Privacy Policy

1.0 Introduction

This policy discloses which information we collect and how we use it, as well as the choices you can make about the way your information is collected and used. We also explain how any personal and/or personally identifiable information that we may request will be used; these explanations can usually be found on the same pages where the information is requested.

In general, and as described in detail below, we collect several types of information from you:

  • Personal information required to verify your identity
  • Personal and financial information necessary to assess your eligibility to borrow money through BitLendingClub.
  • Optional personal information you may wish to share in the furtherance of your goals in using our site
  • Information about your visits to and use of this web site or the web sites of third party services to help us maintain the appropriate features, functionality and user experience.

2.0 Information We Collect

We collect personal and financial information from you while you use the site, and most of this collection occurs during registration. Some information is required and some is optional, some will remain private and some will be displayed to other users. We always let you know which is which. Additional information may be gathered during your subsequent use of the site, whenever you choose to provide it.

Certain personal information must be supplied during the member, investor and borrower registration processes, as indicated below, in order to (a) enable registered users to login to the site, (b) determine borrowers’ eligibility for loans, (c) verify borrowers’ identities, (d) establish borrowers’ ability to request loans verifying that they are at least 18 years of age, and (e) guard against potential fraud. This basic personal information includes:

  • Your name (member registration)
  • Your email address (member registration)
  • Your date of birth (borrower registration)
  • Your home address and telephone number (borrower registration)
  • Your Social Security number (borrower registration)

When you register as a borrower, we will use this information to pull a credit report from a credit bureau to determine your creditworthiness as well as to help investors assess your loan request in the context of your overall financial situation. We will also use your required and optional information to facilitate activities and transactions that need to occur during the lending process, such as:

  • Generating public borrower profiles on the site
  • Assigning you a borrower credit grade based on your credit history and financial circumstances
  • Enabling our financial services partners to implement automatic payments and fund transfers
  • Contacting you if there is a problem completing a transaction you requested or to discuss a problem with your account
  • Implementing collection activities as needed
  • Maintaining regular communications with you concerning transactions you initiate, such as requesting information or assistance, submitting a loan request, making payments, transferring funds, etc.

When you register as an investor, we will request some required and optional data in order to facilitate such activities as:

  • Generating a public investor profile on the site
  • Contacting you if there is a problem completing a transaction you requested or to discuss a problem with your account
  • Maintaining regular communications with you as may be necessary to execute transactions you request, such as submitting loan portfolios and transferring funds, etc.

In addition, we gather names and email addresses of people who contact us through our web site with questions about our company or lending/borrowing operations. We collect this information for the sole purpose of responding to such inquiries and do not store the contact information unless requested by these people, such as in the case of job applicants who submit resumes, etc.

Finally, we (and/or our service providers) collect information about your computer and your visits to our web site, such as your IP address, geographical location, browser type, referral source, length of visit, and page views through the use of log files. We (and/or our service providers) use this aggregated information in the administration of our web site to improve its usability and to evaluate the success of particular marketing/advertising campaigns, search engine optimization strategies and other marketing activities. We (and/or our service providers) use non-identifying and aggregated information to help optimize our web site based on the needs of our users.

We will retain your information for as long as your account is active or as needed to provide you services. We will retain and use your information as necessary to comply with our legal obligations, resolve disputes, and enforce our agreements.

3.0 Communication from Our Site

When you register on our site you will receive emails that confirm specific actions you requested. You will receive notifications confirming your registration, the successful verification of email addresses and bank accounts, and confirmation of successful submissions of loan requests and portfolios. You will also receive progress updates on the status of loan requests and submitted portfolios. These are transactional notifications that you cannot opt out of receiving, as they are in place to protect the security of your account and your personal information. We may also send you responses to emails you send us, if appropriate or applicable. From time to time, we will also send user surveys, requests for user feedback regarding user experience and site operations.

4.0 How and When is Your Information Shared With Other Parties

Information is shared with other parties in the following ways:

  • Required and optional information about borrowers and investors is displayed on public profiles that members can update at any time; certain information is optional and you can choose not to supply it and/or can remove the optional information at any time. BitLendingClub may, but is not obligated to, monitor any entered optional information to assist in the protection of your identity.
  • Personal and sensitive information about borrowers may be shared with collection agencies, and/or lenders in case of a default and may solely be used for the lawful collection of debt.
  • Personal but not sensitive information about borrowers is contained in loan listings that can be viewed by all users.
  • Financial and credit information about borrowers is displayed to qualified investors on loan listing pages and is contained anonymously in loan data files available on the statistics page.
  • Information is shared directly between users and other or potential users. Information shared directly by users might contain personal information.
  • BitLendingClub may, with your consent, share required and optional information about you.

For privacy purposes, borrowers and investors remain anonymous on the site and are identified only by their chosen screen names. Borrowers will be able to see the screen names of their investors and vice versa. However, borrowers have public profiles and loan listings on the site that display their information to any users who view these pages. The loan listing pages include borrowers’ credit grades and other financial information that is shown to qualified investors so that they can effectively evaluate loan requests. As noted above, this information is also contained anonymously in loan data files available on the statistics page. Loan listings also contain certain personal information and, in some cases, answers to questions posed by investors, borrower created loan titles and loan descriptions that are incorporated into loan listings. Investors also have public profiles on the site containing personal information that they have opted to include.

BitLendingClub is not responsible for any personal information that borrowers or investors may choose to reveal about themselves in their screen names, loan requests, blogs, or public profiles or blog/forum posts. Given the community nature of any person-to-person transaction site, however, it may be in the best interests of borrowers and investors to share some level of personal information in order to achieve a satisfactory outcome (i.e., it may be necessary for you to share a certain amount of personal information in order for your loan to receive full funding).

We may share your information with law enforcement or other government agencies as required by law or for the purposes of limiting fraud. We reserve the right to disclose your personal information when we believe that disclosure is necessary to protect our rights and/or to comply with a judicial proceeding, court order, or legal process served on our Web site.

BitLendingClub works with a number of trusted partners that perform vital functions as part of our operations, collection agencies, electronic payment service providers, and customer support call centers. Information is shared with these third parties only to the extent necessary for us to process the transactions you initiate or perform other specific services, like collections. Our partners are legally required to keep your information private and secure.