This is a very important consideration. When shopping for a lender, be sure to ask them what the payout process is, and what their penalties are like. Many times, lenders will attach hefty fees for early payout, often without the knowledge of the customer. Here at Driven, we don’t have any penalties for early repayment. We believe in growing together and want to ensure that you're debt-free.

So your loan has worked wonders and you’re ready to payout the balance. You’ll need to request a payout letter, detailing the process. Ask the lenders you are considering what their process is to get a payout letter. In most cases, when our clients have asked our competition how long it takes to get a payout letter, they’ve heard it takes anywhere between three to seven days. And then in some cases, they never get it. At Driven™ when you decide that you are ready to payout your loan, we will provide you with a payout letter within 24 hours.

Many of the customers we try to assist no longer have outstanding payments with our competitors, yet they continue to keep the lien registered to their business lodged. Is that an issue for you? Inquire about the procedure for having your lien removed.

Yes, at Driven™ we place a lien on your business. We’re open and honest about it. Were the other lenders you spoke to? Most lenders in our industry will never even mention it, thus it comes as a shock to clients, and prevents them from taking advantage of crucial funding opportunities without losing revenue. 

With us, once you have paid off your loan, you simply send an email to your account manager and usually within 24 hours we will have the lien removed.

Another important consideration when choosing a lender, is what bridge options are available to you. If a situation arises whereby you need a temporary financing option, you’ll want to ensure that you have sufficient bridge loan solutions accessible to you. At Driven, we have some of the most competitive short-term rates in the market, providing the most cost-effective choices for bridging the gap between your business’ growth and its receivables. 

Take for example, our three- and four- month terms, which are very popular options as they end up being cheaper than your business line of credit with your bank.

It’s important to ask lenders how their line of credit works. Many times small business owners are duped into accepting large lines of credit that must be paid in full, without understanding the terms. For example, most lenders in our space will say you’re approved for $100k, but you are obligated to take and pay for the full amount. You can’t decide to only take $30k.

At Driven, we don’t force our customers into taking more than they are comfortable with. You only pay for what you need. We understand that your cash flow needs may vary, that’s why we give you credit on demand. When you need it, it’s there.

Inquire about whether or not the lender you are in conversations with has a portal you can visit when you want information about your account and balance. By design, some of the biggest players in the industry do not create customer portals. They do this purposely to force customers to have to call in to get a statement, where they get upsold on capital.

Not only does Driven have a customer portal, but no other competitor in the market has invested what we have in technology. We know you’re busy, that’s why we make it as easy as possible for you to stay on top of your cash flow.

Ask about what methods each lender has to get in touch with them. Many lenders in the space don’t have sufficient communication channels for customers to leverage when they need assistance. With Driven, you can communicate the way you want - text, call, mobile app, and our chatbot. We have a dedicated customer service team that responds within minutes, so you’re never left hanging.

At Driven, we pride ourselves on being completely transparent with our customers. As the first to market, and largest lender in Canada, we have the biggest data pool of small businesses in the country, and we are the only lender to have ever deployed over a billion dollars of funding. Having been in the industry since 2007, we are highly experienced and know what it takes to succeed as a small business owner in Canada.

As a digital first business, we use technology to make our process quicker, easier, and above all, safer. None of our competitors have invested what we have in technology. We are the most advanced Fintech, providing both an automated and live-support experience.