NOTICE: As a response to COVID-19, Captrove has temporarily suspended new lending applications. We will monitor the situation and update this review accordingly when applications are resumed.
This Captrove Review will provide a full breakdown of Captrove – the online business lender that’s focused on bad credit business loans. We’ll detail when Captrove launched, where Captrove is located and the companies who are most suited to receiving a business loan from Captrove. We explore the modest amount of Captrove reviews we can find online and combine this with our other performance metrics to provide our own editorial assessment of Captrove. Read our full Captrove review to find out more.
|📝 ABN:||55 603 041 756|
|📝 Credit License:||154 775 667|
|💰 Loan Amount||$5,000 – $60,000|
|⏲️ Loan Term||3 months – 12 months|
|💸 Unsecured Loans?||Unsecured Loans are Available|
|⌚ Lender Requirements|
|📃 Required:||90 – 180 days of bank statements|
|⏱️ Response Time:||24 hours|
|🌝 Easy to Apply:||Yes, fully online (expedited application here)|
|💌 Online Reviews:||None|
|🏆 Awards and Recognition:||None|
|💳 Minimal Interest Rates:||No establishment fee|
The Captrove online loan calculator, based on the weekly repayment, suggests interest of $26,666 on a $60,000 loan over 12 months. Daily payments of $333.33 over a 260 daily repayment programme.
|⚖️ Compare Captrove||Compare Captrove with 20+ Australian Lenders on Lend.com|
|Review Table of Contents|
Overall Rating: ⭐⭐⭐⭐
Company Story & Credibility?
Captrove, formerly named Trove Capital until 2017, was established in 2014 by the Credit Corp Group. Based in Sydney, Captrove offers small business loans throughout Australia.
The Credit Corp Group is a specialist Australian debt buyer, with extensive experience in the financial services industry. Founded in 1992, Credit Corp Group has over 1200 employees and is listed on the Australian Securities Exchange. Although operating in a perhaps unpopular field of debt collection, the Credit Corp Group has extensive experience in working with individuals and businesses with both good and bad credit ratings. Through their Credit Group Financial Services division they are able to use their expertise to offer both consumer and small business finance.
As a result Credit Corp is one of the largest providers of sustainable financial services in the credit impaired segment in Australia. Captrove has been established on the core values of responsible lending specifically for small businesses. Unlike other business lenders, Captrove looks at more than just assets and collateral which allows them to offer unsecured loans to a wide range of businesses in varying circumstances.
Credibility Score: ⭐⭐⭐
What Products Do Captrove Offer?
CapTrove offers unsecured business loans up to $60,000. It’s a very straightforward offering designed for simplicity. All conducted online with no security required. Rates are based on individual circumstances but Captrove pride themselves on being a responsible lender that can work on a repayment schedule that suits your business’ cash flow.
Product Score: ⭐⭐⭐
Captrove Client Reviews
- No available Captrove reviews
- One review of Credit Corp Group Limited in relation to their consumer finance offering ‘Wallet Wizard’ – TrustScore 3.4 / 5
Unfortunately there are simply no reviews that can be found online for Captrove. The consumer review for Wallet Wizard whose website has the exact same look and feel as captrove.com.au praises the fact that they were the only company willing to lend money at a time of real financial crisis. But deems them to be ‘the best of a bad bunch’ as they had the incorrect repayment date and attempted to debit their account two weeks earlier than agreed. Whilst the customer praised them for not charging an establishment fee (something Captrove don’t charge either) they were deemed to have charged a high interest rate.
Based on Captrove’s online loan calculator we too expect that they do charge above the industry average, but we must take into account that Captrove lends to companies with a bad credit history on an unsecured basis.
Client Review Score: ⭐⭐⭐
Captrove’s Online Platform
Captrove has a no frills easy to navigate website. Just like the offering, it’s all designed for simplicity so businesses can apply and receive their loan in the quickest turnaround possible.
The FAQ’s section is detailed and the online loan calculator can provide you with an indication on your repayment schedule in under 30 seconds – simply choose how much you wish to borrow and how long for.
When you apply you can either complete a quick 5-step online application or choose to message the company first if you have any questions. We like the fact you can reach out prior to completing all of your company information and have any answers cleared up first.
Website Score: ⭐⭐⭐⭐⭐
Captrove Loan Compatibility
- Startup: Not immediate, but with minimum criteria of 6 months in operation and $5,000 monthly turnover this is amongst the most accessible in the online lending industry
- Bad credit: Yes, this is Captrove’s speciality
- Sole trader: Yes, Captrove works with sole traders.
- Established business: Yes, Captrove works with small and medium sized businesses
- Turnover: Captrove requires at least $5,000 per month.
Flexibility Score: ⭐⭐⭐⭐⭐
Captrove Pricing & Rates
Based on borrowing $60,000 for a period of 12 months, the online loan calculator on captrove.com suggests a daily repayment of $333.33 per day.
Based on 260 daily repayments (as you only make repayments on business working days) this equates to a total of $86,666 – meaning interest paid of $26,666, which is over 40% of the principal amount. This certainly feels high but we have to remember the online calculator is only there to provide indicative rates and every borrower’s situation is unique. We also have to remember that Captrove specialise in unsecured loans for bad credit businesses so naturally these borrowers would be required to pay more interest as the risk is higher for the lender.
This is what Captrove has to say about interest rates and fees in its FAQs:
“We offer loans to a wide range of businesses in varying circumstances so we assess each business on its own individual merit. The exact cost of borrowing will depend on a variety of factors but rest assured, our unsecured rates are competitive and you will know the total cost upfront.
There are no fees to apply and once you are approved we will be able to offer you terms that clearly outline your repayment amounts, frequency and the total amount you will repay over the life of the loan.”
It’s a fairly standard explanation on loan rates and we understand why they are reluctant to share information on pricing prior to getting to grips with each unique application.
The only time additional fees may apply is if you miss a payment, which again is very common for any loan product. If you do need to miss a repayment then Captrove asks that you get in touch prior to when the payment is due. Captrove will then work with you to make appropriate arrangements so you won’t need to pay a dishonour fee.
The interest rate on a Captrove business loan is likely to be high but we like the fact they haven’t tried to hide behind ultra-competitive interests rates on their indicative loan calculator (which are likely to be unachievable for most SMEs) and we like the fact they are willing to work with borrowers to adapt their repayment schedule as necessary, providing borrowers get in touch prior to missing the payment. This is certainly not the case for all online lenders and demonstrates Captrove’s experience in working with businesses with a bad credit history.
Fees Score: ⭐⭐⭐
CapTrove Review Summary
- Credibility - 82%82%
- Website - 88%88%
- Compatibility & Variety - 78%78%
Alongside Max Funding, Captrove is one of the best lenders for bad credit businesses. The fact it is supported by the Credit Corp Group who specialise in working with customers with a bad credit history certainly supports this. The Credit Corp Group is unpopular for its debt collection activities but at the same time you have to ask yourself who else you would want to operate in this segment of the industry if you are a borrower with a bad credit history. Much better it is provided by a debt specialist than an industry newcomer.
We hope you’ve found our Captrove review informative and ultimately it’s been able to assist you in making a decision as to whether Captrove is the best online lender for you. For any inaccuracies or more information you’d like to know please contact us.