Privacy Agreement
IDIRECT FINANCE COMPANY INC. (the “Company”, “we”, “us”, “our”) is the operator of the online lending app, Direct Loan (the “App”). The Company is engaged in the business of lending and microfinancing. In the course of establishing a contractual relationship with us, we will be collecting and processing your personal information so that you can avail of our services, including the availment of a loan with us and using the App. In this undertaking, we are committed to secure and protect your personal information you provide or we collect from you.
We set out in this Privacy Notice on how we collect, use, store and process your personal information, including your sensitive personal information when you access, use and register in the App, or apply a loan in this App. Please read carefully this Privacy Notice.
What kind of information needs to be collected?
When you create an account in the App, or avail of the loan services of the Company, we will collect and process the following information:
- Personal information such as your complete name, permanent/present address, date and place of birth, nationality, nature of work, and source of funds of beneficial owner, if applicable, nationality, specimen signature. We will also collect your valid government-issued identification.
- Contact number or information
- Geo-location information such as GPS for purposes of conducting the Know-Your-Customer only.
- Mobile number or contact numbers.
- Credit information such as your credit history
- Character references – We may require you to provide character references, their names and contract number to support the evaluation of your loan application. As such, you are required to inform the said character references that they are made as such for purposes of availing the loan services.
- Other Information – we may collect the following information when you access the Website:
- - From Your Activity. When you browse the Website, we automatically collect certain information including, without limitation: IP addresses, which may consist of a static or dynamic IP address and will sometimes point to a specific identifiable computer or device; browser type and language; referring and exit pages and URLs; date and time; amount of time spent on particular pages; what sections of our App you visit; and similar data.
- - From Cookies. We use Cookie Technology to help us collect the Other Information, which will aid us in enhancing your experience in using the App. Cookies are small packets of data that the Website stores on your computer's or mobile device's hard drive so that your computer will “remember” information about your visit. In case you do not agree on the use of cookies, you can turn the cookie feature off on your computer or mobile device. You may refer to the instructions of your Internet browser on how to disable the use of cookies and how to delete persistent cookies.
- - From Cookies. We use Cookie Technology to help us collect the Other Information, which will aid us in enhancing your experience in using the App. Cookies are small packets of data that the Website stores on your computer's or mobile device's hard drive so that your computer will “remember” information about your visit. In case you do not agree on the use of cookies, you can turn the cookie feature off on your computer or mobile device. You may refer to the instructions of your Internet browser on how to disable the use of cookies and how to delete persistent cookies.
In registering with us, we will require you to give us the following permissions in order for us to verify you and conduct the Know-Your-Customer procedure:
- Camera: Allow us to access your camera or execute the image / video from the relevant device. After we take your picture and video and the same is saved, we will no longer access your camera or you may turn-off or disallow the permission to access the same.;
- Location: Our jurisdiction to access your location information.
We will collect your personal data when you voluntarily disclose the same to us or as stated in this Notice. In the event that you will not provide your personal data or withdraw the consent you previously given to us, we will not be able to grant you access to the App and continue to use the App in the availment of the loan services.
How We Use Your Personal Data
We will use the personal information we collect from you for legitimate purposes including but not limited to:
- a. To create and administer an account in the App;
- b. To verify and evaluate your loan application with us and to determine your eligibility to obtain a loan under applicable terms;
- c. To conduct credit investigation and customer due diligence;
- d. To perform our contractual obligations with you;
- e. To collect any outstanding loan from you;
- f. To provide you with the updates of our services, promotion and other marketing materials; and
- g. To comply with regulatory and legal requirements and perform other processing that may be essential under existing laws and regulations
The information you provide us may also be used (i) for statistical, analytical and research purposes. However, these information will be in aggregated and anonymized form.
In the use of your collected information, we will take appropriate measures to protect your information and shall restrict this information to only to personnel who are bound to discharge their duties in relation to the products and services. Any information shared with the third parties shall be subjected to non-disclosure contractual requirements and ensure that they will also comply with the data protection laws.
How we process your loan?
We process your loan as follows:
- a. Borrower fills out the required personal information, including the information set above.
- b. Our loan processor will review the information provided and verify the same. If the information is insufficient, the loan processor will contact you to provide further information.
- c. After all information is verified, you can apply for a loan, choose loan amount, duration, terms and cash out options. You must read and study the Loan Agreement & Disclosure & Promissory Note carefully, and submit the application.
- d. The loan processor will thenreview your loan application and we shall decide on the loan application within 24 hours. Once approved, we will inform you that the loan proceeds will be disbursed to your selected payment channel.
How we secure your personal information
We are committed to protecting your information with the latest technology. We will comply with the applicable laws to ensure your personal information is secure, and restrict access to protect you from any kind of fraud. All types of payment transactions as well as inputting personal information on the registration page will be encrypted.
When we provide a code that allows you to access our mobile apps, you are responsible for protecting your account's access code, including your user ID and password, so that others may not access your account. For your information, transmitting information over the internet network is not yet completely safe. While we have done our best to protect your Personal Information data, we cannot guarantee the security of your data transmitted through our application, the process of transmitting that information is your responsibility.
When we have received your personal information, we will use strict procedures and security features in an effort to prevent unauthenticated access. We use computer protection such as firewalls and data encryption, and authorizes access to personal information only to our employees who need it to deliver their work. Our data is encrypted before, during and after submission, for protection purposes of your personal information. Only authorized employees can access the data and they must pass through some form of identity verification before accessing any information.
How We Share Your Personal Data
We may share and permit the sharing of your personal data with third parties which provide services to us in the operation of the Company, and our subsidiaries and affiliates for any of the abovementioned purposes such as credit investigators. In the sharing of your personal data, we are committed to ensure that the data in transit is secured and protected under a data sharing agreement executed for such purpose. We are also committed to ensure that the recipients of such data are likewise devoted to undertake sufficient security measures in protecting your data.
Your Rights
We respect and uphold your rights in relation to the collected personal information such as the right to withdraw consent, update, correct, delete, access your personal data.
How You Can Access or Update Your Personal Data
You can access and update your information by sending us a request to the contact indicated below. To protect your privacy and security, we will take reasonable steps to verify your identity before granting access or making corrections to your information. It is important that the personal data you provide to us is accurate and complete for you. You are responsible for informing us of changes to your personal data, or in the event you believe that the personal data we have about you is inaccurate, incomplete, misleading or out of date.
Your right to access or correct the information you provided shall be subject to contractual and legal restrictions and the same shall be exercised in accordance with the relevant data protection rules. .If we are unable to provide you with any personal data or to make a correction requested by you, we shall generally inform you of the reasons why we are unable to do so (except where we are not required to do so under the applicable data protection laws).
Why and How We Retain Your Personal Data
We will only retain your personal data for as long as we are either required to by law or as is relevant for the purposes for which it was collected. We will cease to retain your personal data, or remove the means by which the data can be associated with you, as soon as it is reasonable to assume that such retention no longer serves the purposes for which the personal data was collected, and is no longer necessary for any purpose.
Notice Update
We reserve the right to change or update this Notice at any time by placing prominent notice on our website or other documents that we provide to you. Such changes shall be effective immediately upon posting to our Website. As such, you hereby agree to have accepted the changes in this Privacy Notice.
How to Contact Us
If you have questions about this Privacy Notice, please email us at marketing@idirectloan.com.
Last Updated April 19, 2022
