{"id":802159,"date":"2019-08-29T01:00:24","date_gmt":"2019-08-29T05:00:24","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=802159"},"modified":"2026-01-22T14:01:47","modified_gmt":"2026-01-22T19:01:47","slug":"business-loan-scams","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/business-loans\/business-loan-scams","title":{"rendered":"Avoid These Business Loan Scams & Compare Legit Lenders"},"content":{"rendered":"

If you need a business loan, there are plenty of legit online lenders that can help. Unfortunately, you\u2019ll also need to watch out for business loan scams.<\/p>

In this guide, we\u2019ll show you some common business loan scams, what to do if you fall victim and which lenders are legit in Canada.<\/p>

Which business loan providers are legit?<\/h3>
Business lender<\/th>Loan details<\/th>Why it\u2019s legit<\/th><\/th><\/tr><\/thead>
\"Journey<\/td>
  • Loan amount:<\/strong> $10,000 - $500,000<\/li>
  • Loan term:<\/strong> 4 - 24 months<\/li>
  • APR:<\/strong> 8% - 29%<\/span><\/li><\/ul><\/td>
  • Has loaned over US $13 billion to businesses globally.<\/li>
  • Founded in the US in 2007 and launched in Canada in 2015.<\/li>
  • Its US parent company, OnDeck, is BBB accredited with an A+ rating.<\/li>
  • Member of the Canadian Lenders Association.<\/li>
  • 4.9\/5 stars based on over 111 Trustpilot reviews.<\/li><\/ul><\/td>
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td><\/tr>
\"Advance<\/a><\/td>
  • Loan amount:<\/strong> $10,000 - $1,000,000<\/li>
  • Loan term:<\/strong> 3 - 24 months<\/li>
  • APR:<\/strong> Starting at 8.00%<\/span><\/li><\/ul><\/td>
  • Has been in business for over 15 years.<\/li>
  • Lends to businesses in Canada and the US.<\/li>
  • 4.9\/5 stars on Google, based on 400+ reviews.<\/li>
  • 5\/5 stars on Trustpilot, based on 1,600+ reviews.<\/li><\/ul><\/td>
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td><\/tr>
\"Merchant<\/td>
  • Loan amount:<\/strong> $5,000 \u2013 $800,000<\/li>
  • Loan term:<\/strong> 6 \u2013 24 months<\/li>
  • APR: <\/strong>12.99% \u2013 39.99%<\/span><\/li><\/ul><\/td>
  • Has funded over 10,000 businesses.<\/li>
  • Headquartered in Vancouver and founded in 2009.<\/li>
  • Member of the Canadian Lenders Association.<\/li>
  • Founder David Gens won the Technopreneur of the Year at the 2023 Canadian SME Small Business Awards<\/li>
  • 4.8\/5 stars based on over 650 Trustpilot reviews.<\/li><\/ul><\/td>
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td><\/tr>
\"Loans<\/td>
  • Loan amount:<\/strong> $500 - $50,000<\/li>
  • Loan term:<\/strong> 4 - 60 months<\/li>
  • APR:<\/strong> 8.99% - 35.00%<\/span><\/li><\/ul><\/td>
  • BBB accredited with an A+ rating.<\/li>
  • Operating since 2012.<\/li>
  • Member of the Canadian Lenders Association.<\/li>
  • Has featured in CBC News, the Toronto Star and the Financial Post.<\/li><\/ul><\/td>
\r\n
\r\n \r\n Go to site\r\n <\/a>\r\n\r\n <\/div>\r\n <\/section><\/td><\/tr>
\"SharpShooter<\/td>
  • Loan amount:<\/strong> $1,000 - $300,000<\/li>
  • Loan term:<\/strong> 12 - 60 months<\/li>
  • APR:<\/strong> 5.49% - 22.79%<\/span><\/li><\/ul><\/td>
  • Established in 2015 and headquartered in Toronto.<\/li>
  • Member of the Canadian Lenders Association.<\/li>
  • 4.3\/5 stars based on 64 Google reviews.<\/li><\/ul><\/td>
\r\n
\r\n\t\t\t\t\t \r\n\t\t\t\t\t\tRead review\r\n <\/a><\/div>\r\n\t\t\t\t <\/section><\/td><\/tr>
\"Driven\"<\/td>
  • Loan amount:<\/strong> $10,000 - $500,000<\/li>
  • Loan term:<\/strong> 3 - 24 months<\/li>
  • APR:<\/strong> N\/A<\/li><\/ul><\/td>
  • Has loaned over $1 billion to 17,000 Canadian businesses.<\/li>
  • Founded in 2006 and based in Toronto.<\/li>
  • 4.8\/5 stars based on over 1,000 Trustpilot reviews.<\/li>
  • Member of the Canadian Lenders Association.<\/li><\/ul><\/td>
\r\n
\r\n\t\t\t\t\t \r\n\t\t\t\t\t\tRead review\r\n <\/a><\/div>\r\n\t\t\t\t <\/section><\/td><\/tr>
\"Clearco\"<\/td>
  • Loan amount: <\/strong>Undisclosed<\/li>
  • Loan term:<\/strong> Undisclosed<\/li>
  • APR:<\/strong> Not disclosed<\/li><\/ul><\/td>
  • Founded in 2015 and based in Toronto.<\/li>
  • 3.9\/5 stars based on over 345 reviews on Trustpilot.<\/li>
  • Featured on platforms such as Forbes and Business Insider.<\/li>
  • Has funded over 10,000 businesses.<\/li><\/ul><\/td>
\r\n
\r\n\t\t\t\t\t \r\n\t\t\t\t\t\tRead review\r\n <\/a><\/div>\r\n\t\t\t\t <\/section><\/td><\/tr><\/tbody><\/table>

What about these business loan companies?<\/h3>