When we Collect Personal Information
We collect personal information directly from you during Member registration, via lending and borrowing applications forms on the Lending Hub website, any faxes or emails that you send us and from certain third-parties that provide us with identity and credit history information. Additional information may be collected during your subsequent use of the site, whenever you choose to provide it.
In addition we also provide you with the ability to add and update your personal information via the “My Account” section on the website.
In order to satisfy our legal and compliance obligations we may need to retain that information even after a transaction has come to an end.
Why we Collect Personal Information
We must collect certain personal details about you to enable us to provide our services, and to assess whether to approve lender or borrower applications. We are also required under certain Australian and State based legislation to collect information about you.
Upon completion of a borrower or lender application, we will provide your details to a credit bureau to determine your identify and if you are a borrower, your creditworthiness. We will also use your information to facilitate activities such as:
- Generating an anonymous profile on the site under a ‘screen name’ or ‘nickname’
- Assigning borrowers a credit grade based on your credit history and financial circumstances
- Enabling our financial services partners to implement recurring loan repayments for borrowers
- Contacting you if there is a problem with your account or loan
- Implementing collection activities if required
- Notifying you via email when you undertake certain activities on the site (such as transactions you initiate, submitting a loan listing, placing a bid, making payments, transferring funds etc).
Information Displayed Under Loan Listings
All Members remain anonymous through the use of online names or ‘screen names’. When completing a Borrower application you can decide how much or how little additional information to provide as part of their application. Upon completion of a Borrower application a publicly viewable loan listing is created on the Lending Hub website. The following information items are displayed under the loan listing:
- Total loan amount and maximum interest rate requested,
- Text and commentary that you have provided,
- Your credit rating grade;
- Your debt to income ratio;
- Your home ownership status.
Registered lenders will also have access to the following additional information about a Borrower’s loan listings:
- Any late payments or delinquent payments;
- Any negative public records or other relevant information noted on your credit report.
Refering Friends and References
Members may occasionally refer friends to the Lending Hub site or directly to their loan listings via email. We will store the name and email address of the recipient of the external email referencing our site to assist in the tracking and success of such referral programs and ensure that you are not undertaking activities such as spamming.
Borrowers may also provide the name and email address of references during their borrower application. The names of emails of these references will not be made available to lenders unless the reference agrees to become a registered Member of Lending Hub.
We don't give or sell your personal information to any other organisations for marketing purposes however we may sometimes conduct rewards or ‘frequent user’ type programs to in conjunction with a partner.
If you apply to place a loan listing on the Lending Hub website you agree to allow is to share personal information with one or more third-party credit rating and credit agencies to determine whether to approve your loan listing. In addition should you complete a borrower application you agree to allow us to provide your bank account details to a third-party direct debit service provider.
If you are a Borrower and in the event that you are late or default on your loan repayment(s) we may notify credit bureaus which may be noted on your credit history. In the instance that you default on your payments and Lending Hub chooses to use the services of a debt collection agency your contact information will be provided to the chosen agency.
We may share your information with law enforcement or other government agencies as required by law.
We require a valid email address from you to communicate important information about your and other Member activities on the site (for example when a lender places a bid on your loan listing). You are able to modify some aspects of how we communicate with you under the ‘My Account’ section of the website. If you are an active Lender or Borrower you will need to ensure that your contact details (in particular your email address) is kept up to date through out the life of the loan.
From time to time, we may also communicate information to you about Lending Hub’s (or our affiliates and partners) products and services. Any emails, newsletters or materials that we send you will include information on how to ‘opt-out’. You may also modify your preferences via the under the ‘My Account’ section of the website.
Online Links to Other Websites
Lending Hub has and may form relationships and associations with business partners and third parties that allow visitors to our website to link directly to sites operated by these partners. Some of these sites may be "co-branded" with our logo; however, these sites may not be operated or maintained by or on our behalf. These sites may collect personal information from you that may be shared with us. This Privacy Statement will apply to any personal information we obtain in this manner.
Lending Hub uses Secure Socket Layer (SSL) to encrypt data whenever information is sent via our web site. The web server sends a digital certificate to your computer so that you can be certain of its identity. You can check the security level of a web page by clicking on your internet browser's padlock or key icon or lock symbol.
All personal information is securely stored in secured data centres with access limited to authorised employees. To access your own personal data a member needs to login using an email address and secure password. No Member is able to access another member’s details and we never reveal or disclose your personal details or your online name to any other Lending Hub member. We also utilise additional security measures such as a “secret question” and monitor member activity to protect against fraudulent activity.
Cookies and Session IDs
Most web browsers are set to accept cookies, but you may elect to change your computer settings to block (or refuse) cookies or you may delete stored cookies. If you choose to block or delete cookies you may not be able to use the Lending Hub service.
Updates and Changes to this Policy
If for any reason we decide not to disclose any of the information we hold about you, we will provide you with an appropriate reason. You may also request that we change any information we have about you which we may do or direct you to the appropriate tools and services on the Lending Hub website so that you may change your personal details yourself. If you want us to delete information we will endeavour to do so however we may need to keep information for legal or compliance reasons.
Last Updated: 18th September 2008