Today I applied for a loan to pay a bill. The company linked to my bank account and centrelink account. I didn’t finish the application and subsequently received an e-mail advising me that my application had been declined but all my very personal information had been shared with a third party who may or may not approve the loan. Is this legal? And now I am terrified that my bank and c/l details have become a marketable commodity. I cannot believe how stupid I am.
When filling in the loan application, did you read the Terms and Conditions and did they outline that information will be shared and for what purpose. Was the purpose a credit check for example…which is usually standard step when applying for credit/loan?
If the T&Cs outlined the sharing to assess your loan application and you agreed to the T&Cs, then you consented to its release to another party to allow loan application to be assessed.
To be honest I’m not sure. In a state of desparation I applied for this loan. When it linked to my bank account and then to my c/l account i should not have proceeded . In the end I didn’t finish the application so I was horrified when I received an e-mail from a third party. Perhaps this could be a warning to others who in a state of high stress try to borrow some money, I now have to try to secure my accounts and I still have an enormous vet bill to pay and a very sick dog I love dearly
The T&Cs should be on the website of the loan company and it might be worth checking. You should be able to call them to also confirm.
BTW who were the companies?
Did you go past a point in the application where it said about sending information for credit check etc where it may have gone to another party? Clicking okay or next (or such like) may have triggered the sending of information before formally finishing the application.
I just looked at the company website and I am unable to find any T&cs. The company I applied to is Jacaranda Loans and I then received an e-mail from Credit Sense telling me I should apply to Sunshine Loans as they would help me but only if I completed the application by 4.30 this afternoon.As far as I know I have had no interaction with credit sense but they were given my details. This has turned into a big mess and I hope it will be a warning to others who are in a state of high anxiety not to apply for a loan without reading the fine print.
Warning bells! There should be no such deadline, there is no good reason for it. It looks to me that they are trying to panic you into doing something rash.
Thank you very much . I might as well have taken out an ad on prime time tv. I’ve made a very stupid mistake in applying for a loan when I was so distressed.
I thought that too. It is so difficult when you are on a pension to borrow money and the anxiety of having a very sick dog and a huge vet bill led me to throw caution to the wind.
Sometimes it is best to sleep on decisions overnight before actioning. The next day often one has thought about it more and has a clearer head to make a better decision.
Also, it may be possible to approach the vet to see if they have repayment plans for hardship. If they do, it may be far more acceptable and cheaper than a ‘loan shark’.
Hope everything works out with the dog and financially.
Thank you very much for your help. I have learned a sharp lesson through this experience. I can only hope it helps others.
You can’t be the first person to overspend for the sake of a pet. Have you tried negotiating with the vet? You may be able to work out a repayment scheme that you can afford and not get a loan.
I spoke to the vet this morning and we have come to an arrangement. In my distress I wasn’t thinking clearly. I hope anyone who reads this learns from my poor judgment and doesn’t go down the track I went on. Thank you for your advice and interest.
No worries and the community is always happy to help where we can. As they say, two (or more) heads is better than one.
Also hope that the arrangement with the vet was amicable to both parties, and you can now move forward from the experience.
Thank you again, it’s a huge comfort to know that Choice is there for us all.
Copy and pasted from the very bottom right hand side of website headed Acknowledgement & Consent
Disclosure of information
I consent to the entity disclosing my personal information to provide me with their financial services
and any other related purpose as outlined above, on an ongoing basis to:
my personal point of contacts, my employers and income providers; other financial institutions and debt collection agencies; credit providers, credit brokers, other referrers and other service providers. financiers, insurers, auditors, contractors, agents or service providers the entity uses to offer services; any other entity.
Looks like they have it completely covered.
Indeed but finding it is not easy. I want this to be a warning to others to be far more carefull than I was and not to apply for loans when under duress.
Yes, and it is possibly better to talk directly to those who one owes money to to see if they are willing to come to some repayment arrangement rather than seeking a high interest, highly conditional short term loan. Seeking a loan may seem the ‘easiest’ option when one is under financial stress, but at the same time it could also create long term financial pain.
We are pleased things appear to have worked out for you in the end.
Wow what a terrible thing has happened to you. This should not be allowed in any fine print. I think you were hoodwinked and i think there should be an investigation for this sort of stuff. this is your private info. horrible thing to do to people. unethical.