Every loan
is personal

Security and privacy statement

Privacy Notice

Spring Finance Limited of Kinetic Business Centre, Elstree & Borehamwood, Herts, WD6 4PJ ("we", "us", "our" “Spring”) is committed to protecting and respecting your privacy. This privacy notice will explain what information we collect from you, what we do with your information as well providing to our third parties and how we secure and store your data. Spring is required to process your personal data both fairly and lawfully. Spring is the data controller and is registered with the Information Commissioner’s Office – details can be found at the Public Register at www.ico.org.uk under our registration number Z7707484.

 

How we use your information

We use your data provided by your broker, yourself and credit reference agencies:

For our legitimate interests

  • To determine whether or not to offer a secured loan and to manage any loan advanced through to redemption. We will use this;
  • To verify your identity and the accuracy of the data you have provided to us and to enable us to consider and process your application for a loan;
  • To assess your creditworthiness;
  • To trace and recover unpaid loans and debt that may be owed by you to us;
  • To carry out our obligations arising from any contracts entered into between you and us;
  • To record calls and retain for training and monitoring purposes;
  • To improve our services and better understand how our customers use them;
  • To enable us to personalise our services for you;
  • To understand customer feedback

We may also anonymize (which means your information is not personally identifiable) your personal data and retain this for statistical analysis.

For legal purposes

  • To detect and prevent criminal activity, fraud and money laundering;
  • To enable us to comply with legal requirements (including, for example, where an application is made in respect of a property you live in but do not own) and to respond to requests made by law enforcement or regulatory authorities, or in the defence of a legal claim;

 

By consent - Marketing;

We will only use or permit third parties to use your personal information for marketing purposes if you have positively consented to receive marketing communications from us, or if we are otherwise entitled to do so by law. We will always use your data in accordance with your marketing preferences. You can exercise to opt out at any time by contacting us. Our site may in future contain links or partnership with other advertisers or associates. They will be responsible for their own privacy notices and their policies which are not responsible by Spring.

 

Special Information we collect

Certain types of information are more sensitive than others. This "special information" includes information about health and disability. In addition to the personal information set out above, we may collect and receive special information about you where you have given us explicit consent to do so. This may include information about medical conditions you suffer from. We use this information to provide you with relevant support in accordance with our vulnerable policy.

 

Disclosure of your information

We may disclose your personal information to third parties which may include the following:

  • Insurers, auditors, solicitors, professional advisors, funders or investors, persons providing services to Spring Finance Limited or who are involved in the loan application or in the servicing and management of your loan, including credit reference agencies, on processing information and security. The information we provide them will only be provided in connection with and to administer your accounts, products and services.
  • Any prospective or new owners, funders or investors in all or any part of our business includingany organisation that may take an assignment or transfer of any agreements we have entered into with our customers.
  • Any government bodies or agencies, law enforcement agencies or regulators to meet our legal obligations and to exchange information with other third parties for the purposes of fraud prevention and credit risk reduction.

 

Credit Reference Agencies 

In order to process your application, we will perform credit and identity checks on you with one or more credit reference agencies ("CRAs''). To do this, we will supply your personal information to CRAs and they will give us information about you.

This will include information from your credit application and about your financial situation and financial history.

We will continue to exchange information about you with CRAs while you have a relationship with us. We will also inform the CRAs about your settled accounts. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt.

This information may be supplied to other organisations by CRAs.

When CRAs receive a search from us they will place a search footprint on your credit file that may be seen by other lenders.

The identities of the CRAs, their role also as fraud prevention agencies, the data they hold, the ways in which they use and share personal information, data retention periods and your data protection rights with the CRAs are explained in more detail in the Credit Reference Agency Information Notice ("CRAIN"). CRAIN is accessible from each of the three CRAs - clicking on any of these three links will take you to the same CRAIN document:

 

If you are making a joint application, or tell us that you have a spouse or financial associate, we will link your records together, so you should make sure you discuss this with them, and share with them this information, before lodging the application. CRAs will also link your records together and these links will remain on your and their files until such time as you or your partner successfully files for a disassociation with the CRAs to break that link.

 

Retention of your personal information 

We will store your information on our secure servers and keep the information that is necessary to enable us to manage your account, meet our legal obligations and provide you with a service that you have requested.

  • We keep your data whilst you are a customer with Spring and for a period of six years after your loan has been repaid or any complaint resolved. In the event where a binding offer agreement does not proceed, we will keep your personal data up to a period of twelve months.
  • Where an illustration is produced, the data will be kept for a minimum of six months;
  • We may anonymize your personal data (which means your information is not personally identifiable) and retain the rest for statistical analysis as long as we wish to do so.

 

Use of our Website

We use information we collect through your use of our website via cookies because we have a legitimate business interest in understanding how our website is accessed, how it is used and any problems users have with it.  We do not use it to identify visitors to our site but reserve the right to do so where we have concerns about criminal activity and attacks on our site.

You can click on ‘what are cookies’ on the site to find out more general information.

 

Your rights 

  • Right of Access: You are entitled to obtain from us details concerning the processing of your personal information. You are entitled to a copy of the personal information we process about you. Additional copies may be subject to a reasonable administrative fee.
  • Right to Rectification: You are entitled to have any incomplete and inaccurate personal information held by us rectified.
  • Right to Erasure ('be forgotten'): In certain circumstances you are entitled to have personal information erased. If you request that we erase your personal information we shall advise you if we consider that there are on-going grounds permitting us to continue processing your information.
  • Right to Restrict Processing: You can ask us to restrict the processing of personal information we hold about you in certain circumstances.
  • Right to Data Portability: You can ask us to help you move your information to other companies in certain circumstances.
  • Right to Object: You are entitled to object to our collection, use of and otherwise processing of your personal information where the basis for the processing is our legitimate interests or the processing is in the public interest. You may object to processing for direct marketing purposes at any time.
  • Right to Withdraw Consent: Where you have given us consent to make use of your personal information for any of the purposes outlined in this Privacy Notice, you shall be entitled to withdraw that consent.
  • Right to Complain: In the event that you have any questions, concerns or complaints regarding this Privacy Notice or the manner in which we collect, use and otherwise process your personal information you may complain to us using the contact details below. You are also entitled to lodge a complaint with the Information Commissioner's Office www.ico.org.uk.

 

Updates to this notice

Any updates to this notice will be posted on our website at www.springfinance.co.uk

 

How to contact us

Should you wish to exercise or discuss any of your rights or make a complaint please contact us at info@springfinance.co.uk.

or write to us at Spring Finance Limited of Kinetic Business Centre, Elstree & Borehamwood, Herts, WD6 4PJ.