Finimpact

Torro Business Funding: In-Depth Review

Torro helps provide business start-up capital and working capital solutions to accommodate the needs of virtually any type of business. In this Torro review, you’ll learn exactly how to get started.

Torro business funding review
Torro review
3.9
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min credit score
Min. Credit Score 680+
loan amount
Loan Amount Up to $575K
Loan Repayment
Loan Repayment 12 - 48 months
Holly Johnson
Written by:Holly Johnson
Personal Finance Expert

It can be very hard to get a new business off the ground especially when there isn’t much revenue yet. Torro's start-up capital loan can help fund a new business idea and provide resources to purchase equipment and materials. Torro business loans can help leverage existing sales and invoices to fund everyday expenses including expansion efforts.

Summarized Ratings

This parameter considers loan terms, repayment optionality, and loan limits. For each financing arrangement offered, each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall loan features score.

Torro gets a 2.8 for Loan Features. This below average score reflects relatively short loan terms (< 2 years for term loans) and low loan limits (< $250K or $500K-$750K, depending on loan type). The score is strengthened by accommodative repayment options.
Pros
Hundreds of financing options
Use the loan for any purpose
Fast Process
Cons
Potentially higher fees
Limited Chat Support

What Is Torro Business Funding?

Torro acts as a middleman or loan broker that connects applicants with lenders who can provide the funding they need. Torro helps provide business start-up capital and working capital solutions to accommodate the needs of virtually any type of business. In this Torro review, you’ll learn exactly how to get started.

Torro Loan Features

Torro offers two main business loan options: one for newer business and one for businesses that have been established for a few months. What makes Torro different from other companies is that they offer very new businesses the opportunity to access funding. This can come in handy if you’re looking to fund start-up costs or purchase equipment and other supplies to get the business up and running.

Start-up Capital

The start-up capital loan works similar to a business line of credit where you can gain access to funds to withdraw over a set timeframe. Torro accepts applicants who have been in business for less than 6 months and earn a maximum revenue of $5,000 per month. The company prefers a FICO score of at least 700.

Term length

12 - 48 months

Repayment period

Varies

APR range

Up to 36%

Min - Max amount

Up to $100,000

Working Capital

Torro’s working capital loan is geared toward existing businesses that have been in operation for more than 6 months. You’ll need to have at least a monthly revenue of $10,000. Credit requirements vary and while Torro can be a little lenient, you’ll want to make sure you have the best credit score possible in order to secure a lower interest rate.

Term length

12 - 48 months

Repayment period

Varies

APR range

Up to 36%

Min - Max amount

Up to $575,000

Torro Interest Rates and Fees

As a bad credit lender, you can expect some fairly steep fees, especially on the short-term, bad-credit options. Make sure you factor this into your budget and read your loan agreement thoroughly before you sign up to ensure you’ll be able to meet the payments. However, the platform doesn’t disclose other fees until you apply.

Start-Up Capital

Origination fees

5%

Prepayment fees

None

Late payment fees

Not disclosed

Maintenance fees

Not disclosed

Interest rates

Not disclosed

Working Capital

Origination fees

5%

Prepayment fees

None

Late payment fees

Not disclosed

Maintenance fees

$25 - $50 monthly ACH fee

Interest rates

Max. 1.49 factor rates

Torro Loan Requirements

Qualifying for a Torro loans is easy. While there are some credit score and revenue guidelines depending on the type of loan you select, you can also apply with a newer business or average credit score. For example, you may not receive the maximum borrowing amount if your business revenue is lower, but you could still qualify for a loan for a lesser amount.

Torro likes to see that applicants have been in business for at least 6 months for a working capital loan. This is because they will need to look at previous bank statements to verify revenue. Meeting the revenue and time in business requirements is standard for most business loans. Applicants are seen as a risk if their business doesn’t earn enough or if they have a never business.

Torro considers your income, debt obligations, and prior loan experience when considering eligibility for a loan.

Minimum Credit Score

680

Minimum Annual Revenue

$120,000 (working capital)

Minimum Time in Business

Under 6 months (start up capital)

More than 6 months (working capital)

Torro Loan Application Process

To apply for a loan, you can fill out a form online or contact Torro by phone. The online form just takes a few minutes to complete and you’ll need to include information like:

  • The name of your business
  • Industry type
  • Monthly income
  • Credit score
  • Email address

The actual application is a little more in-depth. You’ll need to include your federal tax ID number, social security number, the products and services you provide, along with any previous loan information. Torro also needs to see at least 3 previous bank statements to verify your business income.

Approval can be very quick if you qualify and submit your application in a timely manner. Once your application is submitted, Torro uses their syndicated network to help you get the business funds you need often within the same day. Their goal is to help you find the best loan option for your needs. Thanks to limited asset verification, no business appraisal, and hardly any paperwork to fill out, you can get the money you need in your account sooner than later.

Torro Customer Support

Torro is known for offering great customer support. You can contact the company online via the website’s chat feature Monday through Friday. Or, you can give them a call directly to speak to a real person. Torro customers are mostly happy with the support they’ve received along with prompt answers to their questions. The main perk of working with Torro is that once you submit an application, you’ll receive answers and assistance within the same business day so the process doesn’t stall or get dragged out.

Here are what customers are saying online about Torro’s level of service:

“​​Charlie is always a pleasure to work with. Very patient and offers great customer service.”

“Kelsey got me funded fast and easy when I didn't have other funding options, Thank you torro.”

“We were in a last minute bind on a job and with a quick message to Tyler S. he was able to help!

Torro Review: What Customers Are Saying

This Torro review wouldn’t be complete without examining what customers are really saying about their experience with Torro. Torro has a 4.9 rating out of 5 on Trustpilot and generally positive feedback from customers. Customers say Torro was very helpful in getting them funding fast and that the experience was very professional.

Many customers have turned to Torro after other lenders denied working with them for a business loan. They mention how the process with Torro was easy and closing was quick so they could cover important business expenses on-time.

Torro also had a few negative reviews from customers and prospects. Some people claimed that their interest rate was too high while others were upset that they didn’t qualify for the loan while speaking with a service rep on the phone.

As with any business loan, it’s important to make sure you pre-qualify before submitting an application so it’s nice to know that Torro customer service reps will ask applicants those important questions. Also, while it’s unfortunate, interest rates can be high if your credit score is low or you lack other important requirements to obtain a loan.

The positive reviews are related to

The negative reviews are related to

Quick and easy loan approval process

High cost of the loan

Exceptional customer service

Not meeting qualifications

Few loan requirements (especially for newer business owners)

Origination fee that comes with loan

Interesting Facts About Torro

Torro has been around since 2015 and has already made a huge footprint on the business lending industry. The company is based in Salt Lake City, Utah and has an A+ rating with the Better Business Bureau.

Here are a few fun facts about Torro.

  • Same-day underwriting: This is great news for business owners who are tired of waiting around for loan decisions. Torro is an in-house funder and has the ability to complete underwriting on your loan within the same business day so you can get funding sooner. This offers a great alternative to the back-and-forth process of sending paperwork and following up that many business owners face when applying for loans.
  • Provided a client with $150,000 in less than a week: Torro seems to be very dedicated to helping customers obtain the funding they need when they need it. One business owner shared how they reached out to Torro after applying to get a second business location across down.They had a 10-day window to close the deal. Thanks to Torro’s efficient process, they were able to receive a loan for $150,000 in less than a week from submitting an application.
  • Lent more than $32 million: According to a recent press release announcing a new partnership, Torro announced it had purchased more than $32 million in future receivables to hundreds of companies across the U.S.

Torro Perks and Bonuses

Flexibility

Torro offers a variety of business loans with fast approvals and the potential for same day funding. However, the company does not offer a payment deferral program for hardships, nor do they offer a rewards program.

Torro does not let you modify your loan terms after the fact.

Transparency

The Torro website is informative and helpful, and the company seems to go out of their way to offer as much information on their loans as possible. Customers who have questions can call Torro to inquire or chat with an agent on the Torro website.

Torro also boasts an A+ rating with the Better Business Bureau (BBB), where the company is accredited. On the BBB website, Torro has received 7 complaints in the last three years, all of which have been resolved and closed.

Technology

While Torro does not offer its own mobile app, the Torro website is functional on mobile. The company also boasts its own online dashboard for customers, which lets users check the status of their funding, communicate with a funding specialist, and send or receive documents regarding their loan.

Payments on your Torro business loan can be deducted automatically from your business bank account.

Final Thoughts

Torro is an excellent source of funding for both new and established businesses looking to close quickly. With just two loan options, limited paperwork, and in-house underwriting, you can get the funding you need on-time without any hassle. The only major downside is that you may be subject to loan fees and higher interest depending on your credit.

This Torro review can help you decide your next move for your business. However, before applying for any type of business loan, it’s important to get clear on your purpose for the funding and determine how much you can afford to repay each month.

About the Author

Holly Johnson

Personal Finance Expert

Holly Johnson is an award-winning writer who covers personal finance topics such as insurance, loans and loan products, budgeting, credit cards and loyalty programs.

More about me