Effective date: September 01, 2018
- Important information and who we are.
- Third-party links.
- The data we may collect about you.
- If you fail to provide personal data.
- How is your personal data collected?.
- How we use your personal data.
- Disclosures of your personal data.
- False information and Fraud Prevention Agencies(“FPAs”).
- Data security.
- Data retention.
- Credit Reference agencies(“CRAs”).
- Where we store your personal information.
- Overseas transfers.
- Your legal rights.
1. Important information and who we are
Email address: firstname.lastname@example.org
You have the right to make a complaint at any time to the Information Commissioner's Office (ICO), the UK supervisory authority for data protection issues (www.ico.org.uk). We would, however, appreciate the chance to deal with your concerns before you approach the ICO so please contact us in the first instance.
It is important that the personal data we hold about you is accurate and current. Please keep us informed if your personal data changes during your relationship with us.
6. The data we may collect about you
Personal data, or personal information
a. Includes any information about an individual from which that person can be identified; and
b. Does not include data where the identity has been removed (anonymous data).
We may collect, use, store and transfer different kinds of personal data about you which we have grouped together including as follows:
a. "Identity Data" may include first name, maiden name, last name, username or similar identifier, marital status, title, date of birth and gender.
b. "Contact Data" may include past and present billing addresses (if you are a borrower), delivery address, email address, telephone numbers, company details, contact details of any representatives.
c. "Financial Data" may include bank account, building society or any other payment account, your credit history, credit score and credit rating.
If you are a borrower or a director, partner, member, shareholder, beneficial owner or guarantor of a borrower, we may collect information (which may include non-personal information) including such as:
a. information about your business or company including personal credit information;
b. credit reference checks (see section 6 below for more detail);
c. electoral register information;
d. fraud prevention information; and
e. passwords and answers to security questions.
Additionally, we may collect the personal information which you provide as part of registration and application processes (including, if you are a borrower, agent or relevant lender, certain personal data, identity verification, contact details and financial information about directors, partners, members).
Further data categories (non-exhaustive list):
a. "Transaction Data" may include details about payments by you for the services provided by us;
b. "Technical Data" may include internet protocol (IP) address, your login data, browser type and version, time zone setting and location, browser plug-in types and versions, operating system and platform, and other technology on the devices you use to access this website.
c. "Profile Data" may include your username and password, your interests and preferences.
d. "Usage Data" may include information about how you use our website and services.
e. "Marketing and Communications Data" may include your preferences in receiving marketing from us and our third parties and your communication preferences
We do not collect any "Special Categories of Personal Data" about you (this includes details about your race or ethnicity, religious or philosophical beliefs, sex life, sexual orientation, political opinions, trade union membership, information about your health, and genetic and biometric data). Nor do we collect any information about criminal convictions and offences.
If you provide to us personal information belonging to someone else
If you provide personal information about other people (for example, if you represent a borrower and you provide information about directors, partners, members, shareholders or beneficial owners other than yourself) then you must:
a. seek their prior consent; and/or
when providing information about other people, ensure that you have all relevant permissions and authority: (i) to make all necessary disclosures; (ii) to act on their behalf; and (iii) in relation to partners, members, shareholders or beneficial owners of borrowers, to allow us to make credit checks at credit reference agencies and otherwise for verification, in respect of those persons.
7. If you fail to provide personal data
Where we need to collect personal data by law, or under the terms of a contract we have with you, and you fail to provide that data when requested, we may not be able to perform the contract we have or are trying to enter into with you (for example, to provide you with goods or services). In this case, we may have to cancel a product or service you have with us but we will notify you if this is the case at the time.
8. How is your personal data collected?
We use different methods to collect data from and about you including through:
a. Direct interactions. You may give us your Identity, Contact and Financial Data by filling in forms or by corresponding with us by post, phone, email or otherwise. This includes personal data you provide when you:
1. apply for our services;
2. create an account on our site;
3. subscribe to our service or publications;
4. request marketing to be sent to you; or
5. give us feedback or contact us
b. Automated technologies or interactions. As you interact with our site, we will automatically collect Technical Data about your equipment, browsing actions and patterns. We collect this personal data by using cookies, server logs and other similar technologies. We may also receive Technical Data about you if you visit other websites employing our cookies.
c. Third parties or publicly available sources. We will receive personal data about you from various third parties and public sources as set out below:
1. Technical Data from the following parties:
i). analytics providers such as Google based in/outside the EU;
ii). advertising networks such as [name] based in/outside the EU; and
iii). search information providers such as [name] based in/outside the EU.
d. Contact, Financial and Transaction Data from providers of technical, payment and delivery services such as [name] based in/outside the EU.
e. Identity and Contact Data from data brokers or aggregators such as [name] based in/outside the EU.
f. Identity and Contact Data from publicly available sources such as Companies House based in/outside the EU.
9. How we use your personal data
We will only use your personal data when the law allows us to. Most commonly, we will use your personal data in the following circumstances:
a. Where it is necessary for our legitimate interests (or those of a third party) and your interests and fundamental rights do not override those interests.
b. Where we need to comply with a legal obligation.
Generally, we do not rely on consent as a legal basis for processing your personal data although we will get your consent before sending third party direct marketing communications to you via email or text message. You have the right to withdraw consent to marketing at any time by contacting us.
Purposes for which we will use your personal data
We have set out below, in a table format, a description of all the ways we plan to use your personal data, and which of the legal bases we rely on to do so. We have also identified what our legitimate interests are where appropriate.
Note that we may process your personal data for more than one lawful ground depending on the specific purpose for which we are using your data. Please contact us if you need details about the specific legal ground we are relying on to process your personal data where more than one ground has been set out in the table below.
|Purpose/Activity||Type of data||Lawful basis for processing including basis of legitimate interest|
|to register you as a new website user; and
to inform you of marketplace developments and activity and of changes to our products and services
|a. Performance of a contract with you
b. Necessary for our legitimate interests
|to process and deliver our services;
if you are a borrower (or a director, partner, member, shareholder, beneficial owner or guarantor of a borrower):
a. to ascertain your borrowing needs;
b. to assess your creditworthiness and to make credit-related decisions; and
c. if you miss any repayment of your loan, to trace your whereabouts and recover debts or enforce a loan contract or guarantee and to verify any payment plan you have proposed or income and expenditure form you have submitted;
to carry out mandatory or other regulatory checks;
to open online platform accounts with us and to manage and maintain those accounts [Avery Law LLP Note: please describe the nature of such MARLO accounts]
to verify your identity and the other information you have provided to us, including (if applicable) your bank account information and (if relevant) the identity of your business associates;
for the prevention and detection of fraud or other illegal or criminal activity.
e. Marketing and Communications
|a. Performance of a contract with you
b. Necessary for our legitimate interests
c. Necessary to comply with our legal and regulatory obligations
|to manage our relationship with you which may include:
b. asking you to leave a review or take a survey;
to carry out statistical analysis and market research and testing
d. Marketing and Communications
|a. Necessary to comply with a legal obligation
b. Necessary for our legitimate interests (to keep our records updated and to study how customers use our services)
|To administer and protect our business and this website (including troubleshooting, data analysis, testing, system maintenance, support, reporting and hosting of data);
to update the records we hold about you from time to time;
|a. Necessary for our legitimate interests (for running our business, provision of administration and IT services, network security, to prevent fraud and in the context of a business reorganisation or group restructuring exercise)
b. Necessary to comply with a legal obligation.
|to deliver relevant website content and advertisements to you and measure or understand the effectiveness of the advertising we serve to you
to develop and improve our services, products and business, including analysing and improving our risk models (if applicable), data collected and our customer service offering;
to provide and administer the marketplace and our related services;
e. Marketing and Communications
|Necessary for our legitimate interests (to study how customers use our services, to develop them, to grow our business and to inform our marketing strategy)|
|to use data analytics to improve our site, services, marketing, customer relationships and experiences;||a. Technical
|Necessary for our legitimate interests (to define types of customers for our services, to keep our website updated and relevant, to develop our business and to inform our marketing strategy)|
|to make suggestions and recommendations to you about goods or services that may be of interest to you||a. Identity
f. Marketing and Communications
|Necessary for our legitimate interests (to develop our services and grow our business)|
Who we disclose your personal information to as part of our services
We may disclose your personal information to other registered members of our marketplace, for the following purposes:
a. to operate our marketplace and seek to match lenders and borrowers;
b. in the loan agreements and any ancillary documents, when lenders and borrowers are matched;
c. to provide transactional and performance information;
d. to provide updates (including if and when there are late repayments or if and when a risk-banding has been downgraded); and
e. if required to enforce (or make preparations to enforce) any loan contract or guarantee.
We may disclose your personal data:
a. to companies in our group and our affiliates;
b. to our suppliers, sub-contractors and third-party data processors (including payment processors, marketing and data analytics service providers, collection agents, tracing agents, insolvency practitioners, professional advisers and persons who provide us with the following services from time to time: identification and fraud check; marketing; technology; marketplace support; and back-up and business continuity);
c. with any third party you have asked us to share your personal data with, including social media sites if you have asked us to connect with your social media account;
d. to credit reference and fraud prevention agencies (see sections 7 and 8 below for more information on this);
e. if we are unable to provide you with credit and if you consent, to third parties who may be in a position to arrange credit for you;
f. to a third party if it acquires all or part of our business or assets in connection with the acquisition, or to a successor in interest in the unlikely event of our insolvency, winding up or liquidation;
g. if we are required to do so by applicable law and regulation or by any governmental, tax, regulatory body or law enforcement agency;
h. if you are represented by an agent, to your agent; and
i. to any other person with your prior consent to do so.
Any such third parties who process your personal data on our behalf are only permitted to process your personal data in accordance with our instructions and we take steps to ensure that the transfer and any on-going processing by those third parties is carried out securely and in accordance with applicable data protection laws.
We may use your Identity, Contact, Technical, Usage and Profile Data to form a view on what we think you may want or need, or what may be of interest to you. This is how we decide which services and offers may be relevant for you.
You will receive marketing communications from us if you have requested information from us or purchased services from us and, in each case, you have not opted-out of receiving marketing communication.
Promotional offers from us
We may use your Identity, Contact, Technical, Usage and Profile Data to form a view on what we think you may want or need, or what may be of interest to you. This is how we decide which services and offers may be relevant for you (we call this marketing).
You will receive marketing communications from us if you have requested information from us or purchased services from us and you have not opted out of receiving that marketing.
We will get your express opt-in consent before we share your personal data with any third party for marketing purposes.
You can ask us or third parties to stop sending you marketing messages at any time by logging into the website and checking or unchecking relevant boxes to adjust your marketing preferences.
Where you opt out of receiving these marketing messages, this will not apply to personal data provided to us as a result of a service purchase, warranty registration, product/service experience or other transactions.
Change of purpose
We will only use your personal data for the purposes for which we collected it, unless we reasonably consider that we need to use it for another reason and that reason is compatible with the original purpose. If you wish to get an explanation as to how the processing for the new purpose is compatible with the original purpose, please contact us at email@example.com
If we need to use your personal data for an unrelated purpose, we will notify you and we will explain the legal basis which allows us to do so.
Please note that we may process your personal data without your knowledge or consent, in compliance with the above rules, where this is required or permitted by law.
10. Disclosures of your personal data
We may share your personal information with any member of our group, which means our subsidiaries, our ultimate holding company and its subsidiaries, as defined in section 1159 of the UK Companies Act 2006.
We may share your information with selected third parties including:
a. business partners, suppliers and sub-contractors for the performance of any contract we enter into with you;
b. advertisers and advertising networks that require the data to select and serve relevant adverts to you and others; or
c. analytics and search engine providers that assist us in the improvement and optimisation of our site.
We may disclose your personal information to third parties:
a. in the event that we sell or buy any business or assets, in which case we may disclose your personal information to the prospective seller or buyer of such business or assets.
b. if all or substantially all of our assets are acquired by a third party, in which case personal information held by it about its customers will be one of the transferred assets.
c. if we are under a duty to disclose or share your personal information in order to comply with any legal obligation, or in order to enforce or apply our terms set out herein
11. False information and Fraud Prevention Agencies (“FPAs”)
If you give us false or inaccurate information or if we suspect or identify fraud we may record this and may also pass this information to FPAs (such as CIFAS) and other organisations involved in crime and fraud prevention including law enforcement agencies.
We and other organisations may access and use this information in order to prevent fraud, money laundering or other criminal activity (for example, by checking details on credit applications, for managing credit and recovering debt).
Please contact us firstname.lastname@example.org if you want to receive details of the relevant fraud prevention agencies.
12. Data security
We have put in place appropriate security measures to prevent your personal data from being accidentally lost, used or accessed in an unauthorised way, altered or disclosed. In addition, we limit access to your personal data to those employees, agents, contractors and other third parties who have a business need to know. They will only process your personal data on our instructions and they are subject to a duty of confidentiality.
We have put in place procedures to deal with any suspected personal data breach and will notify you and any applicable regulator of a breach where we are legally required to do so.
13. Data retention
How long will you use my personal data for?
We will not keep your personal information for longer than is necessary, for the purposes for which it was collected and is processed and for the purposes of satisfying our legal, accounting or regulatory reporting requirements. These requirements generally permit us to retain our borrower and lender files for a period of six years after the end of the borrowing/investing relationship (i.e. the date on which we no longer provide services to you as a borrower or lender). We may retain personal information for longer than this in certain circumstances, for example in the event of an ongoing dispute. We may retain your personal information for a longer period in the event of a complaint or if we reasonably believe there is a prospect of litigation in respect to our relationship with you.
To determine the appropriate retention period for personal information, we consider the amount, nature and sensitivity of the personal information, the potential risk of harm from unauthorised use or disclosure of your personal information, the purposes for which we process your personal information and whether we can achieve those purposes through other means, and the applicable legal, regulatory, tax, accounting or other requirements.
In some circumstances you can ask us to delete your data by contacting us at email@example.com.
In some circumstances we will anonymise your personal information (so that it can no longer be associated with you) for research or statistical purposes, in which case we may use this information indefinitely without further notice to you.
14. Credit Reference agencies (“CRAs”)
We could undertake credit reference checks or verification checks in respect of borrowers and lenders (and against directors, partners, members, shareholders and beneficial owners of borrowers and lenders), guarantors and agents:
a. as part of the application process;
b. for general credit management and know-your-customer (KYC) checks during the term of a loan; and
c. if there are late repayments or default.
When CRAs receive a search request from us they will:
a. place a credit search “footprint” on your business credit file following each credit application, whether or not your application proceeds. If the search was for a credit application the record of that search may be seen by other organisations when your business applies for credit in the future;
b. place an enquiry or organisational search on the personal credit files of directors, partners, members, beneficial owners and shareholders that have been searched, as well as an associate enquiry search on your personal financial partner’s credit file, if they are a director;
c. link together the previous and subsequent names advised by you of anyone that is a party to the account;
d. place an enquiry or identification search on the record of any shareholder or beneficial owner and who we have checked; and
e. create a record of the name and address of your business and its proprietors (if there is not one already).
We will always take steps to verify information you have provided us in our marketplace. If you borrow and do not repay in full and on time, the CRAs will record the outstanding debt and, in some cases, the length of time that the debt remains outstanding; other organisations may see these updates, and this affect your ability to obtain credit in the future.
Any records shared with CRAs could remain on file for extended periods of time after your account is closed, whether or not any outstanding sums have been settled by you or following a default.
You can contact the CRAs currently operating in the UK. The information they hold may not be the same so you may consider contacting them all.