Privacy Policy

PRIME LENDERS

PRIVACY PROTECTION POLICY STATEMENT

Prime Lenders is committed to making every effort to conform with the provisions, and the most Customer favourable interpretation of those provisions, in the Commonwealth Privacy Act 1988, the Privacy Amendment (Private Sector) Act 2000 and the associated National Privacy Principles and provides every Customer with access to a detailed Privacy Statement.

The fair and confidential management of information Customers provide to Prime Lenders in the course of business dealings is guaranteed. If the Customer does not provide such information, Prime Lenders cannot adequately and responsibly assess a Customer’s request.

Prime Lenders assures Customers that all information, provided by them, in association with the facilitation of funding, shall be used by Prime Lenders only for the primary purposes of:

· Assessing whether to accept an application;

· The administration associated with the application; and

· In the event of a default, to facilitate collection of all outstanding money on behalf of the credit provider.

All Customers seeking funds will be given a detailed Privacy Protection of Information Statement and Declaration to read, before entering into any arrangement with Prime Lenders.

Prime Lenders adopts and endorses the National Privacy Principles:

1. We collect personal information only as is necessary for our business activities;

2. We do not use or disclose personal information for any purpose other than the primary purpose of collection of such information;

3. We do not seek, or keep information as to our Customer’s political beliefs, religious persuasions, sexual activity and orientation and/or health;

4. We undertake all reasonable steps to ensure that the personal information collected, used or disclosed, is accurate, complete and up to date. Customers are under an obligation to be truthful and correct and to inform Prime Lenders of any changes to information provided, which occur during the application period;

5. We take reasonable steps to protect the personal information we hold from misuse, or loss, and from unauthorised access, modification or disclosure. We take reasonable steps to destroy, or permanently de-identify any personal information we no longer require;

6. Customers have continuing access to personal information about them which is held by Prime Lenders. Incorrect or inaccurate information will always be corrected when we become aware that it is incorrect or inaccurate. On request, a Customer will be provided with a copy of his/her/their documentation;

7. Prime Lenders does not adopt any identifier assigned by a Commonwealth Government agency;

8. Prime Lenders acquires all Customer information by lawful and fair means and not in an unreasonably intrusive way;

9. Prime Lenders does not engage in speculative data collection;

10. Prime Lenders does not make its Customer lists available to third parties;

11. Prime Lenders always prescribes exactly to whom any information may be provided and in what circumstances. Such being, usually, limited to Prime Lenders personnel for processing and administration purposes, and to authorised personnel working for credit reporting agencies and for appointed solicitors and/or debt collection agencies, in the event of a default.

12. Prime Lenders will always fully cooperate and provide information, concerning Customers, where such is required by State or Commonwealth law.

PRIME LENDERS

PRIVACY - PROTECTION OF INFORMATION

Statement and Declaration

The Commonwealth Privacy Act 1988 and the Privacy Amendment (Private Sector) Act 2000, with the associated National Privacy Principles, empower and regulate Prime Lenders in its collection of information about you and your business interests (hereafter referred to as “you” or “your), both from you, your business records and from other sources such as credit reporting agencies, your referees, real estate agents, your bankers, past or present employers, any other business organisation that may have information relevant to your application for funds and from any publicly available source of information. These Acts also regulate the use of such information.

Note that it is the standard practice of Prime Lenders to make enquiries, at its absolute discretion, concerning the personal financial circumstances of a business owner seeking business finance.

Please read carefully before providing any information to Prime Lenders and signing any documentation.

Use of Information

Prime Lenders collects personal credit information only for the following purposes:

· to assess any application for funds by you;

· to assess your personal and/or business financial circumstances;

· to help us process your application for funds in an efficient manner;

· to avoid the chance you or your business may default on your funding obligations;

· to notify you of a default;

· to notify other credit providers of a default;

· to facilitate the collection of overdue payments; and

· efficiently manage and administer all services we provide to you.

This information can include any information about you and / or your business’ credit worthiness, credit standing, credit history or credit capacity, that funds providers and credit reporting agencies are allowed to give to, or receive from, each other under the Privacy Act 1988.

This information is accessed, only as required, by Prime Lenders employees, professional advisers, contractors and other service providers, to facilitate the above purposes. Prime Lenders will not sell, rent or trade your personal information.

We assume that any referral to third parties that you may give us, in order to obtain your personal, your business, and other information, will have been with the agreement and knowledge of the third parties involved and that you will have made them aware of the purposes and use of such information, prior to our contacting them.

Information Disclosure to Credit Reporting Agencies

You are informed that, under Section 18 (E)(1) and 8 (c) of the Commonwealth Privacy Act 1988, a funds provider may disclose your credit information to a credit reporting agency for the following purposes:

· To obtain a consumer credit report about you or your business, and/or

· To allow the credit reporting agency to create or maintain a credit information file containing information about you or your business.

Information Disclosure to Other Entities

Under Section 18N(1)(b) and 18N(1)(g), Privacy Act 1988, we may disclose your personal information to:

· our external service providers and their agents that provide business services to us, on a confidential basis, only for the purpose of our business;

· any complaints body to which a complaint, relating to a particular service we provide to you, is referred.

· any court or tribunal as may be required by law.

Information Disclosed

The information disclosed to the above is limited to (if applicable):

· Identity particulars – your name, sex, address (and previous two addresses), date of birth, name of employer and drivers’ licence number.

· For a business or investment funding, identity particulars – ACN and/or ABN number, registered office, street address and other information as appropriate.

· Your application for funds – the fact that you have applied for funds and the amount.

· The fact that Prime Lenders is a current provider of funds to you or your business.

· Payments which are overdue and for which debt collection has been instigated.

· Advice that your payments are no longer overdue in respect of any default that has been listed.

· Information that, in the opinion of Prime Lenders, you or your business have committed a serious infringement (i.e. you have been fraudulent or shown an intention not to comply with your funding obligations).

· Dishonoured cheques – cheques drawn by you for $100 or more, which have been dishonoured more than once.

· Direct Debit transactions that have been dishonoured.

· That funds provided to you or your business, by Prime Lenders, have been paid or otherwise discharged.

Period to which this understanding applies.

· This information may be given before, during or after the term of your funding.

Access to Commercial Credit Information under Section 18L(4) and 18K(1)(b), Privacy Act 1988

In order to assess an application for commercial funds, Prime Lenders will need to obtain a report containing information about your commercial activities and/or commercial worthiness, from a business which provides information about the commercial credit worthiness of persons.

Information Disclosure in the Event of Default

In the event of any default of conditions entered into in association with Prime Lenders, any information provided by you shall be made available to authorised personnel employed by the solicitors and/or debt collection agencies, authorised by Prime Lenders, in the process of recovery of funds, plus fees and charges and all legal and administrative costs incurred, as detailed in the contract you entered into, following the default.

Concerns and Complaints

If you have any privacy issues, during the term of your contract, please contact The Privacy Director, Prime Lenders,PO Box 1857, Broadbeach, Qld 4218 or telephone 1300 883 713.

WHAT IS EXPECTED OF THE CUSTOMER

The Customer must have read the above and noted and accepted the rights of Prime Lenders concerning the collection and use of the Customer’s personal and financial information.

The Customer acknowledges and accepts that the collection of personal and financial information is part of an application process only and Prime Lenders is not obliged to accept an application from the Customer.