Torro Merchant Cash Advance Review 2023
Loan Amount
Factor Rate
Terms
Min Credit
Time to Fund
Company Profile
Torro is a financial services company that specializes in providing funding solutions for businesses. The company is dedicated to helping businesses grow and succeed by offering a variety of funding options. Torro is known for its innovative approach to business funding, leveraging technology and a network of investors to provide fast and efficient funding solutions.
The company was founded by entrepreneurs who understand the challenges of starting and growing a business. They have created a platform that simplifies the funding process, making it easier for businesses to access the capital they need. Torro is committed to providing excellent customer service and works closely with businesses to understand their needs and provide the best funding solutions.
Products & Services
Torro offers a range of merchant funding solutions for businesses. They provide both fixed term and open-ended funding options. Fixed term funding limits are $575,000, with the funding amount divided over a set period of time ranging from 3 months to 24 months. There is no penalty for paying more than the agreed amount or paying off early.
Open-ended funding offers more flexibility. Businesses are approved for a maximum amount, with the limit of open-ended funding being $125,000. Businesses can draw the minimum funds they require and draw more as they need it down the road. As businesses pay down the amount they withdrew, their monthly payment automatically adjusts lower accordingly.
Pros and Cons
Pros:
1. Offers both fixed term and open-ended funding options.
2. Fast and efficient funding process.
3. No penalty for early repayment.
4. Provides funding solutions for new businesses.
5. Utilizes a network of investors to provide funding.
Cons:
1. The maximum limit for open-ended funding is relatively low ($125,000).
2. The website does not provide detailed information on the application process.
3. The company does not clearly state the industries it works with.
4. The website does not provide detailed information on the states it operates in.
5. The company does not clearly state the qualifications required to receive funding.
Ideal Customer
The right type of customer for Torro's services is a business owner who needs quick access to capital. This could be a startup looking for initial funding, an established business needing capital for expansion, or a business facing a cash flow issue. Torro's services are particularly beneficial for businesses that have been turned down by traditional lenders due to lack of business history or assets.
Required Documentation
The website does not provide specific details on the documentation required to get funding. However, it mentions that their funding programs require very limited asset verification and little to no paperwork. This suggests that the application process is streamlined and less cumbersome than traditional lenders.
Industries and Restrictions
The website does not provide specific information on the industries the company works with or any industry restrictions. However, it mentions that they have helped many businesses solve their financial needs, suggesting that they work with a wide range of industries.
State of Operations
The company has offices in Salt Lake City, Utah, St. George, Utah, and Mesquite, Nevada. However, the website does not provide specific information on the states the company does business in or any state restrictions.
Basic Qualifications
The website does not provide specific information on the qualifications required to receive funding. However, it mentions that all funding is subject to credit approval and normal underwriting standards.
Collateral or Guarantees
The website does not provide specific information on the type of collateral or guarantees required for the company's products. However, it mentions that their funding programs require very limited asset verification, suggesting that the need for collateral may be minimal or non-existent.
Alternatives
The website does not provide information on alternative options to using Torro's services. However, alternative options could include traditional bank loans, other online lenders, crowdfunding, or seeking investment from venture capitalists or angel investors.