Privacy Policy

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Froda AB, org. no. 556999-3388 (“Froda”) offers companies the opportunity to apply for loans.

This document describes Froda’s processing of personal data related to business customers’ owners (or other authorized representatives) and any guarantor when applying for and utilizing business loans.

Business loan via partner
‍Froda has entered into partnerships with several partners who offer Froda’s business loans via their platform. If you choose to submit an application through one of our partners, you consent to your customer data being transferred to Froda’s lending platform so that Froda can calculate the maximum loan capacity that can be offered to the company. The partner is responsible for obtaining the correct consent for the transfer.

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If you choose to complete your application, Froda will process the personal data specified under the category Application data (business loan) in the section “Processing of your personal data” and other categories if the application is approved. In addition to these processes, some partners may offer the ability to make disbursements and repayments of the loan via the company’s debit card (e.g., VISA). If this payment option is available and you choose to repay via a debit card, Froda and the partner will need to process the credit card number, expiration date, and security code associated with the card. A test transaction will also be conducted to verify the credit card.

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Depending on applicable law and the options available with the partner, signing the business loan agreement may be done via a link sent to you by email or SMS, or directly through the partner’s platform. Profiling and automated decision-making When a business loan application is submitted, Froda will use profiling. Profiling applies to the owner or other authorized representative and any guarantor of the company applying for the loan and is based on the application data described above. In addition to the application data, a credit score model from Creditsafe is used. The model is objective and is based on a compilation of business information and other performance-indicating information about the company, including financial statements and credit information. The purpose of profiling is to prevent money laundering and fraud, ensure proper customer due diligence, and enable us to perform a credit assessment (e.g., assess the company’s financial capacity relative to the requested loan amount).

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Froda’s decision-making regarding business loan approvals is primarily carried out through automated processing and profiling. We may make such automated decisions when deciding whether to approve or reject your business loan application. Your application may be rejected if our profiling determines that: (i) your application indicates a risk of money laundering or fraud, or (ii) the company lacks the financial capacity to repay the requested loan amount. Depending on the information derived from profiling, a loan application may also include elements of manual review, for example, if there is uncertainty regarding repayment capacity.

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By applying for a business loan with us, you consent to us making an automated decision as described above.

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Please note that you have the legal right to have an automated decision reviewed by a real person. If you want your application to be manually reviewed, you can contact us via email at privacy@froda.se, or by mail to: Froda AB, Katarinavägen 9, 116 45 Stockholm.

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For more information about your rights under applicable data protection legislation, please see the section “Your rights” in our privacy policy.

Where the data is collected from
Personal data is primarily collected directly from you, such as when you fill out a loan application or contact our customer service. We may also receive certain customer data from one of our partners if you apply for Froda’s business loan through their platform.

During customer due diligence checks and credit reports, Froda will obtain information from public records and sources as well as via Creditsafe.

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Retention periods
We will store your customer data as long as you are a customer with us. Your contact details may be retained for up to one (1) year after the customer relationship has ended for marketing purposes. Recorded phone calls may be stored for up to three (3) months from the date of recording unless the data needs to be retained for a longer period to meet our legal obligations.

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Personal data that must be processed to fulfill our obligations under the Anti-Money Laundering Act (2017:630) may be stored for up to five (5) years after the customer relationship has ended.

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Information related to claims may be stored for up to ten (10) years from the date the claim arose. If the information is only necessary for our accounting and/or tax reporting, it will be stored for up to seven (7) years.

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Does Froda share my personal data with others?‍

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We may transfer your personal data to the following third parties:

Partners

To carry out marketing or sales activities (for business loans applied for through a partner, Froda may share information about the business loan with the partner, for example, if the partner handles the initial stage of customer support cases).

Suppliers

When necessary for the supplier to provide its services to us (for example, IT system providers).

Third parties

Who take over loan agreements in cases where Froda transfers loan claims due to your or your company’s non-compliance (e.g., regarding payments).

Authorities

If required by law (for example, the Swedish Financial Supervisory Authority or the Swedish Tax Agency).