Torro is a marketplace that pairs you up with some of the best lenders of business loans in the US market. It caters to people in every state and you can get funding if you are a startup or an existing business.
While Torro does not offer the largest loan amounts, they will be sufficient for a lot of business needs. The time to funding can be quite quick and flexible repayment terms are often available.
Torro Business Loans Terms & Requirements
There are two main types of loan options available through Torro business funding. One of them is for more established businesses that have been operating for at least six months. You can get access to the likes of business capital, equipment financing, and expansion funding. The biggest loan of this kind you can get from Torro is $575,000. Monthly revenue of at least $10,000 is necessary, with typical term lengths being 3 to 24 months.
Startup companies can also get access to up to $125,000 in funding. These companies need to have been in business for no more than 6 months and their max revenue is $5,000 a month. Usually, Torro likes dealing with startup business owners whose credit score is at least 600. The typical term length is between 12 and 48 months.
For both types of business loans, there will usually be an origination fee of about 5% charged. Prepayment fees usually aren’t in place, but the other types of fees will depend on what lender you ultimately go with.
Application Steps & Time Frames
The entire application process can be done online through the Torro business funding website. You also have the option to do it over the phone if you prefer. In just a few minutes you’ll have finished the application, providing info like your business income, credit score, and industry type. A soft credit pull occurs at this point in time.
Once submitted, you will be presented with loan options. If you like one of the offerings, you can submit an official application to that given lender. It will require a bit more detail and you’ll have to supply certain documents usually to verify the info you provided.
A hard credit check takes place at this point in the process. Approval can often be within an hour or so of submitting this application. Time to funding varies, but many lenders will provide you with the money in about 24 hours.
- Available in all states