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Lender
Rating by Finanso®
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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's application

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How to apply for a loan

Requesting a loan is a simple and easy procedure. It is possible to do it just from Driven’s website.

When you enter the website, look for the "GET FUNDED" button at the right-hand corner of the header and click on it. The "Get access now" window will appear. It is required to indicate your first and last name, phone number, company establishment date, average monthly revenue, name of the business, email address, and desired password. When everything is filled in, click the "GET STARTED" button. Your account will be created.

Then you need to enter your account, fill in all the fields, attach the required documents, and submit your application. The reply typically comes quickly.

Requirements

One of the most important questions for those looking for a loan is what you need to apply. To obtain a loan from Driven, it is required to provide:

  • precise details on the business you run,

  • bank details and statements concerning your company that prove it has been running at least three months or longer and it earns not less than $3,000 per month,

  • your credit history,

  • credit history of the company.

This is a broad set of documents. Considering the loan application, Driven may require additional data and confirmations as well as guarantors and/or references.

Application details

Driven is generally interested in quick reviews of loan applications. The time required for consideration depends on the quality and content of the information and documents submitted. If everything is in line with the requirements, Driven takes decisions quickly. The funds may be available within 24 hours from the date of signing of the Business Loan Agreement.

Reasons for rejection

The company’s loan application may be rejected if:

  • it does not contain the required documentation,

  • it contains false information,

  • the content of the application does not meet the criteria of Driven,

  • the company does not suit the requirements of Driven.

Like any company doing business, Driven Financial Technologies Corporation may reject some applications without explaining why.

FAQ

How long does it take to get approved by Driven?

There is no precise information on the exact time required by Driven to approve a loan application. Approval depends on the information and documents submitted and usually does not take long. However, provided data should be full, complete, and accurate. Bank details, statements, and verification should be correct. The more reliable the documents are, the less time approval will take, and the credit line can be granted in as soon as 24 hours.

How trustworthy is Driven?

It looks like Driven is a trustworthy corporation. It has been running for about 16 years and, since 2006, has lent over $1 billion to more than 17,000 companies, as indicated on its website. In addition, the Internet provides many positive reviews of the lender and does not indicate the corporation has any issues with fraud. To be sure, you may check other reviews on the Internet.

Does Driven verify income?

Yes, it does. The lender checks bank statements for both the loan-applying company and the owner of the company. Driven also asks for a connection to the bank account to quickly assess business information, open a business loan line, and withdraw the due repayments. Moreover, for a favorable decision, Driven may require references and/or guarantors and can ask them to confirm your financial status.

Does Driven hurt your credit score?

No, there is no information that Driven hurts the personal credit score of the company owner. It is mentioned that Driven may request and use financial information from credit bureaus and other financial entities, including the current credit score of the owner. Still, this data is necessary to consider the application for a credit line only. However, if a client defaults on their payments, they can face their credit score going down.

Calculate loan payments at Driven

With Driven calculator you can calculate an approximate payment schedule for the loan

Calculator for Driven
Interest rates are given in accordance with the rates of the bank in Ottawa as of 30.09.2022
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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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