Expert Torro Review 2019

In a nutshell: Perfect for new or existing businesses, Torro, offers a diverse marketplace of lenders with flexible loan terms. What sets them apart is their willingness to work with startups who are just getting started. Startups and existing businesses alike can expect a quick and simple application process and approval can take as little as an hour with funding processing in as little as 48 hours.

Overview

Whether you're an entrepreneur looking for capital or a company in need of funds for expansion, Torro delivers an easy and fast way to receive business loans. Based in Nevada, Torro connects potential borrowers to their network of lenders. Their marketplace consists of banks, affiliated brokers, private investors, peer-to-peer lending, and online alternative lenders. After submitting a short online application, businesses can review loan offers and choose the best option.

Loan Features

Existing businesses and startups alike can use Torro as a gateway to potential lenders. The company has a network of financial institutions that can provide loans according to different business needs and goals. Their marketplace includes private investors, independent brokerages, and lenders. Because Torro has flexible loan options, they have the ability to serve a variety of businesses including entrepreneurs, startups, and established businesses looking to expand. They also provide consulting services to small businesses and startups. Torro, in particular, makes a great choice for small businesses looking for lines of credit and merchant cash advances.

Application Features

Because Torro has a marketplace of lenders, businesses don’t have to meet strict requirements in order to qualify. However, potential borrowers should meet a few qualifications. The business should be in good standing with a valid ID number, address, and phone number. In addition, businesses should provide credit history and have had received less than six credit inquiries in the past 90 days. Some lenders may require a credit score of at least 650 and additional information. Startups should have a legally filed business in good standing with a statement of how they plan to use the loan.

Torro has an easy online application. To begin the process, businesses simply need to access the website and click “Apply Now”. The application requests the business name and industry, email address, business address, length of time in business, monthly gross revenue, and monthly credit card sales volume when applicable. After submission, approval time can take less than an hour in many cases with funding processing in as little as 48 hours.

Repayment Terms

Repayment terms vary according to rates, terms, and fees. After applying, businesses will receive a number of offers with different rates. APR varies depending on the business and location, however will not exceed 36.00%. The Torro website gives the example of a 42 month instalment contract. In the case of a loan of $4,500 with an interest rate of 29.00% and an APR of 33.10% (inclusive of allowable fees), the borrower would make 42 monthly payments of $172.

Customer Support

Support is available by phone Monday through Friday from 8AM to 9PM PST. Customers can also get in touch with Torro by live chat or email. If a staff member is not available by live chat, you can leave a message. However, the site lacks a lot of detailed information as well as an FAQ.

Joe Schwartz | Business Loans Editor

Our chief content editor, Joe manages a diverse team of content writers. He holds a degree in online communications and his writing has been featured in a wide range of online publications.

Pros
  • Fast funding
  • Easy online application
Cons
  • Limited support
Bottom Line
Torro provides fast funding serving a variety of businesses with an easy online application and 48 hour delivery.
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