1. Collection of Personal and Financial Information
1.1 Personal Information: The Lender will collect personal information that may include, but is not limited to, the Borrower’s name, address, date of birth, social security number, identification number, phone number, email address, and any other information necessary to assess the Borrower's eligibility for the loan.
1.2 Financial Information: The Lender will collect financial information including, but not limited to, the Borrower’s income, employment details, bank account information, credit history, debt obligations, assets, and liabilities. This information is required to assess the Borrower's ability to repay the loan.
1.3 Sensitive Information: The Borrower may be required to provide sensitive information such as medical records, proof of income, tax returns, or other documents. This information will only be collected with the Borrower’s explicit consent and will be used strictly for loan evaluation and compliance purposes.
1.4 Third-Party Information: In some cases, the Lender may collect information about the Borrower from third parties, such as credit reporting agencies, public records, and financial institutions, to verify the information provided by the Borrower and assess creditworthiness.
2. Purpose of Data Collection
2.1 Loan Evaluation and Approval: The primary purpose of collecting personal and financial information is to evaluate the Borrower’s loan application, determine creditworthiness, and assess the Borrower’s ability to repay the loan.
2.2 Loan Disbursement and Administration: The collected data will be used to process the loan disbursement, manage the loan account, and ensure compliance with all terms and conditions outlined in the Loan Agreement.
2.3 Communication and Customer Service: The Borrower’s contact information will be used to communicate important updates regarding the loan, including payment reminders, changes to loan terms, and other notifications related to the loan.
2.4 Legal and Regulatory Compliance: The Lender is obligated to collect certain information to comply with applicable laws and regulations, such as anti-money laundering (AML) and know-your-customer (KYC) requirements, and to provide information to regulatory authorities as needed.
3. Use of Borrower’s Data
3.1 Loan Processing: The Borrower's personal and financial data will be used to process the loan, assess eligibility, calculate terms, and generate loan documents.
3.2 Credit Assessment: The Lender may use the Borrower’s financial information and credit history to perform credit scoring and risk assessments to determine the suitability of the loan product and terms offered.
3.3 Loan Management: During the life of the loan, the Borrower’s data will be used to track loan repayment progress, issue invoices, process payments, and calculate interest.
3.4 Debt Recovery: If the loan is in default or arrears, the Lender may use the Borrower's data for debt recovery purposes, including contacting the Borrower, engaging collection agencies, or initiating legal action if necessary.
3.5 Marketing and Offers: With the Borrower’s consent, the Lender may use contact details to send promotional materials, offers, and updates about additional financial products or services. The Borrower can opt out of such communications at any time by contacting the Lender or following the unsubscribe instructions provided in marketing communications.
4. Data Sharing and Disclosure
4.1 Third Parties: The Lender may disclose the Borrower’s personal and financial information to third parties, including:
- Credit Reporting Agencies: To report the Borrower’s credit behavior, payment history, and loan status.
- Service Providers: Such as payment processors, debt collectors, or legal advisors who assist in the administration of the loan.
- Regulatory Authorities: As required by law, for example, financial regulators, tax authorities, and law enforcement agencies.
- Affiliates and Partners: If applicable, for the purpose of offering related financial products and services (with the Borrower's consent).
4.2 Legal Obligations: The Lender may disclose personal information to comply with legal obligations, such as responding to court orders, subpoenas, or other regulatory or legal requirements.
4.3 Transfer of Ownership: In the event that the Lender sells or transfers the loan to another entity (such as in a loan sale or securitization), the Borrower’s personal and financial information may be transferred to the new owner or assignee.
5. Data Protection and Security
5.1 Data Security Measures: The Lender will implement appropriate technical, physical, and administrative safeguards to protect the Borrower's personal and financial data against unauthorized access, alteration, disclosure, or destruction.
5.2 Encryption and Secure Storage: The Lender will use encryption protocols to secure sensitive information transmitted electronically, and data will be stored in secure systems designed to protect against cyber threats.
5.3 Access Control: Access to the Borrower’s data will be restricted to authorized personnel and third parties who need the information to perform their duties related to loan processing, loan management, or legal compliance.
5.4 Retention of Data: The Lender will retain the Borrower’s data only for as long as necessary to fulfill the purposes outlined in this Policy and to comply with applicable laws. Once the data is no longer needed, it will be securely deleted or anonymized.
6. Borrower’s Rights
6.1 Right to Access: The Borrower has the right to request access to the personal and financial information the Lender holds about them. The Borrower may contact the Lender to request a copy of their data or to review the accuracy of the information.
6.2 Right to Rectification: If the Borrower believes that any personal or financial information is inaccurate, incomplete, or outdated, they have the right to request correction or update of such information.
6.3 Right to Deletion: The Borrower has the right to request the deletion of their personal data, provided that the Lender is not legally required to retain the data for certain periods or purposes.
6.4 Right to Restriction of Processing: The Borrower has the right to request restriction of processing of their personal data under certain circumstances, such as if the data is contested or if the processing is unlawful.
6.5 Right to Object: The Borrower has the right to object to the processing of their personal data for direct marketing purposes or any other purpose where the legal grounds for processing are not based on consent or contractual necessity.
6.6 Right to Data Portability: The Borrower may request the transfer of their personal data to another service provider in a commonly used, machine-readable format if applicable.
7. Changes to the Privacy Policy
7.1 Notification of Changes: The Lender reserves the right to update or modify this Privacy and Data Protection Policy at any time. Any changes will be communicated to the Borrower through email, a notice on the Lender's website, or other reasonable methods.