CEG Securities
Verified20 reviews
Misleading, deceptive & glad to be rid of them! They knew full well why we needed the money (personal reasons) but made us get an ABN so it would be a "Business Loan' & therefore unregulated. Absolute lies from start to finish - had to pay almost a thousand dollars upfront which included a property valuation which we never saw & then it was: "Oh… Read more
no, we can't offer you those terms anymore because the valuation is significantly lower than we thought' (No refund either). When asked what the valuation was (which WE paid for), we were told 'can't tell you that'.. Litigious, dishonest & incredibly expensive. Avoid at all costs!
Edit: since posting this just a few hours ago, I have been emailed & phoned multiple times by CEG, never once denying the accusations above, only insisting that the pre-paid amount was not 'thousands'.
Unlike most private lenders, CEG Securities will NEVER charge a valuation fee just to decline your loan request straight after. They always assess if the deal doable, and only then provide an upfront estimate of how much you can borrow. That’s great because you don’t pay anything, unless you are happy with their initial valuation and wish to… Read more · 1
proceed with the deal. Then they charge a valuation fee.
In the end, they are very responsive and upfront about the process. There are no hidden fees. They truly settle loans within a day or two.
Higher interest rate than the majority, but considering the speed, accuracy of assessment and no extra fees, this is very reliable lender for those tricky financial situations. Highly recommend.
We have been using CEG for past 6 months and just paid out our facility with them. While initially banks and other lenders were unable to assist us as our business had not long enough history and financials, CEG assisted us when we needed it the most, at start up. Process was straightforward, we had a caveat loan settled just under a week. No… Read more · 1
hidden fees, no early repayment fee just as promised initially. After almost 6 months, we have now been refinanced by a bank. Once again, discharge process was very simple, everything is done electronically. While interest rates aren’t cheap, but speed, customer service and minimal requirements for a short term loan exceeded our expectations. We have been quoted all sorts of tricky fees, admin fees, line fees, establishment fees, settlement fees, prepaid interest etc etc from other short term lenders, but then our broker suggested CEG, and we glad he did. Thanks again for assisting us when no one else did initially, or tried to charge us upfront commissions and commitment fees. Highly recommend for those who can’t get into the bank just yet, or need a lender that does what they say.
Just what we needed. We were advised upfront with no fees and when we decided to go ahead, proceeds were quite cheap and straight forward. I think all these previous reviews are related to old company - CEG DIRECT SECURITIES. As far as I know, since 2022 it is under new structure, new management even new name CEG Securities and I would highly recommend! Show details · 1
Terrible customer relationship from their Lawyer – During covert19 their lawyer showed no kindness, compassion and courtesy towards me at all during my hardest time. All other banks and lenders were very lenient towards their cutomers and they allowed them grace period. I was served with notice to vacate my home during Covid 19 period and they also served me summon to appear in court. The lady… Read more
lawyer showed no sign of compassion or kindness at all. She was rude on telephone to me and had no customer retaionship manners.
Bad service – The loan approval was fast - then the follow up was impossible They said they email the approval and it never comes through - Where is Jim or James No one answers the phone
CEG team was very helpful ,our bringing loan from settlement and pay back stage so fast and smooth , Thanks Team – CEG team was very friendly and helpful ,our bringing loan from settlement and pay back stage of our property so fast and smooth ,will be back with another product ,Thanks Team Show details
Worst choice choosing CEG Securities – I needed a quick fix loan to try finish my renovations at my house to only pay every month to these horrid lenders CEG $8600 plus…in theory I’m just paying back their money & now I’m in the process of refinancing my home with an honest lender (see the outcome what the payouts going to be).. Show details
Took the advice of other reviewers and avoided – Started out good, CEG were receptive of our needs said they could help. Paid them initial fees then the delays started and what was once a simple loan snow balled into what would have been a nightmare so we pulled the plug and went elsewhere. thanks to the other reviews we read we are glad not to have proceeded with CEG
Beware- misleading offers lead to entrapment documentation - should be no star – Initially, customers service is good, with wonderful offers that almost seem too good to be true, that's because they are misleading and deceptive. for example, I am a Mortgage broker and received one of their many marketing emails, on 9 August 2021. I received the email titled 'Interest Free Loans', (attached below) now any reasonable person… Read more
knows there is no free lunch and there is a catch, and that's fair enough too. CEG Direct Securities Pty Ltd will initially offer a 3-month loan with no interest provided you pay an upfront fee of 2.5% of the loan amount, a bit steep, but OK, and an exit fee of 2.3% of the loan amount, and a line fee of 0.2% (this is the fee to draw down the loan) so the fee is 5% over 3 months with no interest. It just so happens that I had a short-term requirement for use of some funds, so fill out the application form, received the terms sheet that outlined very loosely the offer, and an invoice for $850 to cover a desktop valuation and assessment fee, agreeing to the fees as above. When the initial formal approval arrived six days later it had a monthly interest rate of 2.8% per month, plus undisclosed documentation fees. Naturally, I queried this, and a new formal approval arrived about an hour later, with the loan costs and fees as agreed plus a circa $2,200 document preparation fee. I thought, OK it is going to cost me just over $8,000 to borrow the $120,000 for 3 months. fairly expensive but not too excessive for a private lender. I signed the unconditional formal offer and provided authority for my property loan lender to disclose current balances etc to the lender (standard practice). CEG Direct Securities Pty Ltd refused to allow their solicitors to send me the actual loan offer insisting it had to go to my solicitor, who would be required to explain the 247 pages of documentation at my expense, then have to sign and verify that I knew what I was getting into. Thankfully my solicitor forwarded me the email with the loan offer that arrived the day after signing the formal approval. It took six days to issue the formal approval of 5 pages with mostly white space, and less than 24 hours to issue the 145-page loan offer with 2 x 51-page mortgage documents ( I been a mortgage broker for close to 20 years and have never seen a 51-page mortgage, they are usually 2 pages that provide the security for the lender. If anyone is interested to see the mortgage document I will share it, as it is quite amazing how words can be used to put your "you know what" into a vice and basically take away your rights to your own property in the process. But wait the actual loan offer required an absolute and irrevocable power of attorney over my company and the second power of attorney over me and all my current and future assets. There was a requirement to allow the lender or any of their representative to draw on my business credit card without additional consent to do so, further, the standard interest rate in the loan documents was 5.6% per month, discounted to 2.8% as a concessional rate per month (that's equal to 36.6% per annum, certainly not interest-free, LOL). It did not stop there, if anyone cares to see the loan offer, I will make it available, as it is so different from the formal approval document. Naturally, I asked CEG Direct Securities Pty Ltd and their solicitors Ronayne Owens Lawyers to reissue the loan offer as previously agreed, and that I would not be provided indiscriminate and irrevocable power of attorney over my company and self. The representative from CEG Direct Securities Pty Ltd declined to discuss the loan offer with me referring me to the solicitor Ronayne Owens Lawyers, who was unavailable and did not call me back. The then emailed CEG Direct Securities Pty Ltd and their acting solicitor Ronayne Owens Lawyers who are located in Sydney, stating I would not be proceeding with the loan on the loan offer terms as they were inconsistent with the formal approval. Guess what, the next day by express post I receive a letter of demand for 5% of the loan offer amount and Ronayne Owens Lawyers fee of $1,776.16 total $8,376.16 for not proceeding with the entrapment loan contract. Warning warning in all my 20 years of lending this is the worst lender loan offer I have ever seen.
WARNING – I am a broker. I have used this business twice. The first one was quite simple but was definitely not in 72 hours as they promote and the second who has a trading business and is better on paper was declined even though it was well within LVR range. I do not want to use defamatory phrasing however make a wise choice and a responsible choice when… Read more
going down the pathway of private lending or you may find yourself 6 weeks down the line with thousands of dollars lost, caveats lodged against properties and no loan for the client when in essence on Day 1 the lender most likely was not going to do it anyway.
Unprofessional, Misleading, disceptive and litigious – Avoid CEG Direct at all costs. There are better alternatives for funding. CEG Direct lure you in with seemingly reasonable terms. Then once you sign an offer, which includes extremely steep penalties posed if you cancel for any reason after signing, they alter the original terms to which you agreed. You are then trapped. If you go ahead with the… Read more
new terms they pose, you are set up to fail and risk extreme costs. If you withdraw due to unpalatable terms you are then subjected to the steep penalties. CEG Direct will then act aggressively, and litigiously in order to pressure you into paying the penalties. Don't be fooled into thinking you have no protection just because they are not a member of AFSA. There are other Acts such as ASIC. Your best option is to avoid them in the first instance.
WARNING!!!!! Do not use this group – Customer service is TERRIBLE and will only speak through lawyers in the hope that we do not have the money to engage lawyers. They are not a member of AFSA so you have no Protection. If you are to deal with this group and they are to repossess your home be prepared for them to sell your contents of your home and you will need to take them to court to get them back. They prey on the weak.
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Don’t deal with this group – Don’t deal with this group. They are not a member of AFSA so you have no Protection. They pre-approved our loan where we provided pages of supporting information with a large Amount of equity. They demanded we pay almost $4000 for desktop valuations, provided nothing in return. Said in the end we did not qualify without any evidence.
The worst customer service and disgusting customer relations – Absolutely horrid and arrogant attitude to any questions and concerns by their staff. The staff member "[name removed]" was not only rude, but arrogant and decisively not interested in assisting my concerns at all. Show details
Fast and helpful service – Settled in 48 hours I went to three other lenders who wasted my time. The credit team helped me from start to finish. Thank you for your assistance with our business loan. Will recommend to my clients.
Outstanding service – Thank you for settling our clients business loan during this economic crisis client had funds in 48 hours from approval. Lived up to expectations that the deal would settle in time frame. Show details
Poor service – Poor service. Good at taking your val fees and decline the app without any support or opportunity to discuss a solution. Would not recommend ceg direct to anyone. Waste of time.
Perfect for what we needed – Advertised a fast turnaround and delivered. The rate we paid was inconsequential compared to the amount it saved us in the overall project. Helped us get it back on track. Show details
Keep Away!! – Worst service. Very slow, rude and unprofessional. They advertise a 72 hour funding strategy this is far from true. They charge way too much for desk top valuations that they dont even reveal to you??? Nor do they give you an option to do proper valuation. Unsatified toatally they dont even offer you money back. Plus they're alowed to put a ding in my otherwise excellent credit rating. Never again. Beware.
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Hi Denis, Did you pay thousands of dollars for a… Read more (+8 replies)