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Lender
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Driven

Finanso.Multilogin™

About lender

Driven is a Canadian fintech offering financial and analytic services to small and medium businesses in Canada. The lender offers its customers credit lines - revolving loans within established limits of funds to borrow and lower rates.

Driven is a lender providing flexible on-demand credits with no requirements for business purposes to companies operating in various areas. It was registered at the end of 2005 and in 2006 started to extend loans accompanied by several additional services, like data science and technologies. The lender’s declared purpose is to make the life of small to medium Canadian companies easier. Over $1B in financing has been granted to 17,000 Canadian small and medium-sized companies since 2006.

Features

The services Driven provides to small and medium businesses possess several unique features. One of them is the main principle of Driven: to grant on-demand funds within open credit line limits and internal arrangements of such lines. Having opened a credit line, a business may use as much money as it needs within the credit limits and pay the interest on the amount borrowed. Therefore, for small and medium businesses, it may be of great sense to get the money when necessary and of the amount required.

The loan periods established by Driven are notable. The options available are offering 2, 3, 4, 6, 9, 12, 18, or 24-month terms. The short-term credits afford owners of small to medium businesses to get quick and urgent money to deal with cash deficiency, cover special urgent needs, and improve current operations and activities. The long-term credits support a general planned growth and development.

Within the credit limits, a client can draw money several times. Each draw within the line is arranged as a separate loan with interests, repayment terms, and a schedule. This arrangement allows to manage everyday operations more precisely and avoid losing time for other funding in case it is needed.

Moreover, Driven does not request the client to declare what exactly the funds are required for. The loan may be spent for various business purposes when a credit line opens. For example, the money can be used to pay invoices. Additional capital you can apply for can be used to make the purchases, investments, or fixes you need to grow and support your business. Renovations, inventory, expansion, equipment, marketing, and advertising are common.

Credit limits are updated monthly and depend on the number and amounts of draws and repayments.

Driven claims not to have hidden fees in the small print, the borrowing rate is fixed, and interests are included in repayments.

The lender supports businesses in different industries: grocery stores, retail, construction, restaurants, bakeries, health and beauty, e-commerce, and many others.

Driven allows a simple and convenient online application process, and its support services are available 24/7. In addition, on the website, the lender has an online business loan calculator allowing one to understand whether it is worth applying for a loan. All these features are pretty helpful.

It is reasonable to say that the credit principal amount can be paid off earlier without penalties, which, in some circumstances, ensures interest savings. However, this option is available only when not less than 1/3 of the principal has already been paid.

For its business loans, Driven offers customers to select the repayment schedule. However, the choice is only between daily, weekly, or bi-weekly plans. No bi-monthly or monthly repayments are on the list.

Driven is accurate with the assessment of potential clients. The corporation verifies the borrower's income, credit history, and business activities and may require additional references and/or guarantors. The corporation would get bank statements and income records not only for the company asking for a business loan but also for the company's owner. This strict attitude is good for the corporation's stability on the one hand but requires additional efforts from the borrower.

Generally, the loans provided by Driven are unsecured. Therefore, they do not require collateral, but there are cases when collateral is implemented for the corporation to ensure repayment.

Pros and cons

Summing up all those mentioned above, we can determine the following strong and weak sides of the services Driven Financing Technologies Corporation provides.

Pros

  • The online application process is quick and convenient.

  • Support services are available 24/7 – staff and bots during office hours, bots – out-of-office hours.

  • The funds are provided on demand within the open business loan limits.

  • Credit limits are updated monthly.

  • The credit period can be as short as two months and as long as 24 months.

  • Every draw is a separate case tailored to the client’s needs.

  • Upfront pricing.

  • The interest rate is fixed.

  • There are no hidden fees.

  • There are no restrictions on the specific intended use of the business loan.

  • The borrower may select from daily, weekly, or bi-weekly repayments options.

  • Early payments may save the loan interests.

  • The lender supports a wide variety of businesses.

  • There is a business loan calculator on the lender’s website to make approximate calculations of the credit.

  • The information on exact payments is available whenever the borrower draws funds within agreed limits.

  • Early repayment is available.

Cons

  • The corporation does not offer semi-monthly or monthly repayment options.

  • The business should earn at least $3,000 per month to get a credit line open.

  • To apply for a credit line, the business should have run for at least three months with an active bank account.

  • The lender checks the personal credit history of the business owner.

  • The lender within the application assessment may require the customer to provide a guarantor or references.

  • Although the loans are generally unsecured, Driven may put a lien on some assets of the borrower’s business assets.

  • There is no exact information on the website on the general interest rate and costs of the credit.

Loan conditions

Conditions for the first loan

The loan application should be appropriately filled in with an indication of all required details as well as all the particulars requested via a personal account that has to be registered at Driven’s website must be provided. In addition, the appropriate bank statements should be attached. The loan interest rates vary in many aspects, taken from the details of the application and accompanying relevant information. The exact cost of the borrowing will be determined when the application process is finalized before a loan commitment is offered for signing.

The interest is fixed following the loan agreement signed and included in the repayments. A repayment schedule may be selected from daily, weekly, and bi-weekly options. The borrower may choose any suitable for his/her business activity.

Conditions for following loans

Having positively considered the application, Driven establishes a credit limit, and the borrower may take as much as necessary within the limits set. The credit is refilled to the returned amount as the borrowed amount is repaid. Every month the limit may change following the re-assessment of the business asked for a loan.

Methods of a loan funding

Once a credit is requested and a business loan agreement is signed, funds are transferred to the account the borrower has chosen and connected. Then, funds are deposited into the business chequing account between 24 and 48 hours. In the case of the first credit, additional verification may be required before the funds are sent.

FAQ

What is Driven?

Driven is a Canadian fintech offering quick lending solutions to small and medium businesses. The company provides on-demand capital with flexible withdrawal terms and at lower rates.

Who owns Driven?

Driven is owned by Driven Financial Technologies Corporation, a federal corporation entity registered with Corporations Canada in November 2005 and based in Toronto. The company has offices in Montreal, Ottawa, and Toronto. Driven is a subsidiary of Purpose Financial, a diversified financial services platform focused on addressing underserved market segments.

How do you qualify for Driven?

  • To be qualified for the loan with Driven, a business should meet the criteria as follows:

  • to be legally registered;

  • to be based in Canada;

  • to have not less than $3,000 monthly revenue;

  • to have been operating not less than three months with a dedicated business bank account;

  • to have a good credit history;

  • the owner of the business has a good personal credit history.

How much can you borrow from Driven?

Driven provides business loans from $500 up to $300,000 for 2, 3, 4, 6, 9, 12, 18, or 24 months. The loans are available as revolving credit lines within limits settled. The credit limit is refilled again once the borrowed amount is paid off. The credit limits are periodically reconsidered.

Is Driven a legitimate company?

Driven Financial Technologies Corporation is a legitimate company registered according to Canada Business Corporation Act. It operates following the current Canadian legislation and is committed to the Ontario Human Rights Code and the Accessibility for the Ontarians with Disabilities Act. Business Number: 817158470. Corporation ID: 6482091.

Company documents

Terms & Conditions
Privacy Policy
Accessibility

Whenever you need us, whatever you need us for, we've got you.

© Driven

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What to pay attention to when applying for a loan from Driven

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Driven from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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