TYPE OF PERSONAL DATA WE COLLECT AND STORE When we no longer need personal data, we will take reasonable steps to destroy it. We may collect and store the following types of personal data: We will not collect sensitive information about an individual unless the individual has consented or there is an exception to obtain such consent. Exceptions include circumstances where collection is required or permitted by law, or where action must be taken in cases of suspicion of illegal activity or gross negligence. Sometimes we may collect personal information about an individual from their employer, financial institution, other credit provider or credit reference agency (« CRB »). In this case, we will take reasonable steps to ensure that the individual is informed of the matters set out in this policy. Based on the above target market description, we consider it unlikely that the product will not meet the target market. Nevertheless, we will keep an eye on the consumers accessing the loans to ensure that the majority are in the target market. If not, we review the product and modify its key attributes to ensure the target market is reached. Target market determination for AECBs, ACPCs and CABCs Example: A $1,000 loan for 6 months has fees and costs totalling $440 = 200 (20% setup fee) + 40 x 6 (monthly loan fee of 4% x loan term in months). The comparison rate for this example is 152.04%. For our loans ($1,000), the minimum loan term is 13 weeks.
Depending on the frequency of your payments, the maximum repayment period is 21 weeks. As the example above shows, loan fees are charged monthly based on the repayment term. For loans over $2000, the minimum and maximum APR is 48%. This loan can be repaid in a minimum of 13 to a maximum of 21 weekly payments (depending on the amount and terms of the loan). MoneyPlus, Riverside New Bailey Street Manchester M3 5FS England If we refuse access, we will state the reasons for the refusal. Individuals may also request that we provide them with the source of the personal information we hold about them. If such a request is made, Paymay will inform the person of the source of the information free of charge within a reasonable time. HOW DO I KNOW IF THE PRODUCT DOESN`T HIT THE TARGET? We generally collect personal information directly from the individual to whom it relates when that individual interacts with us. For example, personal information is collected when an individual applies for a loan online or in person, opens an account with us, visits our website or sends us correspondence.
With regard to sensitive information held by us, Paymay will attempt, as far as possible, to anonymize it. As mentioned above, we do not use distributors to provide SACC to consumers. Although a TDG is required by law to explain what information must be provided to us by distributors, we believe this is not necessary. The TDG is reviewed when we start distributing via a distribution network. ⚠ Report abuse To notify the Law Society of any inappropriate or offensive content posted on Find a Lawyer, please visit our Contact Us page.