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Torro is an online financing company that is based in Nevada. Instead of physically lending monetary aid to businesses, Torro connects small business enterprises with a network of private lenders that includes investors and independent brokers.

If you are planning to start a business and are running short of funds, then Torro could be an ideal solution. Torro offers five kinds of business finances if you are planning for a startup or you require finances for your existing business. It does not directly offer cash advances or loans to the customers; instead, it works with a network of money lenders to offer funds to entrepreneurs seeking to establish a startup, expand an existing company or arrange for funds for daily expenses that the business incurs.

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  • Offers options to startups and small businesses alike.
  • Easy application process.
  • Great response time.


  • High credit-rate required.
  • Limited kinds of loans provided.
  • Lack of personal account management service.

Customer feedback and overall reputation

Torro has an A + score with BBB and a 9.2 score on Trustpilot. If you have any queries about any part of the application form while filling up or the entire lending procedure, you can always connect to the customer support team on every weekday starting from 8 a.m to 5 p.m. You can either call the customer support team or even leave a mail which will be responded to almost immediately. You can also get help via online chat in case you face any difficulties while filling up the application form.

Collateral required

The minimum credit required by Torro is 650, and this can be a problem for some businesses or startups whose credit score does not meet the set benchmark. While existing businesses may require showing their tax returns for the last 2 to 5 years, new businesses may be required to show business plans and business references of landlords, employees, and the like. In both the cases, collateral will be required if the set minimum value is not met and in some cases, banking info, too, may be requested.

Eligibility and documents required

Though Torro does not have a concrete list of basic requirements like other online money lenders, the requirements for each kind of finances are different and the individual money lenders, in addition to these requirements, may consider some other factors situation-wise. According to Torro’s guidelines, an existing company must qualify for the following.

  • Be a business of repute and should not have any negative record whatsoever.
  • Should have a valid address and phone number for the business.
  • Should have a valid Tax ID number.
  • Should have a sound personal and business credit history.
  • Should not have received more than six credits in the past 90 days.

A startup business should qualify for the following.

  • It should be a legal business.
  • It should be capable of showing a statement of how the funds would be used.
  • It should have a valid proof of income.
  • It should be capable of providing a valid statement of personal tax returns of bank statements for the previous 3 years or 36 months.

In addition to the above requirements, some lenders may also ask for other documentation proof like a proof of assets, depending on the types of loan that you are applying for. A minimum credit score should be present but in exceptional cases, other financial information may also be accepted as an alternative.

Interest rate and loan term (fees)

The loan term differs as per different lenders. However, the company offers the maximum and the minimum amounts for the two loan products that it provides. For the business credit, the maximum amount is $250,000 and for the merchant cash advances, it is $750,000.

The loan fees and APR’s with Torro vary according to the various lenders but in no case is it allowed to exceed 36%. There is no frontloaded fee with Torro. Also, it does not require any repayment of equity loans within a single calendar year.

Application process

The application process is quite easy. You need to visit their website and click on the “Apply Now” button. Then, after choosing the loan type that you want to apply for, you will be directed to a page that has certain fields that you need to fill up. The fields have basic information like the name of your business and industry, first and last name of the business, the email address for your business, valid address and phone number of the business along with the ZIP code, monthly gross revenue and monthly sales volume via credit card if any.