Torro Business Funding
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Many business owners today are abandoning the thought of going to their local bank for business funding simply because you have to jump through every hoop possible and even after months, you may not know if you qualify yet. This is just one reason why more people are turning to lenders online instead.
Torro is one of these lenders that people are reaching out to. Torro works with their “syndicated network of investors and financial resources” to try to secure the best funding possible for your business needs. They are not the lenders themselves are a lender marketplace. The good news is that if you do qualify for funding, you should be able to hear the various terms each lender can then offer you and choose the best one that works for you.
Types of Funding that Torro Offers
Torro can provide you with two types of funding. One is the Start-Up Capital funding for those who have not yet started their business because they need funding to do so first. The other is the Business Capital funding for existing businesses that need a funding boost for various reasons.
Financing Terms for Each Type of Funding
Since Torro is working with a variety of lenders, the exact terms for each funding will differ depending on the lender. Based on the information provided on their site, here is the information about each funding type.
Start-Up Capital Funds
This funding is meant for those that have a great idea for a business, but just do not have the capital to support their dreams.
- You can get between $25,000 to $125,000 in unsecured working capital. This means you will not have to put up collateral or any assets. In the case you don’t have the ability to pay back the fund down the road, the lender is not allowed to take any physical assets if the deal goes south.
- Torro does not have the number of months or years the borrower has to pay off the fund stated on their website.
- In the fine print on Torro’s website, it states, “All funding is subject to credit approval and normal underwriting standards. Minimum and maximum funding amounts, rates, fees, terms, and collateral requirements are subject to specific guidelines and may change without notice.” What does this mean for the borrower? It means that regardless of what Torro has listed on their site, everything can change at a moment’s notice.
There are no terms, interest rates, or anything else listed except confusing funding amounts depending upon the page you are on for their site. The lack of information on their site is cause for concern.
Business Capital Funds
For this Business Capital fund, you can use it for virtually anything your business needs. It is for businesses that are already operational and could use a bit of extra funding for working capital, emergency cash, or even for expansion.
- The amount for Business Capital funds is anywhere from $5,000 to $575,000.
- There is no mention of the exact number of months or years you will have to pay off the amount borrowed.
- The money will be dispersed in certain amounts at a time and not all at once.
- It is said that this fund will require very limited asset verification, no business appraisal, and little to no paperwork.
- And just as stated above, “All funding is subject to credit approval and normal underwriting standards. Minimum and maximum funding amounts, rates, fees, terms, and collateral requirements are subject to specific guidelines and may change without notice.” This means that the little information they provide on their site can change.
Torro is at the mercy of the investors and lenders they are working with. As they act as a go-between, they obviously cannot state what the funding terms or interest rates are going to be.
Pros of Funding from Torro
- Application takes only minutes.
- Funding could show up in your account in 24 hours.
- Torro is able to communicate with many investors and lenders in their network.
Cons of Funding from Torro
- Fluctuating terms.
- Lack of information.
- Requires a solid credit score.
What Is Torro’s Reputation?
Torro’s reputation is pretty solid according to the Better Business Bureau. They have an A+ rating with the BBB. Trust Pilot is a consumer review website and Torro has an excellent rating with 251 reviews with them also. However, be careful believing sires like Trust Pilot 100%. There are countless fake and fabricated reviews since anyone can leave postings on there without proving they have actually done business with the company. For instance, six reviews have been left for them in the last two weeks and they are all five out of five stars. It is worth reading the positive as well as negative reviews to get a better picture of Torro as a whole.
Customer Support
Torro has phone numbers listed on their site for customer support in the fields of new applications or funding questions, existing client billing questions, payments and payment arrangements, syndicated lines of the credit department, partnership questions and service, and collections. They also have an entry form that you can fill out to have questions answered as well.
Final Thoughts
It can be difficult for business owners to acquire funding from a bank nowadays. Plus, if you are in a time crunch for funding, the pressure is always on. This is why people turn to companies such as Torro. However, don’t act so fast that you are putting yourself in a worse position than you originally were in, to begin with.
For instance, Torro’s website is pretty rough to read through, and there are many English mistakes, which is cause for question. More importantly, the lack of basic information might make someone cautious about using Torro. They are working with investors and other lenders, so the terms can change from one company to the next, but their lack of disclosure on fees and costs is not typical.
Addresses
Salt Lake City, Utah Office
5965 S. 900 E.
Suite 300
SLC, Utah 84121
St. George Utah Office
150 N. 200 E.
Suite 300
St. George, Utah 84790
Mesquite Nevada Office
450 Hillside Dr
Bldg A 253
Mesquite, NV 89027