GDPR and data protection is important for both the lender and the customer. Not only does it provide more transparency regarding your personal data, but it reinforces your customer rights.
Before you can receive our service, we must request your personal data. All of this data will be provided to us with the application of the Data Protection Act 1998, as revised or substituted by the Data Protection Act 2018 - (incorporating General Data Protection Regulation EU 216/679 GDPR).
All of the personal and business data that is obtained is used strictly for legal reasons.
GDPR - General Data Protection Act 2018
The GDPR sets out seven key principles:
Lawfulness, fairness and transparency: Personal data should be administered lawfully, fairly and in a transparent fashion.
Purpose limitation: Organisations should gather and process personal data for a specific purpose which is clearly stated to the customer. They must also only collect data for as long as necessary to complete that purpose.
Data minimisation: Personal data should be applicable and limited to what is compulsory in relation to the purpose for which it was administered.
Accuracy: Personal data should be precise, accurate, and kept up to date – ‘every reasonable step must be taken’ to ensure that inaccurate personal data is erased or rectified without delay.
Storage limitation: This states that personal data should not be kept longer than necessary for the purpose to be carried out.
Integrity and confidentiality: Personal data must be ‘processed in a manner that ensures appropriate security of the personal data, including protection against unauthorised or unlawful processing and against accidental loss, destruction or damage, using appropriate technical or organisational measures.’
Accountability: This states that we, as an organisation, are responsible for complying with the GDPR and must be able to demonstrate our compliance.
What Information We Collect
As mentioned previously, we do have to collect some personal and business information from you. This will be done through our online application form and will involve the following:
• Full name
• Date of birth
• Marital status
• Number of dependents
• Phone Number
• Home address
• Home status
• Employment details
• Income details
• Bank details
You, as the customer, possess the following rights in relation to the processing of your personal data:
The right to be informed: You have a right to be informed about the collection and use of your personal data. This must be presented in a concise, transparent and easily accessible manner, written in clear and plain language, and free of charge.
The right of access: You have the right to obtain confirmation as to whether your personal data is being processed, and to have access to that data.
The right to rectification: When personal data is inaccurate or incomplete, you have the right to have your personal data rectified. We also must inform any third parties that have been shared your data to do the same.
The right to erasure: Also known as the "right to be forgotten", you have a right to have the personal data we hold about you erased. The right however may not be possible in certain circumstances.
The right to restrict processing: You have the right to request the restriction or suppression of your personal data in certain circumstances. This is not an absolute right and only applies in certain circumstances.
The right to data portability: You have the right to obtain and reuse your personal data for your own purposes across different services. It allows you to move, copy or transfer personal data in a safe and secure way, without affecting its usability.
The right to object: You have the right to object to the processing of your personal data in certain circumstances. You're not under obligation to provide your personal information to us, but this information is required for us to process your application and help you to find a loan. Unfortunately, we cannot offer our services without it.
Rights in relation to automated decision making and profiling: You have a right to object to automated decision making, to express your point of view, ask for human intervention, and to be provided with an explanation of the decision with your option to challenge it. The right is not absolute and is not applicable for the entering into a consumer credit agreement.
The right to withdraw consent: You have a right to withdraw your consent to process your personal data at any time, including but not limited to the removal of consent to be contacted by third party marketers.
The right to lodge a complaint with a supervisory authority: You have the right to lodge a complaint with us directly and/or with a supervisory authority. In the UK, the relevant authority is the Information Commissioner's Office. You can find their contact details here.
We have a responsibility to uphold this practise and actively demonstrate compliance. However, if you have any doubts or questions regarding your personal data, then feel free to contact us through the following:
020 3475 9213
Information Commissioners Office (ICO)
Alternatively, if you want to express any worries with our information rights practice then you, too, possess the right to make an official complaint to the Information Commissioners Office.
0303 123 1113