BACKED INC. PRIVACY POLICY

Effective Date: 01 FEBRUARY 2016

SCOPE

Backed Inc. respects and is committed to protecting the privacy of our users. This Privacy Policy (this “Policy”) explains what information Backed Inc. and our affiliates and subsidiaries (collectively referred to as “we,” “us” and “our”) may collect about you via our website and through our program and services (collectively, “Services”) and how we use, share and protect that information. We recommend that you read our website Terms of Use and the Privacy Notice for more detailed information on these practices.

CONSENT

When you submit personal information to apply for our Services and each time you use our Services, you are indicating your acknowledgement and consent to the collection, use and disclosure of information about you collected through our Services as set forth in this Policy. We may revise this Policy without advance notice to you but we will let you know of any changes by posting a revised Policy on our website with a new effective date. If you do not accept the terms outlined in this Policy or a revised Policy, please do not use our Services.

WHAT INFORMATION WE COLLECT

We collect personal information about you that you provide while using our Services, including the application process and usage of our online platform. For example, we may collect the following personal information:

  • your name
  • your email address
  • your date of birth
  • your home address and telephone number
  • your social security number
  • your employment and income information
  • credentials for and information from third party sites

You can review and edit some of your personal information at any time by logging into our website.

INFORMATION WE RECEIVE FROM THIRD PARTIES

With your explicit approval, Backed uses Plaid Technologies, Inc. (“Plaid”) to gather End User’s data from financial institutions. By using our service, you grant Backed and Plaid the right, power, and authority to act on your behalf to access and transmit your personal and financial information from the relevant financial institution. You agree to your personal and financial information being transferred, stored, and processed by Plaid in accordance with the Plaid Privacy Policy (https://plaid.com/legal).

HOW WE COLLECT INFORMATION

We collect information about you:

  • from you, when you register on our website, use our website or apply for a loan or to be an investor; from your transactions, including your security purchases, repayments, account funding and withdrawals; and from your communications with us;
  • from third parties such as credit bureaus, identity verification services and other public records or websites; and
  • from third parties who are participating in vouching, co-signing or group loan activities.

WHY WE COLLECT INFORMATION

We may use and disclose your personal information that is collected through our Services in accordance with applicable law and the privacy notice, where appropriate, which uses may include:

  • providing and managing Services you have requested;
  • verifying your identity and authenticating you;
  • protecting against fraud or security threats, and otherwise managing risks;
  • communicating with you regarding services that may be of interest;
  • evaluating and improving our website and other offerings;
  • tailoring our services and otherwise enhancing the customer experience;
  • satisfying legal or regulatory requirements or law enforcement requests; and
  • as permitted by applicable law.

WHAT INFORMATION WE MAY SHARE THIRD PARTIES

We may use and disclose your personal information that is collected through our Services to run our everyday business and in accordance with applicable law. We do not share, sell, rent or trade your personal information with any third party other than as described below. We may share your information with:

  • Any investor who purchases your loan from us;
  • Agents and service providers who help us with parts of our business operations, such as fraud prevention, servicing activities, bill collection, marketing and technology services;
  • Consumer reporting agencies to which we report that status of your account with us;
  • Business partners that offer other financial products and services that we believe may be of interest to you;
  • Law enforcement, government officials, or other third parties as required by law and when we believe that such disclosure is necessary to protect our rights and/or comply with a judicial proceeding, court order, regulatory request or other legal process; and
  • Other third parties but only if you consent or direct us to do so.

Vouching, Cosigning and Group Loans

Our users can refer friends to the website by completing a simple form to generate an email invitation to vouch, cosign or participate in a group loan. The email invitations limit what friends may see about your financial situation and do not convey anything specific about your financial situation. After a vouch offer is accepted, we will send an email to explain that we are lending money to you, and that your friends can join your network and help reduce your loan costs by vouching for you. The details of the loan, such as the total amount or the interest rate, will not be revealed. This information is stored for the sole purpose of sending emails to your network and facilitating vouching activities. The information is not used for any other purpose. At your request to attach a co-signor to your application, we may disclose some of your personal information and details of the loan, such as the total amount and interest rate, to people that you have referred as co-signors. Information that is collected from co-signors is subject to this same Privacy Policy.

HOW WE PROTECT YOUR INFORMATION AND USE COOKIES

We, or our service providers, and other companies we work with may deploy and use cookies, web beacons, local shared objects and other tracking technologies for various purposes, such as fraud prevention and monitoring our advertising and marketing campaign performance. Some of these tracking tools may detect characteristics or settings of the specific device you use to access our online Services.

To help operate our website, enhance your experience and collect information about online activity, we may place small data files on your computer or other device. These data files may be in the form of cookies, pixel tags, local shared objects or other similar technologies. Cookies and similar technologies enable us to personalize our website and Services for you. These technologies may allow us to store and manage your preferences and settings, measure and analyze how you use our website and the effectiveness of our communications, offer services and help us improve our services and security.

  • “Cookies” are small amounts of data a website can send to a visitor’s web browser. They are often stored on the device you are using to help track your areas of interest. Cookies may also enable us or our service providers and other companies we work with to relate your use of our online Services over time to customize your experience. Most web browsers allow you to adjust your browser settings to decline or delete cookies, but doing so may degrade your experience with our online Services.
  • Clear GIFs, pixel tags or web beacons—which are typically one-pixel, transparent images located on a webpage or in an email or other message—or similar technologies may be used on our website and in some of our digital communications (such as email or other marketing messages). They may also be used when you are served advertisements or you otherwise interact with advertisements outside of our online Services. These are principally used to help recognize users, assess traffic patterns and measure site or campaign engagement.
  • Local shared objects, sometimes referred to as “flash cookies,” may be stored on your hard drive using a media player or other software installed on your device. Local shared objects are similar to cookies in terms of their operation but may not be managed in your browser in the same way. For more information on managing local shared objects, click here.

Most browsers provide you with the ability to block, delete or disable these technologies. If you choose to reject cookies or similar technologies, some Services may not be available or some functionality may be limited or unavailable. Please review your browser’s help pages for assistance with changing your settings.

LINKS TO OR FROM OTHER WEBSITES AND SERVICES

Our website may contain links to other sites that we do not own or operate (“third-party websites”). When you use a link online to visit a third-party website, you will be subject to that website’s privacy and security practices, which may differ from ours. You should familiarize yourself with the privacy policy, terms of use and security practices of the linked third-party website before providing any information on that website.

“DO NOT TRACK” SIGNALS

We do not respond to “do not track” signals from your browser at this time. To learn more about how “do not track” works, please visit http://allaboutdnt.com/.

SECURITY SAFEGUARDS

We use security controls to protect against unauthorized use, access, modification, destruction, disclosure, loss or theft of your personal information in our custody or control.

CHILDREN’S PRIVACY

We do not knowingly solicit from, and the Services are not intended for, children under 18 years old, and children under 18 should not provide personal information online. If a parent or guardian becomes aware that his or her child under the age of 18 has provided us with information without their consent, he or she should contact us. We will delete such information from our files.

HOW TO OPT-OUT OF RECEIVING MESSAGES

To opt-out of emails or any other electronic communications that are not related to a loan that you have received from us, please contact us at unsubscribe@backedinc.com and we will automatically remove you from any communications lists.

HOW YOU CAN CONTACT US

If you have questions or concerns regarding this Policy, please contact us at support@backedinc.com