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Legal

Terms and Conditions

Opal Loans which is a trading name of Aspire Money Limited is a registered loan broker that is fully authorised and regulated by the Financial Conduct Authority. We do not charge any fees and if we are successful in finding you a financial product, our income will derive from commissions paid by finance providers on completion of your loan. In some instances a broker fee is paid only on completion of your loan.

We will not provide any recommendation; we only provide loan options from lenders on our panel where you meet their criteria from which you can make an informed decision on which is the right loan option for you. You will be made aware by the lender of any charges / fees / commissions involved. They will also explain any cancellation rights in your credit agreement so please ensure that you read the terms and conditions of the credit agreement before you make a final decision.

We have to provide you with certain information and have provided this in an abbreviated disclosure, should you wish to see the full disclosure, please click on: Full Disclosure Document

Please see below a list of lenders or companies that you may qualify with:

Companies and individuals who process and retain information about their customers under the Data Protection Act are required to tell the customer how the information will be used and to what purposes it will be put. Opal Loans policy describes how personal data relating to customers is processed. We work closely with a number of specialist companies that offer a range of financial products. These specialist companies may contact you should they be able to help you from the information you submit to us.

Opal Loans needs to make you aware of the application process that protects you as a consumer and us as a service provider under the Data Protection Act. We will use the information you provide for the following purposes, this is important information that you should read before you submit your application:

  • It is important that you provide us with accurate information about you or others, if it's a joint application and that you have their agreement. If you give us false or inaccurate information we may check your details with fraud prevention and credit reference agencies to process the application or enquiry you have made;
  • Some of our lenders may undertake a search with credit reference agencies in order to verify your identity and to make, or cause a search or searches to be made, at a credit reference agency on yourself and any other named Person (s) on the application or enquiry. The Credit Reference Agency may check the details you supply to us against any particulars on any database, public or otherwise, to which they have access. They may also use the details we supply in the future to assist other companies for verification purposes or perform similar checks. When credit reference agencies receive a search they will place a "footprint" on your credit file whether or not the application proceeds.
  • We will use the information provided to us by credit reference and fraud prevention agencies to help make credit or credit related decisions, to verify identity, for the prevention and detection of fraud and/or money laundering, and to manage accounts.
  • Unless you tell us otherwise, we and our business partners may contact you or any other person referred to by you in connection to the application or enquiry by a variety of means including, though not limited to: -post, telephone, e-mail and/or SMS text message, mobile telephone and in writing about offers, products and services which may be of interest to you.
  • We may also disclose personal information about you to the extent required by Law, Court Order, by Government order or decree.
  • On some occasions in order for Opal Loans to be able to find an offer it may be appropriate to negotiate the loan amount on your behalf. This will involve lowering the loan amount before being submitted to a lender.
  • Except as described above, we will not disclose your personal information to Third Parties, without your consent. You may be assured that Opal Loans and any company associated with us will treat all personal data and sensitive personal data as confidential and will not process it other than for a legitimate purpose.
  • Steps will be taken to ensure that the information is accurate and kept up to date and not kept for longer than is necessary. Measures will also be taken to safeguard against unauthorised or unlawful processing and accidental loss or destruction or damage to data.
  • We may be required to transfer your data securely to our affiliate in the USA solely for data storage purposes.
  • Submission of this application means that you agreed that your personal data will be used in accordance with our data protection policy. Any other broker or lender to whom the information is passed during processing your application may use it in the same way.
Access to Your Data

You have a legal right to your details and a copy of the information we hold about you. We will also tell you where the information was obtained. You can request a copy at anytime by writing to Opal Loans at Unit 1, Castle Court 2, Castle Gate Way, Dudley, DY1 4RH and we may charge a fee of £10 (maximum).

Material Interest:

Opal Loans will act honestly, fairly and professional when conducting business with you. Occasionally situations may arise, where we or one of our other clients will have some form of interest in business transacted to you. If this happens, or we become aware that our interest or those of one of our clients conflict with your interest, we will write to you and obtain your consent before we carry out your instructions, and detail the steps we will take to ensure fair treatment.

Conflict of Interest:

This client agreement is governed and shall be construed in accordance with English Law and the parties shall submit to the exclusive jurisdiction of the English Courts. Opal Loans its other business is committed to:

  • Identifying circumstances, which may give rise to conflicts of interest entailing a material risk of damage to customers interest.
  • Establishing appropriate mechanisms and systems to manage those conflicts
  • Maintaining systems in an effort to prevent actual damage to customer’s interests through the identified conflicts.

When dealing with customers, Opal Loans will disclose any conflict, where it arises and becomes apparent, to a customer prior to undertaking business or in the event that disclosure is not appropriate to manage the conflict. Opal Loans will decline any transaction that gives rise to a conflict of interest.

We may disclose your information to a lender or lenders in accordance with your application, another broker if we are not able to arrange finance for you, other carefully selected product providers and regulatory bodies to ensure we process information correctly and are complying with regulatory requirements and other legal authorities if required by law.

Introduction

Opal Loans & Mortgages is a trading style of Aspire Money Limited and we are committed to safeguarding and respecting the privacy of our customers.

We are committed to safeguarding and respecting the privacy of our customers.

This policy applies where we are acting as a data controller with respect to the personal data of our customers; in other words, where we determine the purposes and means of the processing of that personal data.

This policy sets out the basis on which any personal information we collect from you, or that you provide to us through our website or via our contact centre, will be processed by us.

Please read the following carefully to understand our views and practices regarding your personal information and how we will treat it.

When you provide your personal details to us we use your information for our legitimate business interests to carry out our work. Before doing this, though, we will also carefully consider and balance any potential impact on you and your rights. We have a genuine and legitimate reason and we are not harming any of your rights and interests.


Date Published: 23 May 2018


I need to know the details of the Data Controller

Why we collect your personal?

What is our lawful basis for processing of your personal data?

How we obtain your personal Information?

Categories of data we collect from you

Will we conduct a credit check?

Do we conduct Fraud Prevention and Detection?

Who we share your information with

Will your data be transferred out of the EU, and if so will it be safe?

How long we keep hold of your information?

Will you be subject to automated decision making?

What rights do you have in respect of the personal data we hold about you?

How to contact us should you wish to exercise any of your rights

What happens if you don’t provide your personal details?

I didn’t give you my personal details, so what is its source and what types of personal data are you processing?

Amendments to this Privacy Policy


I need to know the details of the Data Controller

1.1 This website is owned and operated by Opal Loans & Mortgages which is a trading style of Aspire Money Limited


1.2 We are registered in England under FCA registration number 681346, and our registered office is at Unit 1, Castle Court 2, Castlegate Way, Dudley, West Midlands DY1 4RH


1.3 Should you wish to confirm our registration details please click here FCA register


1.4 We are also registered with the Information Commissioners Office; under registration number Z1262766. Should you wish to confirm our registration details please click here DPA register


1.5 Our principal place of business is at 24 Flanders Drive, Mount Edgecombe, Durban, KwaZulu Natal, South Africa, 4300


You can contact us:

Why we collect your personal data?

2.1 We are a loan broker, and in order to find you the most suitable loan option, we will need to collect and process certain categories of your personal data.

2.1 We will process the information contained in any enquiry you submit to us regarding our services. This information will be processed for the purposes of offering our services to you which in this case will be finding you the most suitable lender to assist you with the loan you are searching for.

2.3 We and our lenders will retain and use the personal data you provide us for statistical analysis and analytics regardless of whether or not you take up a loan with our lender/s. Where we do this, we take strict measures to ensure that individuals cannot be identified.

What is our lawful basis for processing of your personal data?

Activity GDPR Lawful Basis for Processing

Assessing product suitability

As a credit broker, we match your personal and financial circumstances to our panel of lenders’ products and lending criteria. In order to do this, we collect information either directly from you or through an introducer you have approached.


As the first stage in this process, we will assess your general suitability for our lenders’ products by undertaking a number of checks with credit reference agencies and fraud prevention agencies, as well as using our own criteria to ensure we can find the best available product for you.

We require your personal information so that we can consider your suitability to enter into a credit agreement with one of our lenders on our panel.


It is also in our legitimate interests when you approach us to undertake a number of checks to assess your suitability for finance.


In some cases, we must undertake these checks to comply with a legal obligation, for example under anti-money laundering regulations.


We and our lenders also have regulatory obligations to assess your suitability for finance and to ensure you do not over-commit yourself. Our vulnerability checks are designed to protect your vital interests.


In carrying out this initial assessment, we may use automated decision systems that enable us to speed up your application. However, you can ask us to assess your application manually if you wish.

Matching you with a lender

Once we have completed our own checks, we will assess which lender is likely to be most suitable for you in terms of your particular circumstances, and which product meets your requirements.


We do this by using our lenders’ underwriting criteria and the process is very similar to our own checks, but with more detailed checks at credit reference agencies.

At this stage, working on behalf of one or more of our panel of lenders, we are processing your information because it is necessary for our lenders to do this before entering into a credit agreement with you.


It is also in the legitimate interests of our lenders to do this. And they will have certain legal and regulatory obligations to undertake risk, affordability and money laundering checks with credit reference agencies, fraud prevention agencies and other databases.


In carrying out this assessment, we may use automated decision systems based on one or more of our lenders’ underwriting criteria. Again, this speeds up your application, but you can ask us to assess your application manually if you would prefer.

Maintaining records of your application

For legal, regulatory and administrative purposes we shall retain your information securely on your systems until there is no longer any requirement to retain it.

We have legal and regulatory obligations in respect of identifying fraud, money laundering and financial crime. We also have reporting requirements as a business regulated by the Financial Conduct Authority.


We will only retain information in other circumstances where we have a legitimate basis for doing so, such as record keeping and internal administration.

Keeping you up-to-date

Our panel of lenders and the products and services available will change over time.


As a client we would like to keep in touch with you, whether you have taken out finance with one of our panel lenders, or where we have been unable on this occasion to find a suitable lender and product for you.

Where you have taken out finance, we may contact you towards the end of your loan to see if you would like us to look at new products for you. It is in our legitimate interests to do this, but of course you can tell us you would prefer us not to.


Where you have been unsuccessful in your loan application, we will offer you the opportunity to opt-in to us keeping you up-to-date with products and services which may be of interest to you. Again, you can change this preference at any time


You have the right to opt out, regarding the future processing of your information. Opting out will not affect the lawful basis for processing before you opt out.

In order to do this, please use any of the preferred methods of communication below

a) post to: P.O. Box 15799, Solihull, B93 3GA

b) using our website contact form Contact Us

c) by telephone on 0203 409 4555

d) by email using compliance@opalloans.co.uk

How we obtain your personal Information?

There are many different ways in which we could obtain your data

• From our website, if you complete our online application form

• If you telephone us to make a loan application

• Certain Lenders and Financial Brokers may pass your information over to us, should they be unable to assist you with a loan. Please note that if this is the case we will provide you with the identity of these individual firms

Categories of data we collect from you

The categories of data that we collect are as follows:

• Collecting and recording details around any health issues you may have which may affect the understanding of our application process. Our vulnerability checks are designed to protect your vital interests.

• Loan Details

• Personal Details

• Partner Details (should you request to complete a joint application)

• Address Details

• Employment Details

• Partner Employment Details (should you request to complete a joint application)

• Mortgage Details or Tenancy Details

• Bank Details

• Other Income & Expenditure you might incur

• Your Financial Status i.e. Bankruptcy, Defaults &Missed Payments, Count Court Judgements, Individual Voluntary Arrangement & Debt Management Plan

Will we conduct a credit check?

In order to process your application, we will perform credit and identity checks on you with one or more Credit Reference Agencies (“CRAs”).


To do this, we will supply your personal information to CRAs and they will give us information about you. The information we will supply to the Credit Reference Agency will include information from your credit application and about your financial situation and financial history. CRAs will supply to us both public (including the electoral register) and shared credit, financial situation and financial history information and fraud prevention information.


The information which we and other organisations provide to the credit reference and fraud prevention agencies may be supplied by credit reference agencies to other organisations and used by them to perform similar checks


If you are making a joint application or tell us that you have a spouse or financial partner, we will link your records together, so you should make sure you discuss this with them, and share with them this information, before lodging the application. CRAs will also link your records together and these links will remain on your and their files until such time as you or your partner successfully files for a disassociation with the CRAs to break that link.


We will use this information to help our lenders:

Assess your credit worthiness and whether you can afford to take the product;

Verify the accuracy of the data you have provided to us;

Prevent criminal activity, detect fraud and money laundering;

Manage your account(s);

Ensure any offers provided to you are appropriate to your circumstances


When CRAs receive a search from us they will place a search footprint on your credit file that may be seen by other lenders whether or not the application proceeds.


When you complete an application our lenders will do soft searches which do not leave a footprint on your file, however, once you take up an offer with the lender/s they may conduct a hard search which will be recorded.


Should you choose a Secured Loan or Mortgage, our Secured lenders may do hard searches which will leave a footprint on your file. Note that only if you meet criteria for a Secured Loan or Mortgage, will your loan application be submitted to our Secured lending panel and a hard search be conducted.


We have included definitions to Soft and Hard searches below, to help you understand how these work


What is a soft credit search?

Not every instance of your credit report being checked by a lender will result in a visible ‘footprint’ being left on your report. There is such a thing as a ‘soft credit search’ or a ‘soft credit check’, which is recorded in your credit history, but is not visible to other lenders. This includes things such as identity checks and quotations, where a company confirms the details you have provided are correct when offering you a quote.


What is a Hard Credit Search?

Hard searches are initiated when you make a formal application to a credit product, like a credit card, loan, or mortgage. Hard searches provide the lender with full access to your credit report so they can make an informed decision regarding your application. Each formal credit application you make will initiate a hard search that will show on your credit report for a year. Too many of these marks in a short period of time can reduce your credit score and scare off potential lenders, as too many credit applications in a short period of time may be a sign you are struggling financially.


The identities of the CRAs, their role also as fraud prevention agencies, the data they hold, the ways in which they use and share personal information, data retention periods and your data protection rights with the CRAs are explained in more detail which is accessible from each of the three CRAs.


The credit reference agencies used by us and our lenders are Experian, Call Credit and Equifax.


Clicking on any of these three links will also take you to the Credit Reference Agency Information (CRAIN) document:

1. Callcredit www.callcredit.co.uk/crain
2. Equifax www.equifax.co.uk/crain
3. Experian www.experian.co.uk/crain

Do we conduct Fraud Prevention and Detection?

We may make searches of records held at fraud prevention agencies. If you give us false or inaccurate information and we confirm fraud, we will record this and may pass this information to fraud prevention agencies and other organisations to prevent fraud and money laundering. Law enforcement agencies may access and use this information.


We share personal data for crime and fraud prevention and the apprehension and prosecution of offenders.


We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.


The information which we, other organisations and fraud prevention agencies provide to the credit reference and fraud prevention agencies about you and your financial associates may be supplied by the credit reference and fraud prevention agencies to other organisations and used by us and them for example to:

  • Prevent fraud and money laundering,
  • Verify your identity if you or your financial associate applies for other facilities including all types of insurance applications and claims,
  • Assist other organisations to make decisions on credit and credit related services or other facilities,
  • Trace your whereabouts and recover debts that you owe,
  • Managing credit and credit related accounts and other facilities
  • Undertake statistical analysis and system testing.
  • Checking details on applications for credit and credit related accounts or other facilities
  • Checking details of job applicants and employees.

Who we share your information with

[a] Our Lenders

Lenders we work in association with:

We work closely with various lenders to bring you a range of products and services designed to meet your needs. When you enquire about one or more of these products, the relevant lender will use your details to provide you with information and carry out their obligations arising from any application or contract you have entered into with them. These lenders will be acting as a data controller of your information and therefore we advise you to read their Privacy Policy. These lenders will share your information with us which we will use in accordance with this Privacy Policy.

Please see below a list of lenders or companies that we may share your information with

[b] Service Providers

We may provide your personal information to anyone who hosts or maintains data centres, service platforms and other infrastructure and systems on behalf of us, where your personal information is processed and/or stored;


Except as described above, we will not disclose your personal information to Third Parties, without your consent.


Please be reassured that we will not release your information to third parties beyond our firm and its trading styles for them to use for their own direct marketing purposes, unless you have requested us to do so, or we are required to do so by law, for example, by a court order or for the purposes of prevention of fraud or other crime.


You may be assured that we and any company associated with us will treat all personal data and sensitive personal data as confidential and will not process it other than for reasons you have provided consent for.


Measures will also be taken to safeguard against unauthorised or unlawful processing and accidental loss or destruction or damage to data.


We may transfer your personal information to a third party as part of a sale of some or all of our business and assets to any third party or as part of any business restructuring or re-organisation.


We may also disclose personal information about you to the extent required by Law, Court Order, by Government order or decree


However, we will take steps with the aim of ensuring that your privacy rights continue to be protected.

Will your data be transferred out of the EU, and if so will it be safe?

As part of the services offered to you through this website, the information which you provide to us may be transferred to countries outside the European Union (“EU”), that being our principle place of business which is our call centre based in South Africa and lenders based in the USA


By submitting your personal data, you’re agreeing to this transfer, storing or processing.


If we transfer your information outside of the EU in this way, we will take steps to ensure that appropriate security measures are taken with the aim of ensuring that your privacy rights continue to be protected as outlined in this Policy.

How long we keep hold of your information?

[a] Personal data that we process for any purpose or purposes shall not be kept for longer than is necessary for that purpose or those purposes

[b] Personal data categories will be retained for a minimum period of 12 months following the date of your enquiry, and for a maximum period of 6 years following the date of your enquiry.

Will you be subject to automated decision making?

We may carry out automated decision making once your loan application is completed. This is done in an effort to ensure that we are able to provide you with the suitable loan options you might qualify quickly and efficiently.

What rights do you have in respect of the personal data we hold about you?

We have summarised the rights that you have under data protection law. Some of the rights are complex, and not all of the details have been included in our summaries. Accordingly, you should read the relevant laws and guidance from the regulatory authorities for a full explanation of these rights.


Note that once your information is passed over to our lenders, you will need to ensure that you are familiar with the lender/s Privacy Policy.


Your principal rights under data protection law are:

12.1 the right to access

12.2 the right to rectification

12.3 the right to erasure

12.4 the right to restrict processing

12.5 the right to withdraw consent

12.6 the right to complain to a supervisory authority


12.1 The right to access

You have the right to confirmation as to whether or not we process your personal data and, where we do, access to the personal data, together with certain additional information. That additional information includes details of the purposes of the processing, the categories of personal data concerned and the recipients of the personal data. Providing the rights and freedoms of others are not affected, we will supply to you a copy of your personal data. The first copy will be provided free of charge, but additional copies may be subject to a reasonable fee.


If your information has been passed over to our lenders you will need to contact them requesting the information they will hold about you.


12.2 The right to rectification

You have the right to have any inaccurate personal data about you rectified and, taking into account the purposes of the processing, to have any incomplete personal data about you completed.


If your information has been passed over to our lender/s you will need to contact them requesting them to correct any inaccurate information they might hold about you.


12.3 The right to erasure

In some circumstances you have the right to the erasure of your personal data without undue delay.

Those circumstances include:

  • the personal data are no longer necessary in relation to the purposes for which they were collected or otherwise processed
  • you withdraw consent to consent-based processing;
  • you object to the processing under certain rules of applicable data protection law
  • the processing is for direct marketing purposes;
  • the personal data have been unlawfully processed

However, there are exclusions of the right to erasure.


The general exclusions include where processing is necessary: for exercising the right of freedom of expression and information; for compliance with a legal obligation; or for the establishment, exercise or defence of legal claims


If your information has been passed over to our lender/s you will need to contact them requesting to exercise your right to erasure, regarding the information they hold about you.


12.4 The right to restrict processing

In some circumstances you have the right to restrict the processing of your personal data.


Those circumstances are:

  • you contest the accuracy of the personal data
  • processing is unlawful but you oppose erasure
  • we no longer need the personal data for the purposes of our processing, but we require personal data for the establishment, exercise or defence of legal claims
  • you have objected to processing, pending the verification of that objection. Where processing has been restricted on this basis, we may continue to store your personal data.

However, we will only otherwise process it: with your consent; for the establishment, exercise or defence of legal claims; for the protection of the rights of another natural or legal person; or for reasons of important public interest


If your information has been passed over to our lender/s you will need to contact them requesting to exercise your right to restrict processing, regarding the information they hold about you


12.5 The right to Withdraw Consent

To the extent that we need to gain your consent for direct marketing purposes, you have the right to withdraw that consent at any time. Withdrawal will not affect the lawfulness of processing before the withdrawal.


If your information has been passed over to our lender/s you will need to contact them requesting to exercise your right to withdraw consent, regarding the information they hold about you and any other consent you may have provided to them over the use of your information.


12.6 The right to complain to a supervisory authority

If you consider that our processing of your personal information infringes data protection laws, you have a legal right to lodge a complaint with a supervisory authority responsible for data protection, the Information Commissioners office. You may do so in the EU member state of your habitual residence, your place of work or the place of the alleged infringement.

You may also lodge a complaint directly with us by emailing us at:compliance@opalloans.co.uk, or write to us at: Unit 1, Castle Court 2, Castlegate Way, Dudley, West Midlands DY1 4RH. Alternatively, you can telephone 02039159994

How to contact us should you wish to exercise any of your rights

You may exercise any of your rights in relation to your personal data by emailing us at: compliance@opalloans.co.uk, or write to us at: Unit 1, Castle Court 2, Castlegate Way, Dudley, West Midlands DY1 4RH. Alternatively, you can telephone 02039159994

What happens if you don’t provide your personal details?

In order to process your loan enquiry, we will require you to complete our online loan application, or telephone our contact centre and complete an application with one of our consultants. We require this information to assist you in finding you a suitable loan option. If you do not provide us with these details, we will be unable to carry out our services to you as a credit broker.To find out what personal data we require from you please click here Categories of data we collect from you?

I didn’t give you my personal details, so what is its source and what types of personal data are you processing?

We may receive information about you if you use any of our other websites i.e. Citrus Loans and Opal Loans which are Trading Styles of Aspire Money Limited


We also work closely with third parties for example other Credit Brokers, Business partners and Lenders who you may have contacted to assist you with your loan enquiry. These third-party companies may have not been able to assist you with your enquiry and may have noticed that we could possibly assist you, in this case they would have passed your information over to us, ensuring that you have been informed and have agreed to your information been processed in this way.

About cookies & Pixels

A cookie is a file containing an identifier (a string of letters and numbers) that is sent by a web server to a web browser and is stored by the browser. The identifier is then sent back to the server each time the browser requests a page from the server.


Cookies may be either "persistent" cookies or "session" cookies: a persistent cookie will be stored by a web browser and will remain valid until its set expiry date, unless deleted by the user before the expiry date; a session cookie, on the other hand, will expire at the end of the user session, when the web browser is closed.


Cookies do not typically contain any information that personally identifies a user, but personal information that we store about you may be linked to the information stored in and obtained from cookies.


Like many other websites, this website uses cookies. 'Cookies' are small pieces of information sent by an organisation to your computer and stored on your hard drive to allow that website to recognise you when you visit. They collect statistical data about your browsing actions and patterns and do not identify you as an individual. For example, we use cookies to store your preferences, and to record session information, such as length of visit. Depending on the type of cookie we use, cookies also allow us to make our web site more user friendly, for example, permanent cookies allow us to save your password so that you do not have to re-enter it every time you visit our web site.). This helps us to improve our website and deliver a better more personalised service.


Below is a table of information which lists all cookies used on our website

Owner Cookie

Cookie Name

Cookie Description

Google Analytics

_utma

A Google Analytics cookie, which keeps track of the number of times, a visitor has been to the site, when their first visit was, and when their last visit occurred.

Google Analytics

_utmb

A Google Analytics cookie, which creates a timestamp of the exact moment when a visitor enters a site.

Google Analytics

_utmc

A Google Analytics cookie, which creates a timestamp of the exact moment when a visitor leaves the site.

Google Analytics

_utmv

Used for reporting in Google Analytics classifying the visitor.

Google Analytics

_utmz

A Google Analytics cookie which tracks where the visitor came from, what search engine was used, what link was clicked on, what keywords used, and where in the world the site was accessed from.

Information regarding the use of Pixels

The pixels used, are not set up to collect personally identifiable data such as names, email addresses. As such the pixel tag can’t be used to track anything back to an individual.


Third party media owner pixels – e.g. DBM, Quantcast etc


We have some of these pixels on our site, and these are used for the following techniques:

• Building an audience (retargeting, lookalike, exclusions)

• Optimising

• To model the data

• Reporting

Amendments to this Privacy Policy

We may update this policy from time to time by publishing a new version on our website.


You should check this page occasionally to ensure you are happy with any changes to this policy.