Compare OnDeck vs. Torro Small Business Loans

What’s the difference between OnDeck Small Business Loans and Torro Small Business Loans? See how our editors compare the two companies below.
Last Updated: April 24, 2018
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OnDeck
9.6 / 10 - Excellent
#1 in Small Business Loans
Torro Small Business Loans
9.0 / 10 - Excellent
#10 in Small Business Loans
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Key Facts

  • Our #1 Choice: A+ BBB Rating - 9.4 of 10 on TrustPilot
  • Largest Small Business Online Lender - 50k+ Customers
  • Loans up to $500k, and Lines of Credit up to $100k
  • Decision in minutes - no obligation
  • Funding in as fast as 24 hours
  • Must have 100k in revenue, minimum 12 mo in business, 500+ Fico
  • Business Lines of Credit up to $225,000
  • Merchant Cash Advances up to $750,000
  • Fast approval with 48-hour funding
  • A+ BBB Accredited
  • Simple & paperless loan application
  • Multiple funding options for different types of business
  • Access to a list of small business lenders, brokers, and private investors

OVERALL RATINGS

 OnDeckTorro
Loan Options9/109/10
Application Process10/109/10
Rates & Fees10/109/10
Reputation10/1010/10

Loan Options

Available Loan Types

 OnDeckTorro
SBA Loans
Term Loans
Lines of Credit
Invoice Financing
Merchant Cash Advances
Equipment Loans

Term Loans

 OnDeckTorro
Min Loan Amount
$5,000
Max Loan Amount
$500,000
Min Term Length
3 months
Max Term Length
36 months
Repayment Terms
Fixed daily or weekly payments

Business Lines of Credit

 OnDeckTorro
Min Loan Amount
$5,000
$5,000
Max Loan Amount
$100,000
$225,000
Min Term Length
6 months
Max Term Length
6 months
Repayment Terms
Fixed weekly payments
Depends on chosen lender

Rates & Fees

Term Loans

 OnDeckTorro
Min APR
9.99%
Max APR
99.0%

Term Loans

Fees: One-time fee to cover cost of servicing and processing the loan: * 1st loan: 2.5-4% of loan amount * 2nd loan: 1.25-3% of loan amount * 3rd+ loan: 0-3% of loan amount

Lines of Credit

 OnDeckTorro
Min. APR
13.99%
Max APR
39.9%

Lines of Credit

Fees: $20 monthly maintenance fee, which is waived for 6 months if you draw $5,000 or more in the first five days of opening your account. There are no fees to draw money.

Lines of Credit

Fees: Depends on chosen lender

Merchant Cash Advances

Fees: Depends on chosen lender

Application & Qualifications

 OnDeckTorro
Online Application
Approval Time
As fast as 24 hours
Less than an hour, in many cases
Funding Time
As fast as 24 hours
As little as 48 hours
Min. Years In Business
1 year(s)
Min. Annual Revenue
$100,000
Min. Credit Score
500
650
Additional Qualification Requirements
Personal Guarantee
Lien
No Recent Bankruptcies
Connect Bank Account
Personal Guarantee
Business Plan
No Recent Bankruptcies

Reputation

Customer Feedback

 OnDeckTorro
TrustPilot Score
9.4 out of 10
9.2 out of 10
BBB Rating
A+
A+
BBB Positive Reviews
44
1
BBB Negative Reviews
20
1
Date Collected
2017-08-23
2017-08-23

Contact & Additional Information

 OnDeckTorro
Homepage URL
Company Phone
(888) 269-4264
(866) 858-2404
Headquarters Address
1400 Broadway, New York, NY, 10018
975 E Woodoak Ln Ste 10 Fl 1, Salt Lake City, UT, 84117
Mailing Address
1400 Broadway, New York, NY, 10018
Year Founded
2006
2012

Final Verdict

OnDeck Small Business Loans has a higher overall rating than Torro Small Business Loans. OnDeck scores better than Torro across: Application Process, Rates & Fees, and Reputation. Both companies score similarly on Loan Options.


Customer Comments & Reviews

A
angelina
Los Angeles, California
12/18/2016
Torro Small Business Loans review
I really appreciate if I can get loan I would be glad that I can have a little help .