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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: March 28, 2024
OnDeck
4.5 / 5 - Excellent
#1 in Small Business Loans
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Torro Small Business Loans
4.1 / 5 - Excellent
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Key Facts

Applying won’t affect credit score

  • Loan Amounts: $5,000 to $250,000

  • Average Yearly Revenue requirements:$100,000

  • Minimum Credit Score: 625 FICO

  • Minimum Time in Business to apply: 1 year

  • A+ BBB Accredited
  • Working Capital up to $500,000
  • Same-Day Approval & Funding
  • Low Credit, No problem
  • Simple & paperless loan application
  • Multiple funding options for different types of business
  • Must have $120k in Annual Sales Revenue
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Paycheck Protection Plan Information

OVERALL RATINGS

 OnDeckTorro
Loan Options4.5/54.0/5
Application Requirements4.5/54.3/5
Average Rates & Fees4.5/54.0/5

Loan Options

Available Loan Types

 OnDeckTorro
SBA Loans
Revenue-based Financing
Equipment Funding
Working Capital Loans
Term Loans
Lines of Credit
Invoice Financing
Merchant Cash Advances
Equipment Loans

Disclaimer

Term Loans

 OnDeckTorro
Min Loan Amount
$5,000
Max Loan Amount
$250,000
Min Term Length
6 months
Max Term Length
24 months
Repayment Terms
Fixed daily or weekly payments

Business Lines of Credit

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

Rates & Fees

Term Loans

 OnDeckTorro
Min APR
29.94%
Max APR
97.34%

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
29.9%
Max APR
65.9%

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
625
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
4.8 out of 5
9.2 out of 5
BBB Rating
A+
A+
BBB Positive Reviews
44
1
BBB Negative Reviews
20
1
Date Collected
2022-12-13
2017-08-23

Contact & Additional Information

 OnDeckTorro
Homepage URL
https://www.ondeck.com
http://www.gotorro.com
Company Phone
(888) 269-4264
(866) 858-2404
Headquarters Address
1400 Broadway, New York, NY, 10018
5965 South 900 East #300, Salt Lake City, UT, 84121
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: Consumer Education, Loan Options, Application Requirements, and Average Rates & Fees.

Customer Comments & Reviews

A
angelina
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 .

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