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Torro Small Business Loans Review


ConsumersAdvocate.org Rating: 4.1 / 5 (Excellent)
6 Customer Comments & Reviews - see all comments
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Torro is a Nevada-based online lending marketplace that specializes in connecting small business owners with their network of private investors, independent brokerages, and lenders.

Their flexible business loan options can be used for startups, existing businesses, and hard to place loans. Torro also provides small business and start-up consulting services. Torro has a 4-star TrustPilot rating, and an A+ score with the BBB.
 
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How is Torro rated?

Breakdown

4.0/5
Loan Options
4.3/5
Application Requirements
4.0/5
Average Rates & Fees

Overall Rating: 4.1 / 5 (Excellent)

Torro is a good choice for small business loans if you are specifically looking for lines of credit or merchant cash advances, as these are the main loan products the company offers.

What's more, they are particularly good for merchant cash advances, since they feature one of the highest loan amounts in the business.

However, their credit score requirement and general qualifications are somewhat stringent.

Loan Options

Available Loan Types

SBA Loans
Revenue-based Financing
Equipment Funding
Working Capital Loans
Term Loans
Lines of Credit
Invoice Financing
Merchant Cash Advances
Equipment Loans

Business Lines of Credit

Min Loan Amount
$5,000
Max Loan Amount
$225,000
Repayment Terms
Depends on chosen lender

Merchant Cash Advance

Min Loan Amount
$5,000
Max Loan Amount
$750,000
Repayment Terms
Depends on chosen lender

Loan Options - 4 / 5

Torro is an online comparison marketplace that can get small business loan offers for lines of credit and merchant cash advances.

Although term length varies according to the lender, the company does offer minimum and maximum amounts for its two loan products.

Torro offers a better than average maximum of $250,000 for business lines of credit, and one of the highest maximums around for merchant cash advances at $750,000.

Torro Rates & Fees

Lines of Credit

Fees: Depends on chosen lender

Merchant Cash Advances

Fees: Depends on chosen lender

Average Rates & Fees - 4 / 5

APRs and loan fees with Torro vary depending on the lender the company connects you with.

Torro not only partners with a vast network of the biggest names in lending, but also with private investors and independent brokerages to find the absolute best rate and fee structure for your line of credit or merchant cash advance.

Application & Qualifications

Online Application
Approval Time
Less than an hour, in many cases
Funding Time
As little as 48 hours
Min. Credit Score
650
Additional Qualification Requirements
Personal Guarantee
Business Plan
No Recent Bankruptcies

Application Requirements - 4.3 / 5

Torro offers a quick application process that can see customers getting funded within 2 days. This is pretty much standard among online, alternative lenders.

Torro requires a credit score of 650, which might be prohibitive for some startups or businesses with less than ideal credit.

Existing businesses must show tax returns for the past 2 to 5 years. New businesses may require a business plan, as well as past business references (landlords, employees, etc.).

In either case, collateral may be required if credit minimums are not met, and banking information may be requested (but not linked).

Torro Reputation

Customer Feedback

Trustpilot Score
9.2 out of 5
BBB Rating
A+
BBB Positive Reviews
1
BBB Negative Reviews
1
Date Collected
2017-08-23

Consumer Education - 4.3 / 5

Torro has an excellent 9.2 score on Trustpilot. The company is also BBB accredited, carrying a grade of A+.

Torro is generally favorably reviewed online with most customers remarking their best quality as personalized, one-on-one service from knowledgable representatives.

Contact & Additional Information

Homepage URL
http://www.gotorro.com
Company Phone
(866) 858-2404
Headquarters Address
5965 South 900 East #300, Salt Lake City, UT, 84121

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6 Customer Comments & Reviews

Loading Reviews ...
A
amanda w
7/20/2021
Was told same thing, credit score was not a factor and all they needed was a business bank statement for previous 3 months. They came back with some low ball loan figure and then made excuses as to why it was low. Business owners, you are better off just getting a credit card or two. This company is questionable. BEWARE!

buckhanan2016
12/13/2018
Sad to say that some companies will do anything to run your credit and recieve personal and business info. I was personaly told that credit was not a factor, and that the loan is based only on business bank statements , however after sending my business bankstatements. Personal credit is a factor wtih a min of 650 fico clear as day on the web. I was also told that all I need was a 400 credit score lol smh... Thank God I didnt allow this company to run my credit , I know my fico is 634, which mean I would possiably not get approved. The good part is I can save the hard credit pull , and use it for a business credit card, which will allow me to have min payments and run my business with... Read More

Natasha P
10/2/2018
I completely agree with Leo - this company will ruin your credit - DO NOT DO BUSINESS WITH THEM. you are capable of completing your own CC application fee.

L
Leo
8/31/2018
It is a credit acrd application company. They will use your social to apply for cc and they will charge you 10%.. I could not believe it! FRAUD, CROOK!

D
Dorothea J
11/20/2017
This company is a fraud.

A
angelina
12/18/2016
I really appreciate if I can get loan I would be glad that I can have a little help .

Top Rated
Our Partner

Applying won’t affect credit score

  • Loan Amounts: $5,000 to $250,000
  • Average Yearly Revenue requirements: $100,000
  • Minimum Credit Score: 625 FICO
  • Minimum Time in Business to apply: 1 year
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