Bank secrecy with loans
The applicable provisions stipulate that employees of loan companies, just like employees of banks, have a duty of banking secrecy regarding the obligations of their clients. Keeping this secret concerns both the loan company and its individual employees. Thus, the current regulations are designed to ensure the security of our personnel. The data we provide in the loan application can be used (if we do not agree to their processing for marketing purposes) only to determine the borrowing capacity and credit risk analysis.
High penalties for breach of banking secrecy
Employees of financial institutions who have contact with our data are extremely responsible. According to the regulations, they must ensure their proper collection and storage. For the unlawful use of the collected data, or disclosure, they may face up to PLN 1 million in fine and 3 years in prison.
Secret information about the loan
Pursuant to the Act on the protection of personal data and the Civil Code, a non-bank institution cannot provide information about our commitment to even close family members. Thus, they are also not entitled to lodge complaints regarding our commitment. According to KPF, many financial institutions are forced to reject a complaint precisely because of an unauthorized person filing it. Therefore, it should be remembered that if for some reason we intend to advertise a payday loan, installment loan or bank loan, we must do all the formalities ourselves.
Processing of personal data by a loan company
Non-bank institutions can process our personal data even if they refuse to grant us a loan. In addition to completing the loan form, we also require that the information provided is correct. For this purpose, most loan companies require us to make a bank transfer for a small amount of PLN 0.01. If the data is confirmed, the financial institution is even obliged to keep it in its own resources for a period of 5 years. Remember, you have the right to refuse the processing of personal data for marketing purposes and to limit their processing to the absolute minimum specified by law.
In summary, financial institutions are legally obliged not only to securely process data for specific purposes, i.e. assessment of loanworthiness and loan risk analysis, but also to store collected data. Remember to consciously decide to what extent you consent to the processing of your data – whether you agree to receive commercial offers or wish that the use of data is limited to a minimum specified by law.