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Torro Business Funding: In-Depth Review 2022

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
Start Up Capital Best for
4 /5
Rating
$ 575,000 /
Loan Amount Up to
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Table of Contents
    Written by Choncé Maddox, updated on 12/20/2021

    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.

    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.

    Advantages and Disadvantages of Torro

    Torro offers approvals for funding within 48 hours and you can borrow up to $575,000. Here are some of the key pros and cons to consider when using this company for your next business loan.

    Torro Advantages

    • Hundreds of financing options: Instead of just going to one lender, Torro uses several options to help match you with the right loan for your business funding needs.
    • Use the loan for any purpose: Start-up capital and working capital loans obtained through Torro don’t have any specific requirements as to how you can use the money. You can use these funds for payroll, cash flow, paying off vendors, or any other business expense.
    • Fast Process: With Torro, there’s no paperwork, business appraisal and in some cases, you can get your loan funded the same day.

    Torro Disadvantages

    • Potentially higher fees: Since Torro partners with so many different lenders (each with their own terms), you could end up paying more fe.s or a higher interest rate. This is especially true with a start-up capital loan which can be considered a greater risk.
    • Limited Chat Support: Torro does offer an online chat feature to help customers with any questions. However, it’s not available all the time for immediate assistance. However, customers or applicants can reach Torro’s customer service by phone on weekdays.

    Torro Loan Options

    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. 

    Loan Feature

    Details

    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.

    Loan Feature

    Details

    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

    Rate/Fee

    Detail

    Origination fees

    5%

    Prepayment fees

    None

    Late payment fees

    Not disclosed

    Maintenance fees

    Not disclosed

    Interest rates

    Not disclosed

    Working Capital

    Rate/Fee

    Detail

    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.

    Criteria

    Amount

    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 review

    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. 

    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.