In such situations, the company’s customer support is helpful. For starters, Driven.ca has a help center packed with articles with valuable information.
Besides the help center, Driven.ca also provides customer support via email dedicated to clearing up any of your concerns. Suppose you are unable to get help by emailing customer support. In that case, you can call their customer support team between 8:30 am — 5:30 pm from Monday to Friday.
Alternatively, you can reach out via their live chat for extra support. And whether or not you’ve got a resolution to your problem, you can also talk to their virtual assistant after the operating times. Nevertheless, your issues will be handled promptly, as Driven.ca reviews will tell you.
According to Driven.ca reviews, the company offers a straightforward application process. Below, we will explain how to apply for Driven.ca loans.
Even though this is not your traditional bank, some eligibility requirements exist.
In contrast, other loan lenders require borrowers also to provide a credit score report which Driven.ca does not require. Since we covered the eligibility requirement in our Driven.ca review, let’s look at how you can apply for a Driven.ca loan.
Bear in mind that it may have to provide personal information. But you don’t have to provide a credit score report. Also, according to Driven reviews, the application process takes less than 10 minutes.
You can complete the application process for Driven in the following steps:
Note: Since Driven.ca can fund loans within 24 hours, it’s possible to apply in the morning and have your funds deposited into your account the same business day.
If Driven.ca services have not piqued your interest, there are some alternatives to consider. We’ll compare based on a few factors and see how each company stacks up against Driven so you can choose which is best for you.
How Driven compares against Loans Canada, OnDeck, and Merchant Growth.
|Driven.ca||Loans Canada||OnDeck||Merchant Growth|
|Interest rates||Not Fixed. Vary depending on the options.||5.40% – 46.96%||9.99% – 29.00%||12.99% to 39.99%.|
|Loan amounts||$500-$300,000||$300 – $50,000||$5,000 to $250,000||5,000 and $500,000.|
|Loan terms||Up to 24 months||3 – 60 months||6 – 18 months||6 – 18 Months|
|Fees||No application fee, origination, or brokerage fees.||No application fee, origination, or brokerage fees.||An origination fee of between 2.5% to 4%.||No application fee, origination, or brokerage fees.|
|Funds approval||24 hours||48 hours||24 hours||24 hours.|
|Repayment schedule||Daily, weekly, or monthly||Daily or weekly||Daily or weekly||Daily or weekly|
Loans Canada is an excellent loan lender that provides extensive services. Although it has more choices, its interest rate is 5.40% to 46.96%, which is relatively high. But Loans Canada loans more than make up for this with zero collateral requirement.
One drawback is that credit score checks are required. And it has slower funding times of 48 hours than Driven.ca’s 24 hours. However, Loans Canada has the benefit of extending loan terms of up to 60 months. Since Loans Canada is technically not a lender, it does not require a credit score.
Even so, Driven.ca remains an excellent choice for small business owners looking for a fast funding process. But if you are looking for more options beyond small business loans, we think Loans Canada might be worthwhile.
Both loan lenders offer 24 funding times and line of credit loans with no collateral. Besides these, you also get short-term loans from OnDeck ranging from 5,000 to $250,000.
Additionally, you’ll get the SBA Paycheck Protection Program (PPP) Loans. Even better for anyone looking for a low-interest loan with a longer term length.
However, when comparing interest rates and loan terms, there are some differences between these two lenders. For instance, OnDeck offers fixed interest rates of 9.99% – 29.00%, while Driven.ca’s interest rates vary. In addition, OnDeck also has a credit score requirement, whereas Driven.ca has none.
If you want a fixed-rate loan, you should consider OnDeck. And if you are not convinced, you can read our in-depth OnDeck review.
With 24 funding and zero collateral, Merchant Growth and Driven.ca have something in common. Merchant Growth offers Ecommerce financing and fixed financing. Whereas, with Driven.ca, you can look forward to more business loans. However, they both offer a line of credit.
Furthermore, as a loan lender, Merchant Growth offers the highest loan amount of $500,000 compared to Driven.ca. This is a valuable plus, especially for business owners. You can also check out our Merchant Growth review for all the details.
That said, Merchant Growth is an excellent lender to consider if you need more funds with repaid approval. And Driven.ca is a great choice if you have a poor or no credit score.
Considering all of the above, it’s safe to say that Driven.ca is a fantastic choice. Their straightforward application process will save you time. And their customer support is available to help you every step. If you want to take out a loan, you generally have two options: A small business loan and a line of credit. So if you are ready to get funded, hop on their website and join today. You won’t regret it!
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Yes, Driven.ca is a trustworthy loan lender that operates in Canada. It has received an outstanding 4.5 Trustpilot rating and has over 804 positive reviews.
Anyone in need of a business loan. If you need a quick loan, Driven.ca is also a great option. You can quickly get your loan within 24 hours of approval.
The Driven.ca line of credit works similarly to other lines of credit. Driven.ca offers a credit limit, which you use based on your needs. It is revolving, and increases as your business grows.
Driven.ca offers loans up to $300,000 and same-day funding. However, its loans are technically suitable for small businesses rather than personal use.
Yes, Driven.ca is an online-only loan lender.