PRIVACY CONSENT AGREEMENT
YOUR PRIVACY AND THE PROVISION OF RAPID LOANS’ SERVICES
These words and expressions have the following meaning when used in this Agreement:
“Rapid Loans”, “We”, “Our”, or “Us” means Rapid Loans Pty Ltd (ACN 103 660 546, Australian Credit Licence Number 388847) and each of its related bodies corporate, including Rapid B2B Pty Ltd (ACN 635 079 113, Australian Credit Licence Number 518455) and Precise Transactions Pty Ltd (ACN 126 686 879, Australian Credit Licence Number 388834).
“You” or “Your” means the Consumer/s who have applied for funds from Rapid Loans. If there is more than one of You, it includes any one or more of You.
This Agreement is between:
The 4 SECTIONS included in this form are part of an application and suitability assessment process and may also apply to consequent administration and/or collection facilitation.
Please read each Section carefully.
By consenting to this document you will be attesting that you have the authority to sign on behalf of your company or business, including all directors and/or owners, that you have carefully read and understood each Section, you are providing willing and informed consent to each Section and that you have been informed of the existence of Rapid Loans’ Privacy Management Policy and where you may view this policy or obtain a copy.
By consenting to this Section, you consent to Rapid Loans and other entities, as listed below, collecting, holding, using and disclosing company and/or business and/or personal identification, credit and business operational information about your company and/or your business and/or you, fellow directors and fellow owners (if applicable). If you do not provide us with this consent, we will be unable to provide you with Rapid Loans’ services. For more detail, read the company’s Privacy Management Policy available on our website at http://www.rapidloans.com.au/loans/business-loans/ or, on request, via printed copy. This policy contains detailed information concerning the company’s management and use of your information and constitutes a Statement of Notifiable Matters, with content in accordance with that presented in Clause 4.1 of the Credit Reporting Privacy Code.
As well as reading this document, You are strongly encouraged to read the Credit Information (Privacy) Policy on our website and/or provided in hard or electronic copy as You may request, before You provide any personal information. In all our dealings with You, We will assume that You have done so.
The Commonwealth Privacy Act 1988, as amended, the Commonwealth Privacy Regulations 2013, the Credit Reporting Privacy Code 2014 and this Agreement empower and regulate Rapid Loans in accordance with the following.
Use of your Information – Australian Privacy Principle 6
In accordance with Sections 21G, 21H, 21J and 21M of the Privacy Act, Rapid Loans collects and holds your personal identification and credit information only for the following purposes:
- to verify your identity and other information provided;
- to assess any application you make for funds or services;
- to assess relevant financial circumstances;
- to help us process your application for funds and/or services in an efficient manner;
- to avoid the chance of default on client obligations;
- to notify you or an appropriate officer of the company/business of a default;
- to notify other credit providers of a default (if relevant);
- to facilitate the collection of overdue payments (if relevant);
- efficiently manage and administer loans and/or any services we provide to you; and
- to introduce you to another credit provider/s, when We act as a referrer.
This information can include any information about your fellow directors’, your fellow business owners’, yours and/or your company/business’ credit worthiness, credit standing, credit history, credit capacity, or business operations that you, other credit providers and credit reporting bodies and their authorised agents are allowed to provide to Rapid Loans under the Privacy Act and/or Credit Reporting Privacy Code, or this Agreement. It may also include information provided by guarantors, accountants and referees listed on your application.
By agreeing to this Section, you authorise Rapid Loans to contact the above mentioned entities to provide any and all permitted relevant information they may have regarding you.
You are also authorising Rapid Loans, and/or the company’s contracted agent Proviso, with its BankFeeds service, to have access to your current bank statement information during the term of your loan.
Rapid Loans may ask you for documents including, but not limited to:
- bank statements;
- financial reports and records;
- documents evidencing history of relevant transaction/s;
- documents evidencing relevant contractual obligations;
- bills and invoices;
- passport; and
- birth certificate;
and the like.
This information is only accessed, as required, by Rapid Loans’ employees, representatives, professional advisers, contractors and other service providers, to facilitate the above purposes. Rapid Loans will not sell, rent or trade your fellow directors’, fellow business owners’ or your personal information or any company or business information.
Rapid Loans reasonably assumes that any referral to third parties that you may nominate, in order that Rapid Loans’ may obtain or verify your fellow directors, fellow business owners and/or your personal and other information and any information regarding your company or business, will have been with the agreement and knowledge of the third parties involved and that you will have made them aware of the purposes and use of such information, prior to Rapid Loans contacting them.
Information disclosure to a credit reporting body
In accordance with Section 21D of the Privacy Act, Rapid Loans has chosen to adopt the lawful negative credit reporting (privacy) regime. By consenting to this Section, you specifically agree that the company may provide information to Equifax and/or Illion. This disclosure will be for the following purposes only:
- to obtain identity verification information;
- to obtain a credit report about you, your fellow directors, your fellow business owners, your company and/or your business; and/or
- to allow the credit reporting body to create or maintain a credit information file, containing information about you, your fellow directors, your fellow business owners, your company and/or your business.
Process when collecting information from a credit reporting body
To obtain a credit report of some kind about you, We are required to provide certain information which the credit reporting body will note on your credit file, along with the fact that We made an enquiry.
In accordance with the credit reporting body’s policies, this information will probably appear on your credit report and will be accessible by credit providers who are customers of the credit reporting body, when you are applying for a loan at some time in the future.
This identity and credit information and these listings could adversely impact on your future applications for credit, if the relevant future credit provider’s application approval policies and processes include consideration of the number of past inquiries as being indicative of something adverse or negative about you as a borrower.
We have no control over or input into the credit reporting body’s policies with regard to the content of their credit reports. When you indicate your consent or acceptance of this Privacy Consent Agreement, you will be agreeing to the possibility that the current or future information on your credit report may prevent you from obtaining the loan you are currently seeking, or some future loan.
Your identity and other information verification
Rapid Loans may verify your identity by attempting to match information you have provided with that held by a verification company and/or a credit reporting body. This task may involve the disclosure of your name, date of birth and address, to verify whether or not the personal identity information you have provided to Rapid Loans matches information held by that third party.
If we are unable to verify your identity by the above means, the company will inform you, so that you might contact the verification company or credit reporting body to update your information they hold, or you may ask Rapid Loans to attempt to verify your identity by alternate means.
Information disclosed to one or more credit reporting bodies
If the service you require concerns the application and management of a loan, the information disclosed to the credit reporting body is limited to (if applicable):
- identity particulars – your name, address (and previous two addresses), date of birth, name of previous and concurrent employer (if any) and driver’s licence number, name of company or business, ACN or ABN, contact/location details;
- your application for funds – the fact that you have applied for funds and the amount;
- the fact that Rapid Loans is a current credit provider to your company or business;
- the fact that the loan has incurred overdue account status;
- the fact that the loan has incurred default status; and
- information that, in the reasonable opinion of Rapid Loans, you, your company or business have committed a serious credit infringement (i.e. have been fraudulent or indicated an unwillingness to repay the loan).
Information disclosure to other entities
Under Part IIIA of the Privacy Act and this Agreement, Rapid Loans may disclose your fellow directors’, fellow business owners’ and your personal and company or business information to:
- other credit providers, invoice financiers and/or invoice factoring companies;
- our external service providers and their agents who provide business services to us, on a confidential basis, only for the purpose of our business;
- the Australian Financial Complaints Authority, to which a complaint relating to a particular service we provide can be referred. Telephone 1800 931 678, or firstname.lastname@example.org, or GPO Box 3, Melbourne VIC 3001; and
- any court or tribunal as may be required by law.
When seeking an appropriate level of assurance, or exercising a contractual right, Rapid Loans may provide limited permitted information to guarantors, accountants and referees listed on the application form.
The names and contact details of the other credit providers, invoice financiers and/or invoice factoring companies with whom we have shared information, if any, will be provided on request, as they vary from time to time and for the particular Rapid Loans service.
This sharing of information may also be for credit assessment, or referral of lead purposes. The latter where Rapid Loans is unable to help You, but there may be another credit provider who can assist. The other credit provider may contact You and You have the right to accept or reject that contact.
Period to which this understanding applies
The information, the subject of this Agreement, may be collected or disclosed before, during, or after the term of the provision of funds or services.
Information disclosure in the event of a default of your payment obligations
In the event of the creation of an overdue account and/or default of the conditions entered into in with Rapid Loans, any information you have provided may be made available to personnel employed by professional advisers, including solicitors and/or debt collection agencies authorised by Rapid Loans to assist in the process of recovery of funds advanced (if any), plus all associated fees and charges (if any) and all relevant legal and reasonable administrative costs incurred.
Access to your personal information
You may access the information provided and request changes where relevant. You can apply to Rapid Loans to obtain access to this information by contacting the Privacy Compliance Manager on email email@example.com or telephone (07) 5553 1500.
You can also apply to access the information Equifax or Illion holds about you. Equifax may be contacted on telephone: 138 322, or via their website at www.mycreditfile.com.au. Illion may be contacted on 1300 734 806 (D&B Public Access Centre), email: firstname.lastname@example.org or through: https//www.checkyourcredit.com.au. Should any other credit reporting body be provided with information by Rapid Loans, you will be informed of their contact details.
Concerns and complaints
If you have any privacy management concerns during the application process and/or loan or services term, please contact Rapid Loans’ Privacy Compliance Manager. You also have a right to ask the relevant credit reporting body not to use the information you have provided or Rapid Loans has provided for pre-screening credit offers and/or not to use your information, if you believe that you have been a victim of fraud.
Commercial credit information
In order to assess an application for commercial funds or other services, Rapid Loans may obtain a report containing information about you, your company and/or your business credit activities from a credit reporting body. To the extent that any of this information could be regarded as personal, the provisions outlined in this Section, in regard to personal information, apply.
From time to time Rapid Loans may send you information concerning its, and any further related company’s credit products and services. Every time such information is sent, you will be given an opportunity to indicate whether or not you want to receive any further similar messages.
Information Disclosure and Communications Under the SPAM Act 2003
You are informed that Section 16 of the Spam Act provides that Rapid Loans cannot communicate with you, your company, or your business via a “commercial electronic message” (email, fax, SMS) without your consent. As you would expect, for speed and convenience, where possible and with your permission, Rapid Loans would prefer to communicate using these electronic means.
Without your permission provided by this Agreement, written communications will have to be conveyed by Australia Post.
The Electronic Transactions Act 1999
You are informed that the Electronic Transactions Act requires that, before Rapid Loans can communicate with you, your company, or your business electronically (email, fax, SMS), you also have to give permission under that Act for Rapid Loans to communicate using these electronic means.
By this Agreement, you give your permission for Rapid Loans to:
- electronically format and send you, your company, or your business the information that we are obliged to provide under the National Consumer Credit Protection Act 2009 and associated Regulations;
- send you, your company, or your business electronic messages, rather than providing paper copies.
In giving this permission, you are agreeing to:
- use the relevant computer programs and have sufficient internet capacity to interact with Rapid Loans’ system;
- regularly check relevant email Inboxes and/or fax machines and/or SMS Inboxes;
- not blame Rapid Loans if any properly sent electronic message does not reach you; and
- notify Rapid Loans of any changes to any relevant electronic addresses, and absolve Rapid Loans from any liability if you fail to do so.
This Agreement provides the above permission.
We remind you that you can withdraw your permission for the above at any time, provided you give Rapid Loans’ 24 hours’ notice, confirming you, your company, or your business’ current address and contact details.
Information Disclosure Under the Commonwealth Anti-Money Laundering and Counter-Terrorism Legislation
You are informed that, under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), there are provisions for the use of credit reporting information to assist in identity verification. Under this Agreement, you attest that Rapid Loans has informed you of the following statutory provisions.
Under Section 35A(1), this can include the electronic provision of your name and/or address and/or date of birth, and/or similar information concerning your company or business as you may have provided to us, to a credit reporting body. This information can and frequently has to be provided to credit reporting bodies by Rapid Loans, for a matching process entailing comparison with personal and/or similar information about you, your company or business, that they may already have on their files.
If there is no satisfactory match found and/or the level of verification which we must seek, as part of both our AML/CTF responsibilities and our credit unsuitability/suitability assessment process is not achieved, we must give you the opportunity to verify identity and/or other information by alternative means.
In these circumstances, if you choose not to attempt to verify your identity and/or other information by contacting the credit reporting body yourself, or by alternative means, or your contact with the credit reporting body is unsuccessful, or we determine that the alternative has failed to provide adequate identity and/or other verification, we cannot give you, your company or business a loan or provide services.
Please note that we have to keep a record for 7 years, regarding which credit reporting body we contacted, the information we provided and the assessment with which we were supplied.
DECLARATION BY CONSUMER/S
By clicking I Agree, I/we hereby declare that I/we have read, understood and noted the above four Sections and hereby provide my/our express and informed consent to each section.
I/we acknowledge and accept that the four Sections of this document are part of a credit application and loan suitability assessment process and may also apply to the consequent loan administration and/or collection facilitation.
I agree to have my identity information verified with the Issuer or Official Record Holder via third party systems for the purpose of verifying my identity.