Advance Notice of Changes
May 3, 2017
- Updated disclosures surrounding our collection of device-specific information;
- Collection of information from representatives acting on behalf of borrowers;
- Providing additional clarity concerning how and why we use collected information, including to make enhancements to our website and services and to service our loans; and
- Reporting of loan performance data to business credit bureaus.
We are continually seeking to improve our services; please contact us with any questions and concerns about our new Policy. Our contact information is provided at the bottom of this page.
1. Who we are
Funding Circle is a company incorporated in Delaware and has its principal place of business at 747 Front Street, Floor 4, San Francisco, California 94111. FC Marketplace LLC, the originator of loans and an affiliate of Funding Circle, has a California Finance Lenders License (No. 6054785).
2. What information do we collect from you?
Funding Circle collects personal information supplied by you during the investor or borrower application process. This information includes, but is not limited to:
|Name and your business name||Name|
|Mailing address||Mailing address|
|Phone and e-mail details||Phone and e-mail details|
|Bank account information||Bank account information|
|Date of birth||Date of birth|
|Social security number||Social security number|
|Income, assets, debt, and other personal and business data||Income, assets, debt, and other financial data|
|Comments you make on blogs and discussion forums on the website||Comments you make on blogs and discussion forums on the website|
|Correspondence with us by email and post||Correspondence with us by email and post|
Funding Circle collects this personal information from you in order to
- determine the borrower’s eligibility for a loan and the investor’s suitability as an investor;
- obtain, upon your authorization, a credit report, references, and other information from credit bureaus or other third parties in connection with your loan application;
- verify your identity;
- detect and guard against potential fraud;
- manage your Funding Circle account and update the records we hold about you;
- create a marketplace loan listing on the Funding Circle website, which includes a Funding Circle credit grade based on your credit history and financial circumstances;
- process your payments and other transactions;
- develop and improve our website, products, and services;
- enforce our agreements;
- carry out statistical analysis and market research and testing;
- carry out regulatory checks;
- comply with our legal and regulatory obligations;
- make this website available to you and identify products and services which you may be interested in; and
- send periodic emails.
3. How and when is borrower information shared with other parties?
Borrower information collected by or provided to us may be shared with other parties in the following manner:
- To our affiliates.
- To a third party if it acquires all (or substantially all) of our business and/or assets in connection with the acquisition.
- When required by applicable law.
- To display a loan listing on the Funding Circle website.
- To display information about a borrower to an investor if the investor successfully funds the borrower through the Funding Circle website.
- To third parties who may be in a position to arrange credit for you if we are unable to provide you with credit, but only after we receive your consent.
- Information about borrowers may be shared with the borrower’s franchisor (as applicable).
- Information about borrowers may be shared with non-affiliated third parties (“Trusted Partners”) who assist us in operating our website, conducting our business, marketing our products, or servicing you, so long as the Trusted Partners contractually agree to keep this information confidential.
- Information about borrowers may be shared with credit bureaus consumer reporting agencies, collecting agencies and fraud prevention agencies in order to perform checks, trace your whereabouts, or recover debts you owe.
We may also release your information to law enforcement or other government agencies as required by law such as to comply with a subpoena, bankruptcy proceedings, or similar legal process or for the purposes of limiting fraud. In addition, we reserve the right to disclose your information when we believe release is necessary to enforce our site policies or any loan agreement, protect ours or others’ rights, property, or safety, and/or to comply with a judicial proceeding, court order, or legal process.
We may continue to share your information as described in this notice after your customer relationship with us has ended. However, you retain all the rights listed in this Privacy Notice on an ongoing basis, regardless of your status as a current or previous customer.
4. What will be displayed on the borrower’s loan listing on the Funding Circle website?
When a borrower is approved for a Funding Circle loan, we will display certain information on the marketplace loan listing on the Funding Circle website. The loan listing will disclose information and data necessary for investors to evaluate a borrower’s loan request. On the loan listing, qualified Funding Circle investors will see: (1) business information; (2) business financials; (3) loan terms; and (4) loan information, which is derived from the borrower’s credit report or otherwise collected from the borrower or third parties during the loan application process. The information and data displayed on the Funding Circle website includes, but is not limited to the following:
|Business Information||Loan Information|
|Business Name||Business Bankruptcy|
|“Friendly” Listing Name||Date of Business Bankruptcy|
|Years of Operation||Debt Coverage Ratio|
|Industry||Asset Coverage Ratio|
|NAICS Code||Number of Guarantors|
|Business Location–City & State||Credit Score of Guarantor|
|Business activity||Part of Franchise Network|
|State of Incorporation||Prior Loan(s) with FC|
|Number of Employees||Amortization Table|
|Business Financials||Loan Terms|
|Income Statement||Loan Principal Amount|
|Balance Sheet||Interest Rate|
|FC Credit Rating|
5. Do we sell your personal information?
We will never sell or rent your personal information to any third party unless you have consented to this. If you do consent, but later change your mind, you may contact us directly using the details described in the Contacting Us section below and we will stop any such activity as soon as reasonably practicable.
While we take appropriate physical, technical and organizational measures to safeguard the personal information that you provide to us, we accept no liability if communications are intercepted by third parties or incorrectly delivered or not delivered.
In addition to our efforts, you can take several precautions to protect your personal information. First, you should choose a strong password. A strong password does not contain information that someone can easily learn about you such as your name or birthday and incorporates a variety of letters, numbers, and special characters. We also recommend that you change your password frequently (every 90 days). You can also install and regularly update firewall and antivirus software to protect your computer. When you are finished using our site, be sure to log out and close the browser window, especially if you are accessing our site from a public computer.
8. Your rights
You have the following rights:
- To update and correct any out-of-date or incorrect personal information that we hold about you free of charge; and
- To opt out of any marketing communications that we or any Trusted Partner to whom we have disclosed your personal information may send you.
If you wish to exercise any of the above rights, please contact us using the details specified below in the Contacting Us section below.
Please note that the Fair Credit Report Act (FCRA) requires each of the nationwide credit reporting agencies—Equifax, Experian, and TransUnion—to provide you with a free copy of your credit report, at your request, once every 12 months. For more information, visit: http://www.ftc.gov.
9. Links to Other Sites
In some cases, these links may be to partner companies with whom we have a business relationship, and who provide compensation to Funding Circle in return.
10. Notification of Changes
11. Children’s Online Privacy Protection Act
We comply with the requirements of the Children’s Online Privacy Protection Act. We do not knowingly collect personal information from children under the age of the 13. Our website, products, and services are all directed to people who are at least 13 years of age or older.
13. Contacting us
747 Front Street, Floor 4
San Francisco, CA 94111