Merchant Cash Advance & Business Loans Go Torro Funding Reviews
If you are in need of business loans or merchant cash advance for bad credit, then try Go Torro business funding for instant approval and get loan deposited in your account within 0 to 4 business days. Everyone running a business whether small, or big, requires funds to either expand the business further or maintain its day to day working capital needs.
Business loan or Merchant cash advance loan are normally given to small and medium size business owners. Under normal circumstances, the funding is $5,000 to $500,000, although more may be offered depending on the negotiations.
Merchant cash advance is a type of loan provided by finance companies for small businesses against their future credit card or debit card sales. This business cash advance loans are much faster and quicker to get compare to traditional business funding.
There are few best merchant cash advance companies in US; one of them is GoTorro funding.
Business Loan & Merchant Cash Advance from Go Torro Funding:
Go torro funding can help you to get the cash you need for your business. If you process at least $10,000 thousand dollars in credit card sales per month you are well on your way to receiving the business cash advance.
Go torro funding process is simple they give cash advance based on your monthly credit card processing volume. After you’ve received the advance your credit card processor will deduct a small fixed percentage of your daily credit card sales until the entire purchase amount is collected.
Use the cash any way you see it fit renovation, expansion inventory, marketing there are many benefits to a merchant cash advance such as no personal guarantee, no collateral, minimal requirements no interest rates unlike a traditional loan the advances automatically repaid through your credit card processing transactions.
This means that there is no fixed payment bearing down on you which is especially helpful during slower times. The total amount Go Torro collects will vary with your sales but will always be the same small percentage.
If it takes longer than expected there are no additional fees or added costs.
Gotorro verifies your bank statements and credit card receipts to offer you with a business loan.
- No Tax Returns Needed
- Flexible repayment options.
- Funds deposited within 0 to 4 working days.
- Less paper works.
- Min 500 + Credit score
- Business loan and Merchant cash advance approval in just under 48 hours.
- Get approved for $5,000 – $500,000 without any collateral required.
Merchant cash advance and business loan from go torro helps you with the cash you need. There are no application fees and no obligation to apply. So don’t wait another minute to find out how much cash you could be approved for all.
Go Torro Funding Requirements:
Go Torro funding need to fax or email copy of a recent 4 months merchant processing statement summary page. So they can verify that you accept credit cards. Torro funding values your privacy so use the secured fax number or email address provided by torro once approved.
You will be contacted by their underwriting department promptly after they receive your online loan application.
Why Go torro Funding:
Ask any business owners what the number one thing any business needs and 7 times out of ten they’ll tell you working capital. Gotorro funding realizes this is the very basic necessity of any business which is why gotorro funding programs are so popular.
From startup working capital to merchant cash advance loans, Gotorro has the right lending to help your business gain the sustainable loans it needs to grow.
Gotorro offer cash advance loans for small business, In short MCA or merchant cash advance up to $500K. There is no collateral required. Business owners with bad personal credit can apply for business or merchant cash advance at gotorro. They have least minimum 500 credit score requirement.
At Gotorro funding, business owners get merchant cash advance upfront in as little as 0 to 4 business days. Merchant loan is based on the percentage of your business credit or debit card sales.
- Must be in business min 6 months
- Monthly revenue min $10,000 in sales
- Apply now and get funded instantly.
Torro Funding Reviews:
What’s special about Toro is they work with a network of lenders to fund unique business needs. Like launching a start-up, purchasing a new business or expanding an existing one.
Here’s how it works after approving your application Toro sends you a list of relevant lenders to choose from. It makes the loan process much simpler.
The great thing about Toro is their broad network of lenders allows even high risk businesses the chance of getting a loan. There are no minimum credits or no collateral is required for funding. Merchant cash advance approval comes in under an hour.
In most cases Toro offers loans up to $500,000 with terms varying from 6 months to 10 years like Kabbage and Lending Tree Toro also has an A+ Better Business Bureau rating.
So it’s definitely a solid option for quick funds to start or expand a business
Bad Credit Merchant Cash Advance Loan:
It’s been more than 10 years since the merchant cash advance has been in existence. Approximately over 400,000 merchants across US are using this alternative finance for their business.
Merchant cash advance is not a loan like your regular business loans but it is like purchase or sale agreement between merchant cash Advance Company and the borrower.
It’s an agreement between you and merchant loan industry offers you a cash advance for the credit and debit card sales. Cash Advance Company receives a portion of your business credit or debit card sales as a repayment daily/weekly till the advance is paid off.
Merchant loan ranges from $5,000 up to $500,000 depending up on the business size, average monthly CC transactions. This is one of the best and quickest business financial solutions for bad credit borrowers to get hassle free working capital loan.
Merchant cash advance loans are best suited for businesses which take credit cards like auto repair shop, salons, retailers, small businesses, e-commerce sites, Hotels & restaurants.
Advantages Go Torro Small Business Loans:
Easy accessibility of Funds:
If you have ever applied for a business loan to start or expand your business, you must have discovered that the procedure is long and tedious. Worse still, it may even take a whole month before accessing the funds applied.
This is not the case with business advances, since under normal circumstances it will only take you a maximum of 7 working days to get the funds.
Fast approval and Instant Funding:
Gotorro funding can approve and fund a merchant advance application within 0 to 4 business days.
Get Fast access to cash than any other loans:
It is due to less paperwork and simple approval process than traditional loans. you can get lump sum amount in as little as few days.
Best Merchant Cash Advance Loan for bad credit:
Irrespective of your credit score you can get business or merchant cash advance. It is because merchant loans are provided based on your business income from credit or debit card sales. If you project your future sales and prove you will pay back the loan with the agreed factor rate then you have better chance of getting a merchant loan.
Flexible repayment term:
Daily or monthly repayments It depends on your business sales. You can customize your merchant loan repayment term with the lender. Unlike traditional loan, where repayment is fixed, for the entire term. Here you can pay back based on your sales.
Most of the seasonal business owners don’t have regular cash flow. In MCA, repayment can be made with a fixed percentage on your regular sales. If you have good sales on a particular day or month then repay more and less during slower sales periods.
No collateral required:
The fact that gotorro funding offering merchant cash advances do not ask for security, is always a huge relief to many business owners. The same cannot be said for traditional loan.
With the later, most financial institutions require the business owner to offer a valuable asset e.g. home, owned commercial building as collateral.
This could be very risky for the business owner because in the event of failure to honor the loan agreements, the financial institution could sell their collateral.
The procedure of approving a merchant cash advance loan is quite quick. Gotorro funding offering business cash advance, if qualified approves within 24 hours.
This is unlike a small business loan where approval of documents required could take forever. This could be highly frustrating to the business owner, since the funds could be urgently required.
Over 90% approval rates at GoTorro Funding:
Once you prove that you have good cash flow from past 6 months, then you are almost guaranteed of merchant cash advance loan. However, for a business loan, you have a 50-50 chance of securing the funds despite the fact that your business may be doing very well. This high approval rate has led to many business owners opting to go for business advances as an alternative business funding solution.
Fixed monthly payment not a must:
When you take up a business loan, you are required to pay fixed amount every month. And this is irrespective of whether the business is doing well or not.
This can be highly stressing for a business owner particularly in periods when the business is down, and not doing very well.
For a merchant cash advance loan, the business owner is at great liberty to make repayments. Depending on how well the business is doing daily, weekly, or monthly.
This means that in situations where the business is not doing particularly well, the business owner may pay up lesser amounts.
No personal guarantees:
Unlike with bank business loans, there is no collateral required with merchant cash advance loans. And this is a huge advantage that makes many business owners fall in love with business cash advances.
Merchant cash advance loans have been of great benefit to smalls business owners. Who hardly get cash, when it comes to business loans.
Merchant Cash Advance Loan Factor Rates:
Merchant cash advance is the factoring of the future credit card sales at discount. Average of 1.41 factor (29% discount rate). Better rates are available at gotorro funding.
The loan amount is calculated based on the percentage of your business credit or debit card sales. Even using daily cash balances of credit card receipts or bank statements to offer you with a cash advance.
Business owner’s pays back the merchant advance loan with percentage or discount factor from the portion of your credit or debit card sales. Repayment will be weekly or daily, as agreed till the entire loan amount is paid back.
What will be your factor rate for merchant cash advance?
A factor rate from 1.2 to 1.5 varies for each business. It depends on the length of your time in business, type of business, and your average monthly sales.
For example: If you borrow $50,000 merchant cash advance at 1.2 factor rate, you need to repay a total of $60,000. Now, let’s see how much daily or monthly repayment comes up to you.
$50,000 X 1.2 = $60,000 loan
Suppose, the loan $50,000 is for 12 months term.
Divide $60,000 by 12(months), gives you $5000 per month. You will pay back $5,000 per month up to 12 months.
Some lenders don’t include weekends or holidays. So they consider only 21 days in a month for borrowers to make repayments. Now, you divide $5,000 by 21 days (per month) = $238 per day. So, you will need to pay back $238 per day up to 12 months. Total of 252 daily deductions (automatic withdrawals) of $238 until the amount of $60,000 is paid back.
Advantage of MCA loan at Go torro Funding:
- No collateral required
- Flexible repayment terms
- No prepayment penalties
- Multiple lenders available at gotorro marketplace, can get quick accesses to cash.
- Bad personal credit score OK.
- Easy to get qualified at torro.
- Fast & easy approval process.
Disadvantage of MCA Loans:
- Higher rates
- Reduces cash flow with daily ACH from merchant account.
- The cash advance repayments is not reported to any credit rating agencies
Use Merchant Cash Advance loan for any business purpose.
- Pay off bills
- Purchase inventory
- Upgrade equipment
- Pay taxes
- Emergency expenses