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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 pay off

Finanso.Multilogin™

Repayment of the loan

The borrower initially selects and sets the repayment schedule and period when signing the Business Loan Agreement. Unfortunately, Driven does not provide many options for such a schedule: bi-weekly paying-off plans are available.

When the payment is due, Driven will automatically withdraw it from the borrower's bank account specified in the Business Loan Agreement.

Conditions of loan extension

Every draw from the credit line is arranged as a separate loan, and the credit line is refilled as soon as it is paid off. However, in case of difficulties with making payments on a regular agreed basis, it is highly recommended to address the support team and discuss the issues.

Early payoff

Paying off your debt early may help reduce your financial burden. Driven allows early payoff only when 1/3 of the loan principal has been paid down. The rest of the loan may be paid by a partial or full lump sum. If the loan is repaid early, savings on the outstanding interest are available subject to certain conditions.

FAQ

How do I make a payment on Driven?

Each time you draw some amount from your credit fund, it is considered a fixed loan with specific terms and conditions indicating your preferred repayment schedule, fixed interest rate, and principal to be paid. Payments will be automatically taken from the bank account according to chosen schedule.

What happens if you don't pay back Driven?

If you do not pay back to Driven, the corporation will take all legal steps to recover the receivables and mitigate damage. Failure to fulfill loan obligations may have crucial circumstances for your future business activity and lead to bankruptcy, legal proceedings, and personal losses.

Can you pay Driven early?

Yes, the early payment option is available with no hidden fees, but subject to some conditions. Thus, you can pay early only when not less than 1/3 of the principal has already been returned. Early payments can help to save on interest.

Can Driven sue you?

Yes, Driven Financial Technologies Corporation can sue you. The borrower is responsible for accurate and actual information and documents provided to the lender. The borrower must also stick to the business loan agreement to the full extent and carry out its obligations.

If the repayments are not paid off in time, the company will take all possible actions to settle the issue amicably. Therefore, it is in the borrower's interest to find the proper way to rearrange the unpaid amount and avoid lengthy legal action affecting the business's reputation.

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 24.09.2022
Loan amount
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Specify the desired loan amount

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CAD
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300000 $
Loan term
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Specify the loan term for the calculation

months
days
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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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