About Faster Finance Limited
Faster Finance Limited (10901223) trades as faster finance, hereinafter referred to “we” or “us”. We act as a broker and not a lender.
“you” means a customer or broker or a partner submitting an application for funding through Faster Finance.
Any queries/comments on this Privacy and Cookies Policy should be referred to our Data Protection Officer (DPO) who will address your queries in respect to your personal information we may hold on you. This will include personal information we collect directly from you, third party we work with or any information we already hold.
The Data Protection Officer is contactable by email on [email protected], by telephone: 0203 997 2600 or by post at Faster Finance Ltd at 27 Cambridge Park, London, England, E11 2PU .
As soon as Faster Finance Limited collects and uses personal information about you, we become responsible for this information and will be referred as a “data controller” of that personal information.
Collection and use of your personal information
– directly from you through our portal or website;
– telephone or email;
– through the course of an agreement either directly from you, your association or with a business supplier/broker authorised to act or share such information on your behalf.
– from third party organisations such as Credit Reference Agencies (CRA) and Fraud Prevention Agencies (FPA);
– data we collate during the life of the relationship between yourself;
– through recording and monitoring your calls;
– by you sharing marketing preferences in respect to our products and services.
What, whose, when and how personal information are collected;How and why we use your personal data and those provided as part of your application; and
When we process your personal information, it will be either to comply with our legal obligations or to perform a contract with you or where we have your consent or for our legitimate business interest. In the course of dealing with your funding request (made directly by yourself or through a broker) or any subsequent agreements you enter into with us or a lender we have introduced you to, we may still collect your personal information.
As a data controller, we commit to protect your data and keep it safe and secure. You will be able to have control over, manage and review your marketing preferences at any time you wish by setting your preferences in your members area or emailing us on [email protected]
How your data is protected under the law
In addition to protecting your personal data, we commit to protecting your privacy as required under the law. An explanation on how it works is provided below.
Under DPA 2018, GDPR 2018, we are authorised to use your personal data only if we have an appropriate reason for doing so and this may involve sharing it with third parties, if it is based on one or more of the following:
· Your consent
· Our legal duty
· Fulfilling our contractual obligations; and/or
· Based on our legitimate interest to do so.
Basis for processing data
A legitimate interest is one of the six bases for processing your personal data under the law. However, we must do so in a lawful, fair and transparent manner. We will rely on legitimate interest only where we have a business or commercial reason to use your personal data. Either we or a third party will need to process your information for the purposes of our (or a third party’s) legitimate interests, provided we have established that those interest are not overridden by your rights and freedom, including your right to have your information protected. Our legitimate interests include ensuring our operations are conducted in an appropriate and efficient manner, responding to requests and enquiries from you or a third party, optimising our website and customer experience and informing you about our products and services.
The other bases we rely on to process your data are “our legal obligations, “your unambiguous consent” “fulfilling our contractual obligations”.
We will rely on our legitimate interest as a basis to process your personal data. The other bases we rely on to process your data are “our legal obligations, “your unambiguous consent” and “fulfilling our contractual obligations”. The purposes for which we process your data are as follows:
· Managing and maintaining of our ongoing relationship with your business.
· Administer the service we provide.
· To enable you to use and interact with the service we provide or the ones provided by lenders we send your information to.
· Performance of our marketing functions and developing new strategies.
· Developing and maintaining our relationship, your needs and developing strategies for business growth.
· Analysis of your use of our products and services and those of our third parties.
· Managing, developing and testing new products and services and ongoing maintenance of our brand.
· For ongoing maintenance of our relationships with third party service providers.
· Complaints Management.
· Efficient management of the business including day to day operations, corporate governance and audit. For statistical analysis.
· To fulfil our obligations in the prevention of financial crime including fraud and managing the risk. To keep update our records.
· To carry out checks and adhere to all laws and regulations. To exercise our rights set out in agreements or contracts or to give you notices under it.
· To comply with any legal obligation, enforce any agreements to which you are party, protect our rights, property, safety or that of our customers or third parties (for example for protection against fraud and reducing credit risk).
· With your consent, performing credit checks on applicants, directors, guarantors, partners, shareholders, mortgages, co-mortgages and any linked “financial associates” (i.e. person who may have joint personal financial arrangement such as joint accounts or joint credit applications, which may be your spouse or partner).
· To share information to third parties.
Types and Sources of Personal and Business Information
During your interaction with us, we collect different kinds of personal information on you, your business and your linked associates. Below is a list of all the different types of information we collect:
Application Details that you provide by filling in forms with us. This includes information provided at the time of registering to the use of the portal, website, posting material, requesting further services.
Contact Details – personal, business registered and trading address, the registered and trading address of your business, personal and business phone number supplied and email address of applicants, directors, personal guarantors, partners, mortgagors, co-mortgagors, shareholders and linked associates.
Transactional Details – Information about your financial interests, financial position, repayment history, details about payments to and from your bank account, bank statements you submit to us through our portal or via your authorised representative. Management Information or additional information you provide on your business.
Contractual – Information on the financial products and services we have provided to you.
Location – Location and device data from which you are applying for a loan, i.e. your phone, the IP address on connecting to your internet, the operating system and the browser type.
Technical – Details on the devices and technology you use to apply for a loan with us, browse our website and manage your account.
Communications – Includes all exchanges between yourself and us including letters, emails, face-to-face interactions and telephone conversations (included by way of recorded calls) or through live chats.
Public Records – Details about your business, yourself, your financial associates; details about you that are in public records such as companies house, electoral register; and information about you that is openly available on the internet.
Identification and Verification data – Details about you that are stored in documents in different formats, or copies of them. This could include documents such as your passport, driver’s licence, utility bills or other verification of residential address and may extend to other directors, shareholders, personal guarantors, mortgagors, co-mortgagors and partners and their linked financial associates.
Records – Records of any telephone calls and other communications between you and us.
Consents – Any permissions, consents or marketing preferences that you provide to us.
For us to process your application, we may collect personal information about you and your business in order to provide your business with our products and services:
Applying for a loan through our website via one of our financial brokers, affiliates and other third-party introducers;Speaking to us face to face or on the telephone;Browsing our websites and using webchats;Using emails, letters and sms to communicate with us;Completing our customer surveys or you are participating in any of our competitions or promotions; andWhen you inform us of your marketing preferences. In addition to the above, we can also access your personal information from a number of third parties we work with such as third party brokers, affiliates and other third-party introducers that introduce you to us, credit reference agencies (CRAs), comparison websites, social networks such as Facebook, Twitter and LinkedIn, Land Registry, property search engines, companies house and credit safe, debt recovery agents, external solicitors, market research agents, and law enforcement agencies.
The different types of data we collect on you and your business in order to provide you with our products and services includes the following:
Applicants’ name and address;Directors, shareholders, partners, personal guarantors, mortgagors, co-mortgagors and linked associates name, date of birth, residential address, ownership status, their credit information and financial commitments;Amount of loan, purpose and term;Location, i.e. IP address;Payment and transaction data as available on your business bank statements;Profile and usage data. This includes the profile you create to identify yourself when you connect to our internet services. It also includes other data about how you use those services. We gather this data from devices you use to connect to those services, such as computers and mobile phones, using cookies and other internet tracking software;Business information including credit information and financial standing.
Third Parties we share your personal information with
We may use third parties including our appointed agents and lenders to process your information on our behalf for the purpose of providing our products and services.
We require all the third parties we use to comply strictly with our instruction, and they should not use your personal information for their own business purposes unless you have unambiguously consented to the use of your personal information in this way.
We will take all the necessary steps required to ensure that any transfer and ongoing processing by those third parties is carried out securely and in accordance with applicable data protection regulation and privacy laws. Examples of the third parties we share your information with are as follows:
Appointed agents of Faster FinanceFinance Providers, i.e lenders to whom you are making an application for finance via us. However, your personal data will only be transferred if you have provided your consent via your appointed representative or broker.Third party trusted partners from whom you may be interested to receive products and services if you have provided your consent;To our suppliers, sub-contractors, and third-party data processors (including payment processors, marketing and data analytics service providers, professional advisers and third parties who provide us with the following services from time to time: identification and fraud check, marketing, technology, document readers, back-up and business continuity);HM Revenue & Customs, regulators, and other authorities;CRAs, namely Equifax, Call Credit and Experian;Fraud prevention agencies namely National Crime AgencyCompanies including partners we have an agreement to co-operate with;Organisations or individuals that introduce you to us via our platform, website.Third party brokers, affiliates and other introducers that introduce leads to us;Organisations or individuals that assist us in market research;Organisations or individuals you ask us to share your data with;If we decide to sell, transfer, assign, merge, acquire other businesses or change group structure, we may share your personal information with other parties that have the required standards of data protection.For audit purposes and to meet obligations to any relevant regulatory authority or taxing authority.
We may make automated decisions based on personal information we hold about your business, yourself, directors, shareholders, personal guarantors and any linked associates. Automated decisions assist us in making decisions which can affect the products, services and pricing.
(i) Approving Credit
We use an automated system to run your application through our initial lending criteria to determine if we are able to find a lender for your loan application. Your application will either be accepted or rejected based on the criteria set by lenders we work with. In addition to the Lenders, we may use credit data to assess the creditworthiness of your business which includes data about your credit history and that of your business. In addition to the credit score of the business, directors, personal guarantors and that of their linked financial associates, we may also consider additional information including other financial information to find a funding offer for you.
(ii) Statistical Analysis
We may carry out periodic statistical analysis or testing to ensure the accuracy of existing and future products and services. To that effect, we may place you in segments to understand our customers’ needs and manage our relationships with them.
(iii) Prevention of Money Laundering
We including the lenders we pass your information to may use personal information to (i) verify your identity, the directors, partners, mortgagors, co-mortgagors, shareholders, personal guarantors and that of your financial associates (ii) undertake checks for the prevention and detection of crime, fraud and/or money laundering (iii) identify if your personal or business information have been used for fraud or money laundering purposes and where we believe that there is such a risk, we will report our suspicion to the National Crime Agency as required by law.
We may decide to charge you directly for our products and services or be paid a commission directly from the lender to whom we have successfully passed your information.
(v) Your rights over automated decision
Under DPA 2018 and GDPR, you have rights to request that our initial decision to accept or reject your application is not based on the automated decision only or you can object to the latter or request for the decision to be reviewed.
Please contact us on [email protected] if you wish to have more information about these rights.
Credit Reference Agencies (CRAs)
We and the Lenders may carry out credit and identity checks on the individuals as mentioned below with at least two CRA when you apply for a loan for your business through us.
You acknowledge that credit reference agencies will link the records of you and anyone that you have advised is a financial associate (e.g someone with whom you have a joint credit account) including previous and subsequent names of parties to the account. Links between financial associates will remain on your, and their credit reference files until such time as you or partner successfully files for a disassociation with the credit reference agencies.
We and/or the lenders we pass on your information to will share personal information such as name, residential address, previous residential addresses, date of birth, telephone number, email address of directors, shareholders, personal guarantors, mortgagors, co-mortgagors, linked associates including business details with the CRAs. The latter will provide us with the financial situation and credit history information on the business and the individuals including their linked financial associates. Public information from the electoral register, companies house, county court judgments, bankruptcies and fraud prevention/anti money laundering information will also be provided.
Faster Finance and the Lenders will use the information received from the CRAs to:
Assess the creditworthiness of the business, directors, personal guarantors, mortgagors, co-mortgagors, shareholders and your financial associates;Verify the details on your application and ensure what you have told us is accurate;Verify your identity and that of your financial associates and undertake checks for the prevention and detection of crime, fraud and money laundering;Manage your accounts with us; andTrace your whereabouts and recover debts that you owe to them. Where you borrow from us, we will give details of your accounts and how you manage it to CRAs. We will continue to share your personal information with CRAs if you are our customer, and these will include information on your loan, current balance and repayment history.
The above information may be shared by the CRAs with other lenders who may want to check your credit status and that of your business.
Whilst some lenders undertake quotation searches which do not leave a footprint on your quotation search, others may undertake full company and director search which leave a footprint but do not impact your personal credit file. However, it may impact your ability to obtain credit as they are visible to other lenders. No lender we send your information to, will perform a consumer check on you unless you have provided your consent directly to them.
Where you are making an application with someone else or you tell us you have a spouse, partner or civil partner or that you are in business with other partners or directors, we or the other lenders we pass your information to, may link and search information about you and your associates at the CRAs.
CRAs will also link your records together and these links will remain on your credit files until you or financial associate provides proof to the CRAs that you are no longer financially linked.
You can contact the CRAs currently operating in the UK in order to check the information they hold about you. The information they hold may not be the same, so it is worth contacting them all. Below are links to the Credit Reference Agency Information Notice which provide information about them, the data they hold, how it is shared, and your data protection rights.
As part of our application process, we will need to confirm the identity of your business, your own identity, the identity of the directors, partners, shareholders, mortgagors, co-mortgagors, personal guarantors and linked financial associates and therefore exchange your personal information with CRAs in order for them to assist.
Both ourselves, the CRAs and the lenders we pass the information to, can only use the personal information as mentioned above if we have a proper reason to do so; such as to obey the law or where we rely on legitimate interest and it should not unfairly go against what is best for you. The following information will be shared with the CRAs:
Name;Date of birth;Current residential addressHistory of where you have lived;Contact details, such as email addresses and phone numbers;Financial data such as the company bank account details;Data relating to you or your businesses products or services; andData that identifies computers or other devices you use to connect the internet such as the Internet Protocol (IP) address.Registered office and trading addresses
Information from the CRAs will help us and the lenders we pass your information to, to conduct the following:
Confirm identities, residential and trading address;Help prevent crime, fraud and money-laundering;Fulfil any contracts you or your business has with us; Where we suspect fraud or money laundering, the CRA and us may share your personal information with law enforcement agencies.
As far as fraud and money laundering prevention is concerned, we shall keep your data as for as long as we exist. However, the CRAs and the lenders may keep them for a different length of time.
We may submit the information you provide to us through our automated system that will identify fraud patterns and indicate unusual activities for you and your business. Either of these could indicate a possible risk of fraud or money-laundering and where that is the case, we will reject your application and report it to the National Crime Agency accordingly. We and the CRAs may keep a record of the risk you or your business pose to our business.
We and the organisations we share data with may transfer your personal information to countries outside the UK and the European Economic Area (EEA). If your information is transferred to or is accessible, in any countries which is not considered by the European Community to adequately protect personal data, we will always take steps to ensure that your information is protected, and those transfers comply with applicable privacy laws. We may transfer your information to other countries, including those outside the European Economic Area, either for storage and back up purposes or if we engage suppliers, sub-contractors or third-party data processors who are based or have operations overseas. We will always take steps to ensure that your information is protected and that those transfers comply with applicable privacy laws.
Transferring data outside of the EEA
We will only send your data outside of the EEA to:
Adhere to your instructionsFollow our legal obligationsWork with suppliers, sub-contractors or third-party data processors.
If we do transfer your personal information outside the UK and EEA to our suppliers, we will make sure that it is protected to the same extent as in the UK and EEA.
We’ll use one of these safeguards:
– Transfer it to a non-EEA country with privacy laws that give the same protection as the EEA. Learn more on the European Commission Justice website.
– Put in place a contract with the recipient that means they must protect it to the same standards as the UK and EEA. Read more about this here on the European Commission Justice website.
– Transfer it to organisations that are part of Privacy Shield. This is a framework that sets privacy standards for data sent between the US and EU countries. It makes sure those standards are similar to what is used within the UK and EEA. You can find out more about data protection on the European Commission Justice website.
Marketing from us
As part of our marketing strategy, we may use your personal information to analyse which products, services and offers may be relevant for you.
We may use your personal information to send you marketing messages in relation to our products and services based on legitimate interest. That is when we have a business or commercial reason to use your information. It must not unfairly go against what is right and best for you whether you have applied directly or through a partner of ours.
As a client or contact of Faster Finance Ltd. you will have full control over your marketing preferences with us. You can ask us to stop sending you marketing messages by updating your marketing preferences at any time on email to [email protected]. However, you will still receive mandatory and key service communications such as any changes to your existing products and services with us.
We may ask you to confirm or update your choices, if you take out any new products or services with us in future. We will also ask you to do this if there are changes in the law, regulation, or the structure of our business.
If you change your mind you can update your choices at any time on email to [email protected]
Period of time we can retain your personal information
Access your personal information
You have the right to access the personal information we hold about you and request details of any third parties with whom we have shared your information by emailing us on [email protected] or writing to us at this address: Faster Finance Ltd at 27 Cambridge Park, London, E11 2PU. This is sometimes called a subject access request. If we agree that we are obliged to provide personal information to you, we will provide it to you free of charge within 30 days. If we cannot, we will advise you that we require an extension and send your data within a further 60 days. We may verify your identity by requesting for proof of your identity and verification of address.
Updating your personal information is incorrect
You have the right to request us to amend or remove incorrect or incomplete information we hold about you. You can email us on [email protected] or write to us at this address: Faster Finance Ltd at 27 Cambridge Park, London, E11 2PU
If you do, we will comply with your request within 30 days. However, where we are not obliged to comply with your request, we will inform you of the reasons behind our decision promptly.
Limit processing of your personal information?
Under the new data protection law, you have the right to object, right to erasure and the right to be forgotten. This means that if you request us to delete, remove, stop, limit or object to us using your personal data, we may have to comply with your request as defined below. We will also inform the third parties we have transferred your personal information to delete, remove, stop, limit from using them where we receive such a request from yourself.
Where your data is not accurate, has been unlawfully used, is no longer relevant and/or where you have requested us to stop using your data already, you have the right to request us to restrict the use of your personal information. Under these circumstances, we would not make use or share your information and act on your request within 30 days of receipt. However, there will be circumstances where we will be bound by our legal and contractual obligations and will not be able to fulfil your request.
If you wish to object to how we use your data, or ask us to delete it or restrict how we use it or, please contact us on [email protected]
Where we have made the personal data public and you want to exercise your right to be forgotten, we shall take reasonable steps to inform the other parties to whom your information has been passed.
Not providing your personal information
We may need to collect personal information by law, or under the terms of a contract we have with you.
If you choose not to give us this personal information, it may delay or prevent us from meeting our obligations. It may also mean that we cannot perform services needed to run your accounts. It could mean that we cancel a product or service you have with us. Any data collection that is optional would be made clear at the point of collection.
Please let us know if you are unhappy with how we have used your personal information. You can email us on [email protected] You also have the right to complain to the Information Commissioner’s Office where their website will provide details.
Under the new regulation, you have the right to data portability, whereby you have the right to request us to transfer your personal data from us to another service provider in a safe and secure manner and in a format that can be easily re-used. You can also ask us to pass on your personal information in this format directly to other organisations.
We will provide this information within a month and where we cannot meet such a request, we will respond within the next 2 months, but we will advise you why an extension is required. In the event we cannot meet such a request, we will explain the reasons to you within a month of your request and also inform you of your right to complain to the Information Commissioner’s Officer; and right to a judicial remedy without undue delay.
Faster Finance Ltd (10901223) – All Rights Reserved
Faster Finance services limited companies in the United Kingdom.
Registered Company Number 10901223
Registered Address: 27 Cambridge Park, London, E11 2PU
Data Protection Number: ZA557731