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.
This policy was last updated in May 2018. Historic versions can be obtained by contacting us.
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.
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.
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.
Our full details are:
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.
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:
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:
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.
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.
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.
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.
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.
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:
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.
10. Your legal rights
Under certain circumstances, you have rights under data protection laws in relation to your personal data, as follows:
Request access to your personal data (commonly known as a “data subject access request”). This enables you to receive a copy of the personal data we hold about you and to check that we are lawfully processing it.
Request correction of the personal data that we hold about you. This enables you to have any incomplete or inaccurate data we hold about you corrected, though we may need to verify the accuracy of the new data you provide to us.
Request erasure of your personal data (often know as a “right to be forgotten”). This enables you to ask us to delete or remove personal data where there is no good reason for us continuing to process it, unless there are legal reasons preventing erasure which will be notified to you, if applicable, at the time of your request.
Object to processing of your personal data where we are relying on a legitimate interest (or those of a third party) as you feel it impacts on your fundamental rights and freedoms.
Request restriction of processing of your personal data. This enables you to ask us to suspend the processing of your personal data in certain limited circumstances.
Request the transfer of your personal data, which we have collected in the form of automated information, to you or to a third party.
Withdraw consent to process your personal data at any time, where we are relying on consent. If you withdraw your consent, we may not be able to provide certain products or services to you.
If you wish to receive further information and/or exercise any of the rights set out above, please contact us.
No fee usually required
You will not have to pay a fee to access your personal data (or to exercise any of the other rights). However, we may charge a reasonable fee if your request is clearly unfounded, repetitive or excessive. Alternatively, we may refuse to comply with your request in these circumstances.
What we may need from you
We may need to request specific information from you to help us confirm your identity and ensure your right to access your personal data (or to exercise any of your other rights). This is a security measure to ensure that personal data is not disclosed to any person who has no right to receive it. We may also contact you to ask you for further information in relation to your request to speed up our response.
Time limit to respond
We try to respond to all legitimate requests within one month. Occasionally it may take us longer than a month if your request is particularly complex or you have made a number of requests. In this case, we will notify you and keep you updated.
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.