Zopa Privacy Policy

This privacy policy provides details of what information we collect from you, what we do with it, who we share it with and your rights in relation to it.

Last updated 1 August 2018

1. Information we collect about you

The information we collect about you may include:

  • contact information (e.g. email address and telephone numbers)
  • financial information (e.g. your bank account and income details)
  • information about your physical and mental health.

This information may come from:

  • You, when you use our lending platform; e.g. when you apply for a loan (including if your application is declined) or ask us to provide you with a personalised rate
  • The way you use your account
  • Your digital devices
  • Your interactions with us, including information you may voluntarily share with us
  • Credit reference agencies (who may check the information against other databases – public and private – to which they have access) or fraud prevention agencies
  • Marketing lists we've bought or rented from third parties, which contain the consent of listed individuals (including you) to receive marketing materials from us

2. Using your information

The UK's data protection law allows us to use your personal information provided we have a legal basis for doing so. The legal basis that we rely on to use your information include:

  • You've given us your consent
  • We need to use your information to perform our obligations under our agreement with you
  • We need to use your information so we can comply with a law we're subject to
  • We (or a third party) have a legitimate interest in using your information which isn't out weighted by your interests or fundamental rights and freedoms

We've set out in the table below how we use your information and the legal basis for using it.

How we may use your information Legal basis
  • Verify your identity and any other information you've provided us
  • Prevent or detect fraud, money laundering or other crime
  • Manage your account(s) with us
  • Prepare anonymised statistical reports from information about you and other customers to help us manage our business better, for example improving our risk models.
  • Improve the relevance of marketing messages we may send you
  • Analyse, assess and improve our services to customers, and for training and monitoring purposes
  • If you are a loan customer to assess your credit worthiness, to determine whether you can afford the loan you requested, to trace you and take appropriate action against you should you fail to repay your loan
  • To establish, exercise or defend legal claims
  • Sending you servicing and marketing messages

Legitimate interest –

  • Developing and providing new products and services our customers will find useful
  • Protecting our customers from unnecessary risks
  • Preventing fraud and money laundering to protect our business
  • Ensuring we and investors who lend money via our platform earn a reasonable rate of return
  • Protecting us and our customers against harm to our collective rights and interests
  • Verify your identity and any other information you've provided us
  • Prevent or detect fraud, money laundering or other crime
  • Regulatory reporting

To comply with a legal obligation, e.g. –

  • UK/EU anti-money laundering laws and regulations
  • UK/EU/UN sanctions (which prohibit us from providing products to certain individuals)
  • Rules and regulations imposed by the Financial Conduct Authority and HMRC
  • Verify your identity and any other information you've provided us
  • Prevent or detect fraud, money laundering or other crime
  • Manage your account with us

To satisfy our obligations under our agreement with you e.g. –

  • To respond to your queries
  • To allow you to use our lending platform
  • To allow us to provide the services or financing you've requested
  • Send you marketing messages on behalf of third parties
  • Refer you to credit brokers/other lenders if we're unable to offer you a loan
  • Hold any information relating to your physical and mental health you've given us

Your consent

When you register with Zopa we'll give you the option to receive our occasional updates. These messages notify you about new features on our website, ask your opinion, and tell you about services you may not be using yet. We only send these messages if there is something worthwhile to tell you about. If you don't want to receive these messages you can log into your account and change your "Details" settings. Simply select what you want to hear about and how.

There may be some messages that we're required by law or regulation to send you even if you ask us not to.

3. Sharing your information

We may share your information with the following third parties so that we can use your information for the purposes described above.

  • Credit reference and fraud prevention agencies
  • Our regulators or government authorities, for example the Financial Conduct Authority, the Financial Ombudsman Service and the police
  • Collection agencies and lawyers to help us collect any money you owe us
  • Our suppliers, sub-contractors and third-party data processors
  • Retailers from whom you've purchased goods or services using loans provided by us
  • Anyone to whom we may transfer all or part of our assets
  • If we are unable to offer you a loan and if you consent, to credit brokers or other lenders who may be able to arrange credit for you.

We won't disclose customer information to other Zopa customers unless it's necessary to enforce a loan contract between them. If you're an investor on our platform and we give you information about the loan customers you've lent to, you must only use it to discuss your loan contracts with us.

However, we may provide investors with certain transactional information (for example loan amount and repayment details). We will not be responsible for misuse of transactional data by others, but you must inform us promptly if you are the victim of any misuse of that information.

4. Credit reference agencies

When you ask us to provide you with a personalised loan rate we'll supply your personal information to credit reference agencies (CRAs) and carry out a 'soft credit search' to establish your credit rating. This is a preliminary credit check and will give us an overall view of your financial health (including your credit score) but not your full credit report. This will help us determine whether your application will be successful and how much you can borrow and at what interest rate.

The CRAs will record our search but other lenders won't be able to see it and it won't affect your credit score.

It's only when you accept our offered quote that we will carry out a full search of your credit report. CRAs will supply to us both public (including electoral register) and shared credit, financial situation and financial history information and fraud prevention information.

We will use this information to:

  • Assess your credit worthiness and whether you can afford to take the loan
  • Verify the accuracy of the information you have provided us
  • Prevent criminal activity, fraud and money laundering
  • Manage your account
  • Trace and recover debts
  • Ensure any offers provided to you are appropriate to your circumstances.

We'll go on sharing your personal information with CRAs for as long as you are a customer. We will also inform CRAs about your settled accounts. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt. They may also provide this information to other organisations.

We do not provide joint loans, but if you tell us you have a spouse of financial associate, we'll link your records together, so you should make sure you discuss this with them, and share with them this information, before lodging this 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.

As a general rule, we'll give you at least 28 days' notice if we decide to file a default on your credit reference file. However, we may not always give you notice beforehand, for example, if we plan to take court action.

If you are an investor or a prospective investor we may conduct searches with credit reference agencies to verify your identity and bank account details.

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 the Credit Reference Agency Information Notice (CRAIN), which is available from each of the three CRAs-clicking on any of these three links will take you to the CRAIN document:

  1. Callcredit
  2. Equifax
  3. Experian

5. Fraud prevention agencies

If you give us false or inaccurate information or if we suspect or identify fraud we may record this and may also pass this information to fraud prevention agencies and other organisations involved in crime and fraud prevention including law enforcement agencies.

We and other organisations may access and use this information to prevent fraud, money laundering or other criminal activity.

Fraud prevention agencies may hold your information for different periods of time, and if you're considered to be a fraud or money laundering risk, your information may be held for up to six years. It may also result in us and others refusing to provide services, financing or employment to you.

You can contact us at contactus@zopa.com if you'd like to know more about the credit reference and fraud prevention agencies we use.

6. Overseas transfers

We may transfer your personal information to countries outside the European Economic Area (EEA), whose information protection laws are less strict than in the UK. Where we do so, we will make sure suitable safeguards are in place in accordance with European data protection requirements, to protect the information.

Whenever fraud prevention and credit reference agencies transfer your information outside the EEA, they impose contractual obligations on the recipients of that data to protect your personal information to the standard required in the EEA. They may also require recipients to subscribe to 'international frameworks' intended to enable secure data sharing.

7. Retaining your information

We'll keep your information for up to six years after you close your Zopa account, to prevent fraud and other financial crimes, to comply with our regulatory obligations and to establish, exercise or defend legal claims.

In exceptional circumstances, e.g. if there is an ongoing regulatory investigation or legal claim, we may retain our information beyond the six-year period.

8. Automated decisions

When you apply for a loan we'll use an automated process to decide whether to lend to you, i.e. we may make our decision without any human involvement. This helps us to make fair and responsible lending decisions.

The process works by taking information you've provided when applying for the loan, any information we already have about you and information we obtain from third parties such as credit reference and fraud prevention agencies to calculate a credit score for you.

This information may include:

  • How long you've lived at your address
  • Your account history with us
  • The number and type of credit agreements you have and how you've used them
  • Whether you've been late making payments
  • Whether you've had any court judgments made against you or whether you've been made bankrupt or had an IVA or other form of debt-related arrangement.

Using an automated credit scoring process means we may automatically decide that we are unable to offer you a loan, or only offer you a loan for a lower amount and/or shorter term that you requested. It also means that we may automatically decide that you pose a fraud or money laundering risk if our processing reveals your behaviour to be consistent with money laundering or known fraudulent activity, or is inconsistent with your previous submissions, or you appear to have deliberately hidden your true identity. See "Your rights" below, for more details about your rights in relation to automated decision making.

Our credit scoring methods are regularly tested to ensure they remain fair, accurate and unbiased.

You can ask us to reconsider any declined decision by contacting us at contactus@zopa.com or by calling us on 020 7580 6060.

9. Consequences of processing

If we, or a fraud prevention agency, determine that you pose a fraud or money laundering risk, we may refuse to provide you with the services or financing you have requested, or to employ you, or we may stop providing existing services to you.

A record of any fraud or money laundering risk may be retained by fraud prevention agencies, and may result in others refusing to provide services, financing or employment to you. If you have any questions about this, please contact us using the details above.

10. Your rights

Right to be provided with certain information

We must provide you with certain information at the time we collect your personal information, including how we use it and the legal basis for doing so, who we share it with, how long we intend to keep it, where we got the information from and your rights in relation to it. You find this information in this Privacy Policy.

Right to access your information

We must provide you with a copy of your information unless providing some or all of it would adversely affect the rights and freedoms of others, or the law allows us not to comply with your request. You can access your personal information by emailing us at contactus@zopa.com or by calling us on 020 7580 6060. We aim to provide you with your information within 30 days.

Right to correction

You can ask us to correct any information which you believe is inaccurate. We'll update your information as soon as we can. You may need to provide supporting evidence before we can deal with your request; e.g. a copy of your marriage certificate if you want to update your name.

Right to erasure (‘right to be forgotten’)

You can ask us to erase your personal information:

  • if you think it's no longer necessary for us to hold your information;
  • if you don't think we have any legitimate grounds for processing it;
  • if you think we're using your personal information unlawfully; or
  • if you think we should delete your personal information because the law requires us to do so.

Right to restrict processing

You can ask us to stop using your personal information:

  • if you think it's inaccurate;
  • if you think it's illegal for us to use it;
  • if you don't want us to destroy it because you need it for legal proceedings;
  • if you've told we don't have a legitimate reason for using it and we're considering your request.

Notification obligation

You can ask us to notify everyone to whom we've given your personal information whenever we amend, delete or agree to restrict our use of it.

Right to data portability

If we're using your information on the basis of your consent or because we need it to carry out our contractual obligations to you, you can ask us to give you your personal information in a structured, commonly used and machine-readable format or have it transmitted to another data controller.

Right to object

We may use your personal information to further our legitimate interests; e.g., we may use information about you to improve our marketing messages because we have a legitimate interest in making sure our customers know about new products which could be of benefit to them. We'll always give you a right to object whenever we intend to use your personal information for our legitimate interests.

Right to human intervention

When you apply for a loan we'll use an automated process to decide whether to lend to you. If we decline your application, you can ask one of our underwriters to review our decision.

There may be occasions when you wish to exercise one of your rights and we're unable to agree to your request, e.g. because we have compelling legitimate grounds for using your information, or because we need to keep your information to comply with a legal obligation.

You can send us your request by emailing us at contactus@zopa.com or by calling us on 020 7580 6060.

How to stop receiving marketing messages

If you no longer want to receive marketing messages you can log into your account and change your "Details" settings. If you need help with this, please get in touch with our customer services at contactus@zopa.com.

11. Making a complaint

If you're unhappy with how we've handled your information you can refer your concerns to the Information Commissioner's Office, the body that regulates the handling of personal information in the UK, at:

Information Commissioner's Office
Wycliffe House,
Water Lane,
Wimslow,
SK9 5AF
Tel: 0303 123 1113
Website: www.ico.org.uk

12. Consequences of not providing us with your personal information

You don't have to provide us with your personal information. However, we need your information partly because the law requires us to ask for certain details about you and partly so that we can offer products and services to you in accordance with our agreement with you. This means that if you don't provide us with the information we ask for, we'll not be able to open an account for you.

13. Keeping your information safe

We take your privacy seriously and take every reasonable measure to keep your information secure. We monitor our systems 24/7 and continually work to improve the security of your personal information and our systems.

While we use all reasonable efforts to safeguard your personal information, you should be aware that the use of the internet is not entirely secure and we can't guarantee the security or integrity of any personal information that is transferred from you or to you via the internet.

14. Cookies

We use "cookies", which store small amounts of information on your computer or device to allow certain information from your web browser to be collected. You can find more details about this in our Cookie Policy

15. About Zopa

Zopa Limited is a company incorporated in England & Wales under company registration number 05197592, having its registered office at 1st Floor, Cottons Centre, Tooley Street, London SE1 2QG. It's registered with the Information Commissioner with registration number Z879078. It's also authorised and regulated by the Financial Conduct Authority and entered on the Financial Services Register under firm registration number 563134.

16. Changes to this Privacy Policy

We'll regularly review this Privacy Policy. If we make any changes, we'll post the updated policy on this page.

This Privacy Policy was lasted updated on 1 August 2018. We clarified our responsibility on overseas transfers.

We're here to help

Monday to Thursday (8am to 8pm), and Friday (8am to 5pm).

Email: contactus@zopa.com

Telephone: 020 7580 6060 for loans

Telephone: 020 7291 8331 for investments

We can't take applications over the phone. UK residents only. Calls may be monitored or recorded.