By accessing or using the website www.bankonloop.com (the "Site"), you confirm that you have read, understood, and agree to the Terms and Agreements listed at www.bankonloop.com/legal (the "Terms") and this Privacy Policy.
This Privacy Policy and the Terms constitute a binding legal agreement between you and Loop Financial Inc., its subsidiaries and affiliated companies, including, without limitation, Loop Funding Inc., Loop Securities Inc., Loop Payments Inc. and Loop Fund I LP (collectively, "Loop").
This Privacy Policy outlines how Loop collects, uses, discloses, manages and safeguards your information, including your personal information. Loop takes your privacy seriously and is committed to protecting your personal information. If you have any questions about this Privacy Policy or Loop's privacy practices, please contact Loop with your questions by telephone at 1 (647) 490-5667 or by e-mail at legal@bankonloop.com.
Loop will not sell or rent your personal information to any third party without your prior consent. You may contact Loop at any time to withdraw your consent to any such use or disclosure of your personal information. If Loop decides to make material changes to the Privacy Policy, Loop will notify you of these changes by placing a notice on the Site for 30 days. If you do not accept the terms in this Privacy Policy or any changes made thereto, please stop accessing or using the Site.
If information is aggregated or de-identified so it is no longer reasonably associated with an identified or identifiable natural person, Loop may use it for any business purpose.
For the purposes of this Privacy Policy, "personal information", means any information that concerns an identifiable individual, including such person's name, mailing address, telephone number, e-mail address, date of birth, sex, social insurance number, information with respect to such person's deposit account at a financial institution and any other information which may be disclosed in any report or document, including but not limited to any credit report provided by Equifax Canada Inc. or any other credit reporting agency to which Loop may refer from time to time for verification purposes, upon your authorization ("Credit Agency").
Loop will collect information from you, including your personal information, when you register or apply for a Loop Account or access or use the Site. Please note that all information entered into any application form, which is saved in order to be completed later, is also collected by Loop and subject to this Privacy Policy.
We use various service providers to specifically assist us with identity verification. These service providers may review the personal information documentation you provide us to confirm its authenticity, or may compare your information in our control with information about you from other sources (e.g. credit reporting agencies, telecommunications providers) to confirm your identity when creating or logging in to your account. We may use biometric ID verification providers to confirm the authenticity of photo identification and to verify the identities of new clients, however alternative methods of verification are available. We take these steps to verify your identity very seriously in order to detect, prevent and suppress errors, fraud, financial abuse and other unauthorized or illegal activities.
General Account. When you register for a general account ("General Account") on the Site, Loop will collect certain information from you, such as your title, full name, e-mail address, telephone number, name of business (if applicable) and password.
Full Account. When you apply to open additional services with Loop such as a Credit Facility, Card or a Payment Method, your account will become a full account ("Full Account") and Loop will collect certain information from you, which may include, but is not limited to: contact information (title, full name, e-mail address, mailing address and telephone number); date of birth; social insurance number; income, assets, debt and other financial information; and/or bank account information (including financial institution number, branch transit number and account number) and transaction information from all accounts and sub-accounts (e.g. chequing, savings, and credit cards) accessible through the account credentials you used.
If you apply for a Borrower Account on behalf of an entity, Loop will collect certain information about the entity, including, but not limited to:
For the purposes of this Privacy Policy, applicants operating sole proprietorships are deemed to be acting for and on behalf of an entity.
When you apply for a Full Account on the Site, Loop may collect information from a Credit Agency that you authorize us to collect. This includes credit history, financial and identification information and any other information disclosed in a credit report or any document provided by the Credit Agency to Loop. Loop may request and use social insurance numbers, as required, to facilitate Credit Agency searches.
We may collect copies of government-issued identification or a picture of yourself (a "selfie") that you provide us or one of our service providers.
When you access or use the Site, Loop may automatically collect certain technical information about your visit, including the date, time, browser type, your internet service provider, your IP address, device information (including device identifiers), geo-location information, computer and network performance data, the URL that you are coming from and your navigation history in order to customize and personalize your experience on the Site, diagnose and detect potential problems with the Site, manage and improve the Site and for statistical research purposes.
Loop will collect records of all correspondence with Loop. This includes questions, inquiries, complaints, comments and other information submitted to the Site. We may record any conversations or retain information contained in any correspondence to assist you in the future and to improve our customer service, and product and service offerings.
From time to time, we may send you email, SMS text messages and other communications about Loop's products, services, or events that may be of interest to you, as well as products, services or events of our affiliates. You can opt-out of receiving marketing and promotional email from us by following the unsubscribe instructions contained in each of our email or SMS communications. Please note that you will continue to receive email and text messages regarding your account and transactions with us. Alternatively, you can unsubscribe from any of our marketing communications by contacting us at support@bankonloop.com.
Loop may collect the personal information about third parties that you provide to Loop or authorize Loop to collect, for example persons whom you wish to send money, request money from, or inviting them to use Loop. You are responsible for obtaining the necessary consent for the collection and use of this information and for the disclosure of this information to Loop.
Loop will use the personal information that Loop collects from you to open and maintain your Account, including verifying your identity and the information that you provide to Loop and determining your eligibility to open a Full Account on the Site.
Loop may use your personal information to communicate with you about your Account and to provide you with technical support.
Loop may use the information that it collects to process and transfer loans. Loop may also share this information with its third-party agents that help Loop to process and transfer loans.
Loop may use your information in order to collect loan repayments or to enforce a loan agreement, a security interest or a guarantee. Loop may also disclose your information or a Borrower's information to a third-party service provider performing loan collection and enforcement services on Loop's behalf, including, but not limited to any collections agency, legal counsel or receiver.
Loop may use and disclose your personal information in order to detect, investigate, address and prevent fraudulent or illegal activities. Loop reserves the right to disclose your personal information as required by law, when we believe that disclosure is necessary to comply with a judicial proceeding, court order, or legal process served on us and to defend against legal claims. Loop may be required to disclose your personal information to law enforcement, securities regulators and regulatory authorities, such as the Financial Transactions and Reports Analysis Centre of Canada, in the context of an investigation or audit. Loop also reserves the right to disclose your personal information to another organization to investigate the breach of an agreement, including the Terms, and for the purposes of detecting, suppressing or preventing fraudulent activities.
Loop may disclose your personal information to regulators and regulatory authorities in order to meet applicable filing requirements. By engaging in activities on the Site, you consent to the filing of your personal information and copies or originals of any documents provided to Loop with any regulator. Should you have any concern in this regard, please consult your legal advisor.
Loop may from time to time offer to compensate you, subject to certain terms and conditions, for referring prospective accounts to Loop. In the event you refer a prospective account to Loop, your name will be disclosed to that prospective account where required by law.
Loop may disclose and share your personal information to explore and/or undertake a corporate transaction, including a merger, acquisition, amalgamation, initial public offering, reorganization or sale of Loop. Your personal information will be used and disclosed solely for the purposes related to the transaction and will be protected by security safeguards appropriate to the sensitivity of the information.
Loop may use the information that it collects for statistical analysis and market research purposes.
Loop will retain any and all personal information that Loop is required to retain under any applicable laws for the full duration of time required under those laws. Loop may also retain any and all personal information obtained from any Loop account holder for the full duration of time required under applicable laws.
Loop may transfer your personal information to a third-party service provider for processing and storage. Whenever Loop engages a third-party service provider, Loop ensures that the information is properly safeguarded at all times at a comparable level of protection the information would have received if it had not been transferred. Loop may transfer your personal information to a third-party service provider outside of Canada. In the event that your personal information is transferred outside of Canada, the government, courts or law enforcement or regulatory agencies of that jurisdiction may be able to obtain disclosure of your personal information through the laws of that jurisdiction. Our service providers are transferred the information they need to perform their designated functions and committed to maintaining your confidentiality. Our service providers are not permitted to use your information for any unauthorized purpose. Your personal information may be maintained and processed by our Affiliates and other third party service providers outside of Canada, including Quebec, in the US or other jurisdictions. In the event personal information is transferred to the US or other foreign jurisdiction, it will be subject to the laws of that jurisdiction and may be disclosed to or accessed by the courts, law enforcement and governmental authorities in accordance with the laws of those jurisdictions.
Loop pays special attention to the protection of personal information and has therefore instituted industry standard security measures (firewalls, passwords, physical security, etc.) to protect users against any unauthorized access or disclosure. Although Loop strives to protect users' personal information, it cannot guarantee the absolute security of such information as no system is immune from fraud or hacking. In the event of a data breach, Loop will notify users at the first reasonable opportunity of the breach and immediately apply remedial measures. Neither Loop nor any of its officers, directors, employees, consultants, representatives, agents, successors and assigns may be held liable in case of theft, illegal use, unauthorized disclosure, loss or the alteration or destruction of information by a third party.
Please note that Loop's technology includes the use of electronic signatures and that Loop collects the images of such electronic signatures. The collection and use of such signatures is subject to the application of this Privacy Policy.
We have designated Loop's Chief Executive Officer (CEO) as the Chief Privacy Officer (CPO) who is responsible for overseeing our compliance with Canadian privacy laws and for ensuring that information we collect is used and disclosed in accordance with these laws and our privacy policy. If you have any questions about our privacy practices or this policy, or if you have concerns about how your personal information is managed, please contact our Chief Privacy Officer at: Email: privacy@bankonloop.com. Mailing Address: Attn: Privacy Department, 1255 Bay St, Suite 900, Toronto, Ontario M5R 2A9. The Chief Privacy Officer is committed to addressing all privacy concerns in a timely and respectful manner and will endeavor to respond to your query or complaint as soon as possible.
If you do not agree with the collection, use and disclosure of your personal information as outlined in this Privacy Policy, please do not access or use this Site or save or send any application.
You may correct any inaccurate or out-of-date personal information by contacting Loop by telephone at 1 (888) 223-5667 or by e-mail at legal@bankonloop.com.
When you register for a General Account, you will be asked to consent to communications from Loop, including promotional emails, SMS communications and advertising. Please note that you may unsubscribe from Loop's contact list at any time by following the procedure provided at the bottom of such email or contacting us at support@bankonloop.com. Please note that opting out in this manner will not end transmission of service-related emails, such as email alerts about your Loop Account.
If you have any questions, concerns or complaints regarding this Privacy Policy, you may contact Loop by telephone at 1 (647) 490-4901 or by e-mail at legal@bankonloop.com. Loop will explain, if applicable, how it handles complaints and will help you resolve the issue. If a complaint is well-founded, Loop will take appropriate measures, including, if necessary, modification of the practices and methods hereunder.
We reserve the right, at our discretion, to make changes to this Privacy Policy from time to time without notice, so please review it frequently. You may review updates to our Terms of Service and Privacy Policy at any time via links on www.bankonloop.com. You agree to accept electronic communications and/or postings of revised versions of this Privacy Policy on www.bankonloop.com and agree that such electronic communications or postings constitute notice to you of the revised version of this Privacy Policy. Changes take effect immediately upon posting. Your continued use of the Services after any changes or revisions to this Privacy Policy shall indicate your agreement with the terms of such revised Privacy Policy.
