Torro Review

Torro is an online commercial loan marketplace that connects business owners and entrepreneurs with lenders in its network of partners. The service facilitates fast, easy, and convenient comparisons of various funding options, helping borrowers find the best available rates and terms. Torro supports a streamlined, efficient application process, and approved borrowers typically receive funding within 48 hours of approval.

In this review, we’ll look at the types of funding Torro offers and what kind of rates and terms borrowers can expect to find. We’ll also analyze how the service stacks up in the competitive online lending industry.

Torro’s Loan Types

As of October 2020, Torro offers loans in two main categories: startup capital and business capital. Its startup loans are available to entrepreneurs seeking to launch new business ideas, increase their cash flow as their new ventures get up and running, and acquire other businesses or business assets.

The company’s business capital loans are tailored for established companies. They come in two types: fixed-term funding programs that function like standard loans, and flexible, open-ended solutions that act more like business lines of credit.

In addition to these financing options, Torro also offers:

Loan Terms

Torro’s startup and business capital loans feature differing amount limits, interest rates, and repayment terms. These loan features are set by the end lenders in the company’s network, but include some caps, limits, and general standards:

Several factors weigh into the decisions of end lenders regarding loan amounts, interest rates, and repayment terms. These include:

Borrower Requirements

Torro does not explicitly state firm borrower requirements on its website, as the end lenders in its network of partners maintain differing standards. Prospective clients seeking startup capital usually apply based on their own personal credit histories. Meanwhile, established companies looking for business capital loans must normally meet the following minimum requirements:

External sources note other characteristics commonly displayed by borrowers who file successful applications. For entrepreneurs launching startups, these include:

Similarly, established businesses seeking loans stand the best chance of approval if they:

Established companies should also have a registered business name, physical address, and dedicated business telephone number.

Torro’s Application Process

On its website, Torro highlights its ability to deliver same-day funding. While this is true in some cases, most borrowers receive their loan proceeds within 48 hours of returning their signed documents after accepting a loan offer.

To reach this phase of the process, would-be borrowers follow several easy steps:

  1. Create a Torro account and provide the requested personal and business details.
  2. Specify the type of loan you’re seeking and the amount of money you’d like to secure, and submit your application.
  3. Compare terms and choose the loan offer with the most appealing terms.
  4. Provide any necessary supporting documentation and await the end lender’s decision.
  5. Review and return the loan documents to receive your funding. This step of the process can be completed electronically.

Torro uses proprietary technology branded as the QuickWrite system to ensure your loan proceeds are delivered quickly once you’ve been approved.

Pros and Cons of Torro

On the plus side, here’s what professional third-party reviewers and actual borrowers like about the Torro platform:

Torro also has a few downsides and drawbacks. Consistently cited examples include:

What Others Are Saying about Torro

The Better Business Bureau (BBB) profile of Torro indicates the company has been accredited since 2015. As of October 2020, Torro has an A+ rating with the BBB, with 33 registered customer reviews giving the service an average score of 4.36 out of 5.

Torro enjoys similarly strong numbers on Trustpilot, where it has more than 340 reviews as of October 2020, with an aggregate rating of 4.6 out of 5. Of those reviews, 92% awarded Torro a perfect 5 out of 5 score.

The Bottom Line

Businesses often have a hard time securing the capital they need to meet their operational and cash flow needs. This is particularly true of emerging entrepreneurs, who typically face significant limitations and obstacles in their efforts to secure funding.

Torro offers a wide range of flexible options to borrowers in these situations. It has excellent customer satisfaction ratings and is well-positioned as a leading marketplace for business owners seeking loan amounts in the low to moderate range.