ComplaintsforTorro, LLC

• Initial Complaint

  03/23/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I looked into this company for a way to get funding for my new business. Since they were an affiliate of a prior company I used for a loan I was told that these people were also a loan company (i.e., bank). When I initially spoke to them, they said they would be able to get me personal lines of credit through several different banks. Once I began having conversations (on a recorded line) with **** and **** they now were stating that it would be part of a credit card which I hadn't thought much of because they knew I was looking for a loan for my new business.I told them the amount I was looking for and I was told that it was best to get as much as I could because I was approved for it. When I told them the amount of a LOAN that I was wanting they kept pushing me to increase the amount of funding which I would receive only because they receive more money the more credit they get you (10%). When I told them the small amount that I wanted I was told that if I spent close to the amount of funding that I received too quickly then that would negatively impact my credit score because the "banks" prefer to only see about 30% of the amount spent. I ended up increasing the amount after hearing that it could impact my credit score. When I talked to ****, he specifically stated that my terms were going to be (which I have in an email) 1% and 18 months even after me asking him to confirm. Nothing about separate individual cards and multiple different terms. I asked him why the contract stated otherwise, and he said, "not to worry, it is the terms that we discussed so hurry up and sign". After seeing multiple (almost 7) credit cards being put in my name I was very upset. If I had wanted to fund my business with a credit card; of which I already have nearly ****** available to me, I would have just used the ones I already have. After speaking to **** about these cards being put in my name, he told me Its like going to ********* and ordering a cheeseburger or making one yourself, sure you could make one yourself, but you go to experts to do it instead". It takes 2 seconds to apply for a credit card and anyone can do it. I didn't need anybody to do that for me nor did I want anybody to do that for me. As a result of this companies misleading lies and them falsifying terms, I was forced to cancel all funding and now they are expecting me to pay them for "services rendered" for a service that I never received and was completely mislead and miscommunicated in every which way to me. I am completely dissatisfied and shocked that a company even exists to be doing this to people.

  

  Business response

  04/02/2024

  After speaking with the client, there was a misunderstanding with the client and our funding process. Ultimately the reason why most start up or small businesses fail is because of lack of capital. Because the funding program is revolving credit you only pay for what you use. So most clients take enough to get the business off the ground and have a little bit left over in reserves for any unforeseen expenses. Every client has the option to cap the funding amount they receive to mitigate any fees.

  Through our approval calls, contracts, and compliance calls, we explain that the desired funding amount can come from multiple banks rather than one. Although, we were able to secure the desired funding amount for the client, the client thought the amount would come from one source. 

  Ultimately, we are here to help small businesses with their capital needs. Our number 1 priority is client satisfaction so at the clients request, we went ahead and waived all fees. 
  

   

   

• Initial Complaint

  03/11/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On Behalf of ************** Ventures LLC. I'm filing this complaint against Torro Funding due to unauthorized access and misuse of confidential data from our SPV, WI-ME **** This serious breach involves not just corporate data but also personal information of our stakeholders.I request Torro Funding to immediately stop using any data from ************** Ventures LLC, **************** **-ME *** that wasn't obtained through authorized means and to confirm in writing the destruction of such data, including personal details involved. Along with any personal details, social security, birthdate, etc This issue is under investigation by law enforcement agencies in *********, ******, *****, and ***************. I expect Torro Funding's full cooperation with these investigations and immediate action to rectify this breach.While I note the outreach regarding a past funding proposal, resolving this data breach is my priority. I await a written response by March 18th, confirming all unauthorized data, especially personal information, has been securely destroyed.

  

  Business response

  03/14/2024

  Hi ****, 

  After looking into this, we found that after you had applied you told our agent you were no longer looking for funding, so we marked your file as a decline. 

  No further action or communication was taken after the decline. 

  If you would like to discuss further please feel free to reach out at ************

• Initial Complaint

  11/11/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I never had a loan or did any business with this company. They erroneously sent information to my merchant servicer and placed a lien against my merchant deposits for an entirely different business that I have no affiliation with. For over 10 days, I had no deposit from my merchant account and this negatively impacted my business. Torro blames my merchant servicer, but Torro is the company the contacted my merchant servicer to place a UCC lien against my business that they DO NOT have against my business. I had several payments bounce, I have hundreds of dollars in fees, my payroll account has been deactivated, and I have lost my credit terms with my liquor distributors. I am seeking legal action against this company, but I am also filing complaints with the BBB, ****** of ****** Supervision and the *** to ensure this doesn't happen to anyone else. My business was severely and negatively impacted because of their error.

  

  Business response

  11/29/2023

  Torro sent a UCC lien to a Merchant Credit Card Processor regarding a defaulted client of Torro's. The Merchant Processor failed to issue the lien to the appropriate business and instead applied the lien to the business who has this complaint. They believe that Torro is at fault when in reality the error was made by the *************************** and not Torro. This business that left the complaint has retained legal counsel and is currently not responding to our corporate counsel, though we understand this is due to their counsel being in trial this week. 

  Torro and our Corporate Counsel have been working to help them understand that this needs to be resolved through the Merchant Credit Card Processor as it was not Torro's error. 

• Initial Complaint

  09/28/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  After applying for a smalI business funding I received a email and calls from the agent ***************** in regards to funding for my business. We chat a few times explaining the process and the requirements. The requirement was to download my credit report and send it to her via email and he will get my file together and an underwriter would reach out to me within 24 hours. I didnt receive any phone call within 24 hours I reached out to them the next day and and still no response its all voicemails Ive left messages and still no response. Its now been 72 hours and I cant get a return text or phone call. I tried to call de business directly only to after pressing any option to talk to someone you end up going to a voice mail of *********************. Now they have my credit report and people that they work with for funding. I need to know who do I talk to so that this is not claimed as identity theft. It looks like they scam to collect you data.

  

  Business response

  09/28/2023

  Hello, our records show you were contacted this morning 9/28  and **** has confirmed he spoke with you on the phone, before this complaint was submitted. The process does take some time to go through your credit and analyze whether or not we can move forward with funding. I can assure you this is not a scam, we provide business funding for start *** as well as working capital to existing businesses. 

• Initial Complaint

  08/10/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I received a text with a Sloc agent through Torro Quinn Evangelist I’m regards to funding for my business. We chat a few times explaining the process and the requirements. The requirement was to download my credit report and send it to her via email and she will get my file together and an underwriter would reach out to me within 24 hours. I didn’t receive any phone call within 24 hours I reached out to them the next day and and still no response it’s all voicemails I’ve left messages and still no response. It’s now been 72 hours and I can’t get a return text or phone call and they have my credit report from the identityiq people that they work with for funding. I need to know who do I talk to so that this is not claimed as identity theft.

  

  Business response

  08/11/2023

  Hello, we located your file and it looks like you were not eligible for funding at this time due to your credit, our records show that you were contacted yesterday 8/10/2023 by one of our agents in regards to a credit repair program. 

  Once you go through the credit repair process, we can help you secure funding for your business!

   

• Initial Complaint

  04/10/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I Was referred to this company because I was unhappy with the terms of A loan that I received and someone told me that they could get me better terms. When I initially spoke to them they said that they would be able to get me personal lines of credit through several different banks with better terms and they would come in the form of cards and not to worried because they offer a service to liquidate the cards. After we were on a recorded line they changed it to personal credit card which I didn’t think anything of because I told them that I wanted a loan and they told me that these loans would come in the form of cards so I was under the impression that that’s what they called. until after their services were done And they listed the names of the banks. I asked them if these were credit cards and they said yes I was take a back. I didn’t say anything at first, but the more I thought about it the more upset I got because I have credit cards already with available balances totaling almost 20,000 so if I wanted to use a credit card I would’ve used those. I called and spoke to Josh who assured me that they did more than apply for credit cards and that I couldn’t of done it without them. Mind you I had an 800 credit score and also I didn’t want credit cards. Before they stared the recorded phone call they referred to “loans” in every which Way but credit card. “reusable lines of credit”” personal lines of credit” etc. didn’t do anything but apply for credit cards in my name. I told them the amount I was looking for and they kept pushing me to try and get more because the more credit they’re able to get you the more money they make (10%). I am completely dissatisfied and feel bamboozled.

  

  Business response

  04/17/2023

  We have spoken with the client, they were sent to us by a broker. The broker unfortunately did not explain the program correctly and caused confusion on how it was to be funded. Although we did our registration and compliance as usual, the information she was given from the third party was contradictory to our process. We have discounted our fee to make up for the confusion. This is not a reflection of Torro, this was caused by miscommunication from the third party company. This client is seeking a way to remove the complaint after discussing. 

• Initial Complaint

  01/04/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  This company has harassed me and even blackmailed my business . They emailed me and said I had a immediately respond to their email or they will file a ucc lein . I replied in 40 mins . I guess that wasnt good enough because they still leined my payment portals . Also , they set me up a new payment plan and still had the lein. That is shady , cant do both. I called them and asked why they said oh they are sorry they didnt remove the lein well that sorry cost me sales.They are doing these things on purpose out of spite . Also, they asked me for my cashapp and venmo . They also been double debiting . They give me a different balance each time I ask and they do not have a portal to check payment history or what went to the balance . They just put whatever numbers they want. I have had MCA loans before and this is the far most shady company I have ever had a loan with.

  

  Business response

  01/24/2023

  We have reached out to this client and was resolved via phone call, the client said they would remove the review. Please advise. 

  Customer response

  01/30/2023

   
  Complaint: 18683216
  
  I am rejecting this response because: the lein is still on my website godaddy and plus Torro is taking my money from my bank . 
  
  Sincerely,
  
  *************************

  

  Business response

  02/03/2023

  Thank you for your response, we have been in communication with our billing department and here's is the review of our conversation: 

   

  We had notified you of the NSFs and offered assistance to keep it from going to collections. Unfortunately, you were not willing to work with us and per your agreement you fell into collections which included filing a UCC lein. After setting up a payment plan we notified you that you can send in payments via CashApp or Venmo for your convenience. As for the debiting, we only debit once a day Monday-Friday and that includes bank holidays; which is also stated in your contract. Your balance does change when you make payments, each balance request is responded to with a comprehensive explanation. Per your contract, when you default fees do apply, though we have waived a few of those fees and worked with you on reducing payments. 

  We apologize you feel as though you had a bad experience. 

  Here at Torro we aim to assist businesses in any way to see them succeed! 

  Thank you 

   

   

   

  Customer response

  02/06/2023

   
  Complaint: 18683216
  
  I am rejecting this response because:  the lein is still on my account even with the payment plan and after I was told it would be removed and it still has not been . 
  
  Sincerely,
  
  *************************

  

  Business response

  02/06/2023

  We have been in contact with ******* trying to remove the lein and we have been notifying you with any update we have from them. Unfortunately, we have no control over the timeline to complete that process. 

  We're sorry this has been unsatisfactory, we are doing our best efforts to resolve this issue. 

  Customer response

  02/06/2023

   
  Complaint: 18683216
  
  I am rejecting this response because: They should be helping and not hurting their customers. This company adds fees endlessly, they ignored my message when I asked to settle this account, Settle means take less to be done. . They have ruined my company with their ***** that they say they have "no control "over yet they are the one that placed them and started them. They have a lein on my website and I am paying them on a payment plan. This is not normal. This company is violating the rights of customers. I would like the payment plan fees removed. I should only owe half of what they tell me. I have been paying this for way too long.
  
  Sincerely,
  
  *************************

  

  Business response

  02/08/2023

   

  When you defaulted, per the terms of your contract, all default fees are applied. However we did waive some of the fees and worked with you to set up reduced payments. It is unfortunate that we have no control of the release of the lein as it is a third party, but we have been working to get it removed on your behalf. 

   

  Please don't hesitate to reach out to our billing department with balance updates!  

   

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩