Driven Funding Business Loan Review 2024
Our Perspective
Driven Funding distinguishes itself in the alternative lending arena, particularly beneficial for businesses needing prompt and significant financial support. Its streamlined application procedure and receptiveness to different credit histories make it an attractive option for a broad range of businesses. Although there might be some ambiguity regarding interest rates and potential additional fees, Driven Funding adeptly manages the provision of extra loans and debt handling. It is a suitable option for businesses with robust repayment strategies needing immediate capital infusion, blending rapidity with versatility in its financial offerings. However, it's advisable for prospective borrowers to thoroughly scrutinize all terms to ensure Driven Funding aligns with their financial plans and capacity.
Driven Funding
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On Driven Funding's Website
Pros
- Term loans available from $5,000 to $250,000 and lines of credit up to $100,000.
- Quick availability of funds.
- Low minimum credit score requirement for accessibility.
Cons
- Mandatory annual revenue threshold of $100,000.
- One year minimum operational duration for businesses.
Who Driven Funding Is Best For
Driven Funding proves to be a superior selection for both small and large businesses, especially for those with a range of credit histories. It excels in providing swift financial aid for crucial business ventures or investments, offering tailored financial solutions to meet diverse business requirements.Who Driven Funding Isn't Right For
Driven Funding may not be suitable for businesses operating in specific high-risk sectors. Excluded industries comprise automotive dealerships, financial service providers, and non-profit organizations, mirroring Driven Funding's risk management policy.What Driven Funding Offers
Driven Funding presents a diverse array of loan options, including equipment financing, lines of credit, and Merchant Cash Advances (MCAs), among others. These loans are designed to accommodate the varying needs and stages of businesses, with the liberty to use the funds for any business-related outlays.Driven Funding Business Loan Details
Loan periods vary from 3 to 18 months for most of the financing options, in line with typical industry standards. Equipment financing terms range from 2 to 5 years, offering flexibility for both budding and established companies. Loan amounts span from $5,000 to $250,000, addressing a wide array of business needs.How to Qualify for a Driven Funding Business Loan
To be eligible for Driven Funding, businesses must possess a minimum FICO score of 550, have at least a year of operational history, and maintain a limited count of negative ending days (NEDs) over the past six months. This inclusive criterion allows a broader range of businesses to access Driven Funding's services.How to Apply for a Driven Funding Business Loan
The application procedure at Driven Funding is conducted online and entails submitting business, personal, and financial details. This process is broken down into several straightforward stages, and the timeline for approval and subsequent funding can vary based on the required documentation and any additional information needed.Rate
The starting factor rate for loans is 1.17 at Driven Funding, but detailed specifics are not transparently presented on their website. It is crucial for businesses to understand all loan terms and rates to avoid unexpected costs.Fine Print
Driven Funding's policy in providing additional loans and managing financial duties enables it to take a secondary lien position. However, it's important for businesses to be cautious about accruing debt. Costs such as documentation and origination fees are additional and can increase the total loan cost. Driven Funding's renewal policy is structured to support business expansion, offering adaptable options and an option for interest-free early repayment for qualifying customers.Methodology
The review of Driven Funding was comprehensive, utilizing 16 data points across various categories like loan details, costs, customer experience, eligibility, and application process. This methodical approach ensures a balanced and thorough evaluation of Driven Funding's services in the lending market.
