If you need money for some emergency or wish to consolidate debts or you are planning a wedding, a personal loan or financing your business, it can offer you easy and quick access to cash. The process of application is also straightforward, and as the lenders offer personal loans you have money to spend freely.
What do they do?
BC Loans collect personal information before accepting to give loans to applicants in various direct and indirect ways from their customers. This includes interactive applications and forms online on the website of BC Loans. The loan applications from the customer is received and only when the customer accepts to the terms and conditions, BC- Loans offers consent to give loans and also for collection.
They make use of personal information and provide the loan support to the applicants. BC Loans also acquires reference of the applicant’s personal information from employers, financial institutions, third parties, credit bureaus and other institutions through loan applications and interactive forms.
The information will include the following:
- Phone numbers, mailing address and name
- Gender and date of birth
- Family situation
- Health insurance number, social insurance and drivers license number.
- Employment and occupation including the salary or duration
- Address and name of the employer
- Family, personal and other income sources
- Financial data such as bank statements, liabilities and assets
- Other information if relevant, such as references
Apart from the financial and personal information given by the customers or applicants, BC- Loans collect relevant information including their operating system and IP address. They also collect the customers browsing patterns and actions. They obtain the general internet usage of the customer and store in a computer hard drive. However, this is not used in any condition and stays as personal information in a confidential manner.
The intention of getting all this information is to assess the eligibility as a loan is requested as loan. Collection personal information is verified with the customer’s accuracy of answers and information completeness regarding employment, contacts and bank details. This is done to ascertain they are giving loans to the right applicant.