Many loan companies have several points in their applications which are “consents to the processing of personal data”.
This is mainly due to the number of intermediaries in the whole process
Some non-bank institutions, which are global giants, have several loan brands in one country, which must provide customer data with each other in order to grant payday loans.
- Acceptance of the terms of the contract – it is absolutely required to approve it in the loan application. It is worth, however, before we finally accept them, read the model general contract, which should be legally available on the lender’s website. In order to make it easier for us to look for a model contract, some non-bank institutions allow direct redirection to it.
- Familiarizing yourself with the loan regulations – apart from the contract template, some companies attach the loan regulations (if the application contains a request to accept it, it is obligatory). It is worth a look because we will find there precise information about the process of applying for a loan, as well as its return and any additional activities such as the procedure of withdrawal from the contract.
- Processing of personal data by the lending company – for the data we have supplemented in the application to be verified by an employee of the loan company, we must agree to this procedure.
In addition, these institutions use the services of external companies involved in analyzing creditworthiness. Any consent to the processing of personal data should include information:
- who will process our personal data,
- for what purpose or to what extent they will be processed.
Revocation of consent to the processing of personal data
Importantly, we can revoke consent to the processing of personal data at any time. We should bear in mind that our agreement cannot be reviewed by disagreeing.
- Authorization of the loan company to apply to BIK and Economic Information Bureaus to check the credit history – non-bank institutions in their applications require us to agree to this operation. Most loan companies verify their clients and how they paid off their previous obligations. When analyzing the loan application, however, they are not as stringent as banks. They allow the possibility that their clients may have had temporary financial problems in the past.
- Consent to sending commercial information by SMS and email – for two reasons we should agree – firstly, loan companies send the response to the examination of the application in an electronic form, i.e. via SMS or email. Secondly, thanks to this we can be up to date with the lender’s offer and receive information about current promotions.
- Consent to the processing of personal data and sharing them for marketing purposes – depending on the policy of the loan company, this consent may be voluntary or not. Some non-bank institutions use the services of intermediaries, so submitting the loan application to the loan company is a marketing coincidence.
Never accept any blind conditions
The points listed above are standard elements of most loan applications, but sometimes we can find additional required consents, such as:
- Confirmation that the data contained in the application are true,
- Consent to confirm employment data in the workplace,
- Authorizing the loan company to conclude a contract on our behalf, which means that our conclusion of a contract via the internet is sufficient to receive funds to your account. The loan company provides us with a contract that we accept electronically.
Remember to never accept any “blind conditions”. Let’s always read the agreements and regulations, the content of which we are to agree. Our rights and obligations to the concluded contract are listed there.