When it comes to small business financing, whatever you need, DrivenTM has got you covered.
Borrow up to $300,000, or as little as you need. Just like a line of credit, we set a pre-approved limit when you sign up – after that, every draw is up to you.
Every draw comes with crystal-clear pricing, so you can make the right decisions for your business.
You know your business better than we do. Whether you're seizing an opportunity or tackling a challenge, there are no restrictions on how your funds are used.
How does our Small Business Loan compare to a traditional Line of Credit?
When business owners need capital to cover expenses, they often have two options at their disposal: business loans and lines of credit. Both offer access to financing that can help a business grow, but there are some key differences between the two. Understanding these differences is essential for business owners who want to make an informed decision about their financial future. In this article, we'll explore the similarities and differences between business loans and lines of credit so you can make the best choice for your business.
The main difference between a business loan and line of credit is how much money you can borrow at one time. A business loan gives you access to a lump sum payment which must be paid back over a set period with agreed-upon interest rates or fees depending on the type of loan taken out. On the other hand, with a line of credit, businesses have ongoing access to funds up to an approved limit as long as they remain within it – payments only need be made when money is withdrawn from the account rather than in regular installments like with a loan.
With both types of funding option, repayment terms vary based on factors such as business size, business performance and credit score. Business loans may require collateral or a personal guarantee from the business owner in order to secure funding, while lines of credit do not generally require any form of security. Additionally, business loan terms tend to be shorter than those for a line of credit.
The interest rate applied to either option is also important to consider when deciding which one is best for your business. Generally, business loans have higher interest rates than lines of credit as lenders view them as more risky investments due to their larger sums and longer repayment periods. On the other hand, lines of credit often come with lower rates because they are guaranteed with collateral such as real estate or equipment so they present less risk to lenders.
Our all-digital credit application process is quick and easy and typically takes less than 10 minutes. We ask for basic information about you and your business. We ask you to securely connect your online banking information. And as soon as you're done, we'll tell you exactly how much you can borrow - all without hurting your credit score.
When your application is complete, you'll know exactly how much you can borrow, but only you know how much you actually need right now. Make individual draws from within your overall business loan limit, each with their own fixed fees and terms. All pricing is up front, with nothing hidden in the small print.
Choose the repayment schedule that makes sense for your business—from daily, or weekly payments, or pay early to save on interest. Borrow from $5,000 to $300,000 on 3, 4, 6, 9, 12, 18 or 24 month terms, with absolutely no hidden fees.
If your business meets the following basic criteria, our all-digital application process will have us on the way to helping you in minutes.
Every day brings a different challenge and a different opportunity. At Driven, we're here with the funds you need when you need them, whether that's to seize the moment, to face down business calamities, or to bet on yourself as you take your business to the next level.