"Qeld", "we", "us", "our" or "us" means Qred Bank AB (org. no. 559008-9800) and all other companies within the Qred Group - Qred Holding AB (publ) (org. no. 559031-0685) registered with the Swedish Companies Registry and headquartered at Drottninggatan 98, 111 60 Stockholm, Sweden. For the purposes of EU data regulations, we are the data controller with respect to the personal data we receive from you or otherwise collect about you. We are also responsible for ensuring that we use your personal data in accordance with applicable data privacy legislation (EU Regulation 2016/679).
1 What personal data do we process?
Information you provide to us. This includes any personal data that you provide to us, including data provided during a loan application. This includes personal data such as name, address, email, telephone numbers and national identification numbers. You may also be asked for information about your business, such as your business plans, bank account details and payment history.
Information we collect about you: As part of the credit review process, we need to collect certain information about you and your company. We do this in order to provide you with the best possible credit offer and to comply with our legal obligations under the Know-Your-Customer (KYC), anti-money laundering and anti-terrorist financing laws and regulations. We also collect information from third parties, such as credit rating agencies and other publicly available information sources. This information may include the following:
- Identification and contact details: name, date of birth, identification number, address, telephone number, nationality etc.
- Financial information: information collected from third parties, such as data on your income and other credit information.
- Credit history: information collected from third parties, such as financial history, negative credit registrations and previous payment and credit acceptances.
- Information about how you use our services and communicate with us. We collect information about how you use our services, including details of outstanding and historical debts and your payment history with Qeld; technical data such as web page response times, download errors, personal preferences; your interactions with Qeld's customer service team, etc.; and how you use our services.
- Device information: information such as IP address, language settings, browser settings, operating system, platform and screen resolution.
- Geographical information: Information about your geographical position.
- Information from external sanctions lists and PEP lists: We may screen your information for lists of persons subject to sanctions as well as lists of persons designated as 'politically exposed person' (PEP).
- Service-specific information: in order to provide you with some of our services, we may collect and process additional personal data that do not fall under the above categories.
2 What do we do with this information?
We use this information to provide and improve our services. We process personal data in order to provide our services and grant business loans to small and medium-sized enterprises. Part of this process is also collecting data to improve our services. Below you will find an overview of how we process personal data and what the legal basis for processing these data is:
3 Qeld credit services
Qeld offers business credit for the following purposes:
- Qeld Business Loans
Your personal data will be shared with credit assessment companies and other suppliers in order to carry out a credit check when you apply for a business loan (Qeld loan) or factoring activities with the Qeld.
In order to provide our services, we perform a credit assessment on you (credit check). The credit assessment is based on identification and contact information, information about how you interact with Qeld and other financial information. Financial information includes information provided externally by companies that perform credit assessments, based on for example income and arrears.
The credit assessment is based on identification and contact information and information about how you interact with Qred. This includes how you interact and communicate with us, as well as financial information you provide to us, for example transaction data, bank account statements and external information from credit reference agencies.
4 Marketing and Communications
We may use your contact information to communicate with you. We may do this by conducting customer surveys or sending offers regarding our products/services based on our relationship with you. If you choose not to receive such communications/information, you may contact us at any time at email@example.com.
In order to provide you with customized offers and discounts, we look at information about your interaction with Qred, your identification and contact information, information about products / services and your use of these services. This processing may cause profiling (see excerpt 6 for more information). The information forms the basis for Qeld's (Qred Bank AB's) marketing and customer analysis and the development of statistical information. We customize offers based on identification and contact information, information about payment patterns and your interaction with Qred, which we use to improve our services and our offers. We may use information to present personalized offers via mail, email, text message or other digital channels.
You can unsubscribe from personalised offers by clicking on the link in the digital communication or by contacting us directly (see contact details below).
In cases where Qeld processes your personal data on the basis of your consent or explicit authorisation (e.g. when you give us power of attorney for a third party to access your information or give us additional information that constitutes sensitive data). You can withdraw this consent at any time by contacting us. Withdrawal of your consent does not result in an inferior version of our services, as we do not need this information to provide our services.
6 Profiling and automated decision making
"Profiling" means automated processing of personal data to evaluate certain personal aspects relating to you, for example, to analyse and/or predict aspects of your financial situation or your preferences, such as purchasing interests. We use profiling based on your personal data that we hold to make individual or automated decisions about you, for the following purposes:
- To predict which marketing content is of interest to you. You can always object and unsubscribe from marketing communications, and this profiling, by contacting us. For more information on our processing of personal data for marketing purposes, please see section 4 above);
- To determine which offers suit you best;
- To determine the most appropriate way to contact you about outstanding debts;
Some of our services also use profiling, in addition, to deliver the applicable service to you, e.g. to provide you with relevant financial insights, to select which offers we can give you (in accordance with the terms of the relevant service).
Decisions with legal or similar significant effects
Automated decision-making with legal effects or automated decisions with similar significant effects means that some decisions in our services are based solely on automated means, without any interaction of our employees. These decisions may have a significant impact on you, the consumer. By making such decisions in an automated manner, Qeld increases the objectivity and transparency of its decisions in providing the relevant services.
We use this type of automated decision-making when we:
- Deciding to approve your application for the use of a credit service;
- Deciding to reject your application for the use of a credit service;
- Decide whether you pose a risk of fraud or money laundering, for example, if our processing of personal data shows that you exhibit behaviour that is consistent with money laundering or fraudulent behaviour, your behaviour is inconsistent with your previous use of our services or you appear to have concealed your true identity. In such situations, Qred also checks whether or not a particular customer is on a so-called sanctions list.
You always have the right to challenge an automated decision that has a legal or similarly significant effect (along with the profiling associated with it) by contacting us at firstname.lastname@example.org. A member of the Qeld team will then review your situation.
7 Parties with whom we may share personal data
Suppliers or subcontractors. We may share personal data with the suppliers and subcontractors we use to provide our services to you. For example, we have several software vendors and business consultants. They process personal data received on our behalf. We may also choose to share personal data with other financial suppliers with whom we have a business relationship. We take reasonable, legal, technical and organisational measures to ensure that personal data is shared securely.
Credit rating agencies. Your personal data may be shared with credit rating agencies and similar parties to check your creditworthiness when you apply for a loan.
Authorities. We have a legal obligation to prevent money laundering and terrorism financing and to follow other legal requirements. Qeld may share your personal data with authorities (such as police or tax authorities) when this is deemed necessary to comply with a legal obligation.
Disposal. In the event that Qeld sells or purchases any claims, business or assets, Qeld may disclose your personal information to the prospective seller or buyer of such claims, business, or assets. If all or substantially all of Qeld's assets are acquired by a third party, personal information about Qred's customers may be disclosed and shared.
8 Where do we process personal data?
We endeavor to process all personal data within the EU / EES. However, in some cases, the information may be transferred to another supplier that processes this data in countries outside the EU / EES. Qeld ensures that reasonable legal, technical, and organisational measures are taken to ensure that all data is managed in a secure manner. We ensure that an adequate level of protection is maintained and that appropriate protection is provided in accordance with applicable regulations.
9 How long do we use your personal data?
10 Your right of access, correction and deletion.
Right to be informed. You have the right to be informed about how we process your data. We do this through this privacy statement, other information on our website and by answering questions sent to us.
Right to access your personal data. You can request a copy of your data if you want to know what personal data we process about you. This copy of your personal data can also be sent in a machine-readable format (i.e. "data portability").
Right of correction. You have the right to correct incorrect or incomplete information about yourself.
Right of erasure. You have the right to request the deletion of your personal data, for example if it is no longer necessary for us to process the data for the purpose for which it was collected or if you have withdrawn your consent. In some cases, however, we are obliged to retain personal data due to a legal obligation.
Right to restrict the processing of your data or object to our processing. If you believe that your data is incorrect or you believe that we are using your data unlawfully, you have the right to ask us to stop processing it. You can also object to our processing if you believe that there are circumstances that would make such processing unlawful. Furthermore, you can always object to us using your data for direct marketing purposes.
Right to withdraw consent. Where we process your data on the basis of consent or explicit authorisation, you may withdraw such consent at any time.
Right to lodge a complaint You have the right to lodge a complaint with your national data protection supervisory authority or by contacting us, see contact details below.
12 Contact Us