Privacy policy

Lendy Wealth

Introduction

Welcome to Lendy's privacy policy.

Lendy respects your privacy and is committed to protecting your personal data.

This privacy notice informs you how we look after your personal data when you visit our website, use our platform services (regardless of where you visit it from) or otherwise engage with us and tells you about your privacy rights and how the law protects you.

This privacy notice is indexed so you can click through to the specific areas set out below. Where appropriate we have included explanations within the text to help to understand the meaning of some of the terms used in this privacy notice.

Please note this Privacy Policy relates to individuals and their personal data. For the avoidance of doubt, it does not create any rights for corporate or other legal entities or forms.

This policy was last updated in May 2018. Historic versions can be obtained by contacting us.

  1. Important information and who we are
  2. The data we collect about you
  3. How is your personal data collected?
  4. Cookies
  5. Using your personal data
  6. Disclosures of your personal data
  7. International transfers
  8. How we ensure your personal data is secure
  9. Retention of personal data
  10. Legal Rights
  11. Changes to this policy
  12. Questions or concerns

1. Important information and who we are

Purpose of this privacy notice

This privacy notice aims to give you information on how Lendy Ltd collects and deals with your personal data through your use of this website and our platform (as a Lender or Borrower), our newsletter and/or use of our services or otherwise engaging with us.

Please read this privacy policy so that you are fully aware of how and why we are using your data. This privacy notice supplements the other notices and is not intended to override them.

The Lendy website and platform are not intended for those under eighteen (18) years’ old and we do not knowingly collect data from any person under that age.

Controller

Lendy Ltd is the controller and responsible for your personal data (collectively referred to as ”Lendy”, “we”, “us” or “our” in this privacy notice).

Lendy also has a group legal entity, Saving Stream Security Holding Limited (“SSSHL”), which acts as the security trustee on behalf of lenders in relation to any security held in respect of any loan provided via the Lendy platform and will also enforce any security on behalf of lenders under instruction from Lendy. For the purposes of our data protection obligations to you, SSSHL is a data processor and not a data controller. This means that SSSHL acts on instructions from Lendy and Lendy remains responsible to you for actions of SSSHL in connection with use and protection of your personal information.

We have appointed the Head of Compliance to be responsible for oversight of, and addressing questions in relation to, this privacy notice. If you have any questions about this privacy notice, including any requests to exercise your legal rights, please contact the Head of Compliance using the details set out below.

Contact

Our full details are:

Full name of legal entity Lendy Ltd
Email address [email protected]
Postal address Brankesmere House, Queens Crescent, Southsea, Portsmouth, PO5 3HT

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 (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.

Your duty to inform us of changes

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.

Third-party links

The Lendy website may include links to third-party websites, plug-ins and applications. Clicking on those links or enabling those connections may allow third parties to collect or share data about you. We are not responsible for and do not control these third-party websites. You should ensure you read and understand their use of data and privacy statements.

2. The data we collect about you

Personal data, or personal information, means any information about an individual from which that person can be identified. It does not include anonymous data where the identity has been removed.

We may collect, use, store and transfer the following different kinds of personal data about you:

  • Identity Data includes first name, maiden name, last name, username or similar identifier, marital status, title, date of birth and gender.
  • Contact Data includes address, email address and telephone numbers.
  • Financial Data includes bank account and payment card details.
  • Transaction Data includes details about payments to and from you and other details of services or products provided by us.
  • Technical Data includes internet protocol (IP) address, your login data, loan pages you viewed or searched for, 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.
  • Profile Data includes your username and password, transactions (i.e. loans) made by you, preferences and feedback.
  • Usage Data includes information about how you use our website and services.
  • Marketing Data includes your preferences in receiving marketing from us and our third parties and your marketing communication preferences.

We also collect, use and share Aggregated Data such as statistical or demographic data for any purpose. Aggregated Data may be derived from your personal data but is not considered personal data in law as this data does not directly or indirectly reveal your identity. For example, we may aggregate your Usage Data to calculate the percentage of users accessing a specific website or platform feature or transaction. However, if we combine or connect Aggregated Data with your personal data so that it can directly or indirectly identify you, we treat the combined data as personal data which will be used in accordance with this privacy notice.

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 unless specifically stated.

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 service you have with us but we will notify you if this is the case at the time.

3. How is your personal data collected?

We use different methods to collect data from and about you including through:

  • 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, but is not limited to, personal data you provide when you:
    • create an account on our platform;
    • search and make a loan on our platform;
    • raise a customer services query;
    • request marketing to be sent to you; or
    • give us some feedback.
  • Automated technologies or interactions. As you interact with our website, we may automatically collect Technical Data about your equipment, browsing actions and patterns. We collect this personal data by using cookies and other similar technologies. Please see our cookie policy for further details.
  • Third parties or publicly available sources. We may receive personal data about you from various third parties and public sources as set out below:

    • Technical Data from analytics providers, advertising networks and search information providers such as Google, Yahoo and Facebook, which may be based outside the EU.
    • Contact, Financial and Transaction Data from providers of technical, payment and delivery service.
    • Identity and Contact Data from credit reference agencies, data brokers or aggregators such as Experian and also from publicly availably sources such as Companies House and the Electoral Register, based inside the EU.
    • Business partners such as independent financial advisors, brokers and investment companies, based inside the EU.

4. Cookies

Our website uses cookies to distinguish you from other users of our website. This helps us to provide you with a good experience when you browse our website and also allows us to improve our site.

Our website uses cookies to distinguish you from other users of our website. This helps us to provide you with a good experience when you browse our website and also allows us to improve our site. By continuing to browse our site, you agree to our use of cookies.

A cookie is a small file of letters and numbers that we store on your browser or the hard drive of your computer if you agree. Cookies contain information that is transferred to your computer's hard drive.

We use the following cookies:

  • Strictly necessary cookies. These are cookies that are required for the operation of our website. They include, for example, cookies that enable you to log into secure areas of our website.
  • Analytical/performance cookies. They allow us to recognise and count the number of visitors and to see how visitors move around our website when they are using it. This helps us to improve the way our website works, for example, by ensuring that users are finding what they are looking for easily.
  • Functionality cookies. These are used to recognise you when you return to our website. This enables us to personalise our content for you, greet you by name and remember your preferences (for example, your choice of language or region).
  • Targeting cookies. These cookies record your visit to our website, the pages you have visited and the links you have followed. We will use this information to make our website more relevant to your interests. We may also share this information with third parties for this purpose.

You can find more information about the individual cookies we use and the purposes for which we use them in the table below:

Cookie Name Purpose More Information
Device Device Store device UUID which allows you to restrict account access to particular devices. Expires after 365 days.
Affiliate Affiliate Stores ID of referring affiliate. Expires after 365 days.
View-preference View-preference Stores view preference for data collections. Does not expire.
PHPSESSID Session Identifies current session. Expires after session.
initialReferrer Initial Referrer Stores URL of initial referrer. Expires after 365 days.

Please note that third parties (including, for example, providers of external services like web traffic analysis services) may also use cookies, over which we have no control. These cookies are likely to be analytical/performance cookies or targeting cookies.

You can block cookies by activating the setting on your browser that allows you to refuse the setting of all or some cookies. If you disable or refuse cookies, please note that you may not be able to access all or parts of our site.

Except for essential cookies, all cookies will expire after the periods set out in the table above.

5. Using your personal data

We only use your personal data when the law allows us to and most commonly this will be either to perform or enter into a contract with you; or where it is necessary for our legitimate interests (provided these do not prejudice your legitimate interests without consent); or to comply with law or regulation.

You can obtain further information about how we assess the above lawful basis for processing your information in respect of specific activities by contacting us.

We have set out below, in a table format, a description of all the ways we may use your personal data, and the reasons and which of the legal bases we rely on to do so.

Purpose/activity

To register you as a new customer on the Lendy platform (either as borrower or Lendy).

Type of data

  1. Identity
  2. Contact
  3. Financial
  4. Technical Data
  5. Profile Data
  6. Transactional Data

Lawful basis for processing including basis of legitimate interest

  1. Performance of a contract with you.
  2. Necessary to comply with a legal obligation.

Purpose/activity

To process, administer and keep you informed about your account and any loan transactions including:

  1. Sending status updates in relation to loans and the platform, such as those upcoming, repaid, delayed & statistical data on overall loan performance.
  2. Enforcing & recovering loans and security.
  3. Ensuring compliance with Lendy's Terms and Conditions for Borrowers and Lenders and any related third parties.
  4. Managing payments, interest, fees and charges.
  5. Collecting and recovering money owed to us.
  6. To administer an account in the event of death or incapacitation or under a power of attorney or transfer of assets.

Type of data

  1. Identity
  2. Contact
  3. Financial
  4. Transaction
  5. Marketing

Lawful basis for processing including basis of legitimate interest

  1. Performance of a contract with you.
  2. Necessary for our legitimate interests (to recover debts due to us).

Purpose/activity

To comply with law and regulation, including our obligations to the Financial Conduct Authority and our obligation to guard against fraud and money laundering.

Type of data

  1. Identity
  2. Contact
  3. Profile
  4. Financial
  5. Transaction
  6. Usage
  7. Marketing
  8. Technical

Lawful basis for processing including basis of legitimate interest

  1. Necessary to comply with a legal obligation.

Purpose/activity

To manage our relationship with you which will include:

  1. Notifying you about changes to our terms and conditions or privacy policy,
  2. Keep our records up to date,
  3. Asking you to provide feedback,
  4. Send you periodic (non marketing) updates about Lendy,
  5. Categorising investors.

Type of data

  1. Identity
  2. Contact
  3. Profile

Lawful basis for processing including basis of legitimate interest

  1. Performance of a contract with you.
  2. Necessary to comply with a legal obligation.

Purpose/activity

To administer and operate our business and platform (including troubleshooting, testing, system maintenance & security, support, reporting and hosting of data). This includes engaging and working with our advisors and service providers, including lawyers, accountants and insurers.

Type of data

  1. Identity
  2. Contact
  3. Technical
  4. Transaction

Lawful basis for processing including basis of legitimate interest

  1. Necessary to comply with a legal obligation.
  2. Performance of a contract with you.
  3. Complying with rules and guidance from regulators.

Purpose/activity

To use data analytics to enhance our platform and services.

Type of data

  1. Technical
  2. Usage

Lawful basis for processing including basis of legitimate interest

  1. Necessary for our legitimate interests (to define types of customers for our products and services, to keep our website updated and relevant, to develop our business and to inform our marketing strategy).

Purpose/activity

In the context of a business or asset sale, reorganisation or group restructuring exercise.

Type of data

  1. Usage
  2. Transaction
  3. Contact

Lawful basis for processing including basis of legitimate interest

  1. Necessary for our legitimate interests.

Purpose/activity

We may use your Personal Data to:

  1. send you periodic updates about Lendy and our performance and services,
  2. deliver website content and advertisements, make suggestions and recommendations to you about services that may be of interest to you,
  3. measure or understand the effectiveness of the advertising we serve to you.

Type of data

  1. Identity
  2. Contact
  3. Technical
  4. Usage
  5. Profile
  6. Marketing

Lawful basis for processing including basis of legitimate interest

  1. Necessary for our legitimate interests (to develop our products/services and grow our business).

Generally, we do not rely on consent as a legal basis for processing your personal data other than in relation to 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.

Marketing

We strive to provide you with choices regarding certain personal data uses, particularly around marketing and advertising. We have established the following personal data control mechanisms:

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 products, 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 if you have signed up as a registered user and agreed to to our Terms and Conditions on our website or if you provided us with your details when you entered a competition or registered for a promotion and, in each case, you have not opted out of receiving that marketing.

Third-party marketing

We will get your express opt-in consent before we share your personal data with any company outside the Lendy group of companies for marketing purposes.

Opting out

You can ask us or third parties to stop sending you marketing messages by contacting us at any time.

Where you opt out of receiving these marketing messages, this will not apply to personal data provided to us as a result of your registration on and use of the platform in connection with loan 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.

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.

6. Disclosures of your personal data

We may have to share your personal data with the parties set out below for the purposes set out in the table in paragraph 5 above.

  • Internal Third Parties. In particular, we may provide your personal data to any Lendy group companies (companies owned by Lendy Group Limited, and their subsidiaries and holding companies), JV partners and other companies under common control, including Saving Stream Security Holding Limited as the security trustee for loans made on the Lendy platform.
  • External Third Parties. In particular, we may provide your personal data to professional advisors (such as lawyers, bankers, accountants, IT service providers, and insurers); to regulators (such as the Financial Conduct Authority and HM Revenue & Customs); to service providers (such as IT and system administrators). External third parties are mostly located in the U.K.
  • We use data storage services provided by Rackspace and Google Cloud Storage. Our investor AML checks are carried out by Onfido, and we use the services of Mailchimp for our investor ‘mailshots’.
  • Third parties to whom we may choose to sell, transfer, or merge parts of our business or our assets. Alternatively, we may seek to acquire other businesses or merge with them. If a change happens to our business, then the new owners may use your personal data in the same way as set out in this privacy notice.

We require all third parties to respect the security of your personal data and to treat it in accordance with the law. We do not allow our third-party service providers to use your personal data for their own purposes and only permit them to process your personal data for specified purposes and in accordance with our instructions.

7. International transfers

We do not transfer your personal data outside the European Economic Area (EEA) within the Lendy group.

Some of our external third parties are based or have offices outside the European Economic Area (EEA) so their processing of your personal data will involve a transfer of data outside the EEA.

Whenever we transfer your personal data out of the EEA, we ensure a similar degree of protection is afforded to it by ensuring that either the country provides an equivalent and adequate level of protection for personal data or contractual protections are in place to afford protection which his equivalent to the requirements of EEA.

8. How we ensure your personal data is secure

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.

9. Retention of personal data

We will only retain your personal data for as long as necessary to fulfil the purposes we collected it for, including for the purposes of satisfying any legal, accounting, or reporting requirements.

We may keep your data for up to 7 years after you stop being a customer. The reasons we may do this are:

  • To respond to a question or complaint, or to show whether we gave you fair treatment.
  • To study customer data as part of our own internal research.
  • To obey rules that apply to us about keeping records.
  • To meet our obligations on records retention as a business regulated by the Financial Conduct Authority.
  • To meet our tax reporting obligations.

We may also keep your data for longer than 7 years if we cannot delete it for legal, regulatory or technical reasons.

We will only use your personal information for those purposes and will make sure that your privacy is protected.

In all circumstances, unless we are subject to an overriding obligation under law or regulation, we will determine the appropriate retention period for personal data by considering the amount, nature, and sensitivity of the personal data, the potential risk of harm from unauthorised use or disclosure of your personal data, the purposes for which we process your personal data and whether we can achieve those purposes through other means, and the applicable legal requirements.

In some circumstances you have the right to request erasure of your personal data: see Request erasure below for further information.

In some circumstances we may anonymise your personal data (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.

Details of retention periods for different aspects of your personal data are available by contacting us.

11. Changes to this policy

We may amend this Policy from time to time. Use of information we collect now is subject to the Policy in effect at the time such information is used. If we make changes in the way we use personal data, we will notify you by posting an announcement on our website or by sending you an email. Users are bound by any changes to the Policy when they use the website after such changes have been first posted.

12. Questions or concerns

If you have any questions or concerns regarding privacy in connection with our platform and services, please send us a detailed message by email to [email protected]. We will make every effort to resolve your concerns. If your questions or concerns are not answered online, you may write to us at Brankesmere House, Queens Crescent, Southsea, Portsmouth, PO5 3HT.