Torro Business Funding Review: Fast Cash, Be Wary of Fees

Is Torro legit?

Yes, Torro is a legitimate resource for business loans with an A+ rating on the BBB. It has a verified business address and uses standard website security to protect any personal identifiable data collected from you on its website.

However, borrowers should understand that Torro is not a traditional lender. Instead, it offers a loan syndication program with multiple investors from its network to fund business loans.

What makes Torro shine?

Torro is extremely accommodating when it comes to lower credit scores, accepting credit scores as low as 400. That’s lower than what you’ll see with competitors like Fundera and Lendio, which accept credit scores as low as 500. But what really sets Torro apart is the personalized support from its funding specialists. While other lenders may deny borrowers despite advertising flexible funding options, Torro’s expert team ensures you get approved for the right loan tailored to your situation.

Additionally, unlike many lenders on the market, Torro offers financing options for startups, making it a great alternative to traditional banks.

Where Torro falls short

Although Torro offers unique benefits, there are some drawbacks to keep in mind. Since Torro offers funding through its network of affiliate investors, an arrangement called a loan syndication program, loans may come with unpredictable fees and APRs. Because each loan agreement comes with unique terms, Torro provides limited information on fees and costs before applying.

Although Torro advertises it offers the highest approval rate in the industry, it’s crucial to do thorough research before committing to any funding provider to avoid surprises.

Torro loan details

Calculate your monthly loan payments

Use our convenient calculator to estimate how much you’ll need to pay on your loan each month.

How to qualify for Torro

Torro has two separate sets of requirements for businesses, depending on how long you’ve been in business:

For companies in business for more than six months (BVR Program):

• 6 months or more in business
• Gross income above $10,000 per month
• Proof of business identity
• $2 million maximum funding

For new businesses (SLOC Program):

• Credit score above 600
• No more than 5 credit inquiries in the past 90 days
• $150,000 maximum funding

How to apply

You can follow a few quick steps to get started with Torro:

1. Create an account with Torro.
2. Explain your goals and objectives with the funds your business needs.
3. Provide your income, expenses, number of employees and any other information requested from Torro.
4. Upload supporting documents if necessary.
5. Approve funding and Torro initiates funds from its network of investors and financial resources.

How Torro compares to other lenders

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Updated regularly

Name	Product USFBL	Filter Values	Min. Amount	Max. Amount	APR	Requirements
$10M+ funded! Lendio business loans Finder Score: 4.8 / 5: ★★★★★ Lendio business loans Finder Score: 4.8 / 5: ★★★★★			$1,000	$10,000,000	Varies by lender	Operate business in US or Canada for 6 months or more, have a business bank account, minimum 520 personal credit score, at least $8,000 in monthly revenue.	Submit one simple application to potentially get offers from a network of over 75 legit business lenders.	Go to siteMore Info Compare	loading Fetching your data...
American Express® Business Line of Credit Finder Score: 4.4 / 5: ★★★★★ American Express® Business Line of Credit Finder Score: 4.4 / 5: ★★★★★			$2,000	$250,000	N/A	Minimum FICO score of at least 660 at the time of application, have started your business at least a year ago, and an average monthly revenue of at least $3,000	Access lines of credit for your small business even if you aren't currently an Amex customer.	Go to siteMore Info Compare	loading Fetching your data...
Fundera business loans Finder Score: 4.9 / 5: ★★★★★ Fundera business loans Finder Score: 4.9 / 5: ★★★★★			$2,500	$5,000,000	Varies based on lenders	$60,000+ of annual revenue, 550+ personal credit score, in business for 6+ months	Get connected with short-term funding, SBA loans, lines of credit and more.	Go to siteMore Info Compare	loading Fetching your data...

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Torro reviews and complaints

Positive reviews on Trustpilot and the Better Business Bureau (BBB) praise Torro’s customer service. Hundreds of borrowers report receiving expert guidance through the application process, which is crucial to getting the appropriate funding. Reviews describe a smooth and simple experience with Torro.

Negative reviews report unexpected fees, confusing conversations with customer service representatives and a lack of communication with regards to approval status. Overall, Torro has a positive reputation among customers and has been BBB accredited since 2015.

Frequently asked questions

Does it matter how I use the capital if Torro approves my application?

No. Torro claims its clients use funds to cover expenses, expand, pay bills, pay payroll, run day-to-day operations, etc.

Does my credit score affect my approval process?

Not all of Torro’s programs require credit verification. However, Torro explains that credit score, payment history and current loan balances can play a key role in the speed of closing your transaction. However, as we noted, Torro claims to accept applications from applicants with FICO credit scores as low as 400. However, if you’d like to skip a credit check all together there are business loans that don’t require a credit check.