Torro Business Funding Reviews: Expert Analysis & User Insights

Written by:**Holly Johnson**
Award-Winning Personal Finance Contributor

Reviewed by: Sarah Brooks, Personal Finance Writer and Editor

Fact Checked by: Dr. JeFreda R. Brown, Financial Expert

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Expert Reviewer Verdict

Torro is an excellent source of funding for both new and existing businesses looking to close quickly. With just two loan options, limited paperwork, and in-house underwriting, you can get the funding you need without any hassle. The only major downside is that you may be subject to loan fees and higher interest depending on your credit.

In this review, our team of expert reviewers has thoroughly analyzed and evaluated Torro small business loans. We will share our findings and provide our expert recommendations on whether Torro small business loans are worth considering.

Torro Review Video

Our small business loan expert, Gordon Scott, provides an in-depth analysis, including pros and cons of Torro business funding.

Torro Business Funding Customer Reviews

Torro has a 4.7 rating out of 5 on Trustpilot and generally positive feedback from customers. Customers say Torro was very helpful in getting them funding fast and that the experience was very professional.

Many customers have turned to Torro after other lenders denied working with them for a business loan. They mention how the process with Torro was easy and closing was quick so they could cover important business expenses on-time.

Torro also had a few negative reviews from customers and prospects. Some people claimed that their interest rate was too high while others were upset that they didn’t qualify for the loan while speaking with a service rep on the phone.

As with any business loan, it’s important to make sure you pre-qualify before submitting an application so it’s nice to know that Torro customer service reps will ask applicants those important questions. Also, while it’s unfortunate, interest rates can be high if your credit score is low or you lack other important requirements to obtain a loan.

On the Better Business Bureau (BBB) website, Torro receives 4.7 out of 5 stars across 107 reviews and an A+ rating. Notably, Torro closed 8 complaints in the last 3 years and 2 in the last 12 months.

The positive reviews are related to	The negative reviews are related to
Quick and easy loan approval process	High cost of the loan
Exceptional customer service	Not meeting qualifications
Few loan requirements (especially for newer business owners)	Origination fee that comes with loan

Summarized Ratings

User Reviews4.9

Loan Features2.8

Interest Rates & Fees4

Qualification Leniency5

Application Process4

Customer Support3

This parameter considers the scores achieved from independent user review sites, such as Trustpilot. Ideally, each platform’s rating reflects scores from three distinct user review sites. However, this isn’t always possible. Ultimately, the various scores were aggregated and averaged to establish an overall user reviews score.

Torro has a peer leading User Reviews rating of 4.9, which is reflective of the independent user reviews posted on Trustpilot.

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Torro Business Funding Pros and Cons

Pros

Available for start-ups and existing businesses

Easy online application

Same day funding as loan approval

Low minimum credit requirement

No collateral required

Cons

Potentially higher fees

Limited chat support

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Torro does a soft pull on your credit when you apply, which does not affect your credit score. Once you decide to move forward with your loan, the lender will do a hard credit inquiry.

After you apply, you may be asked for additional paperwork. Documents may include:

Tax ID number
Social Security number
Personal and business tax returns
Three months of bank statements
Business leases, if applicable

Once your application is submitted, Torro uses their syndicated network to help you get the business funds you need. Their goal is to help you find the best loan option for your needs. Thanks to limited asset verification, no business appraisal, and hardly any paperwork to fill out, you can get the money you need in your account sooner than later.

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