Privacy Policy
Privacy Policy
Effective Date: 15-Dec-2024
Wealth Reach Finance Limited (“we,” “our,” or “us”) is committed to protecting your privacy and ensuring compliance with applicable legal, regulatory, and platform guidelines. This Privacy Policy explains how we collect, use, share, and protect your information when you use our mobile application or website (“services”). By accessing or using our services, you agree to the terms outlined below.
1. Information We Collect
We collect information necessary to facilitate and manage your loan applications. This includes:
a. Personal Information
– Name, date of birth, and gender.
– Contact details (phone number and email address).
– Identification details (e.g., government-issued ID, passport).
– Emergency contact.
b. Family Information
– Marital status.
– Number of children and dependents (if applicable).
c. Employment or Business Information
– Employment status and employer details.
– Business name and income details (if self-employed).
d. Loan Application Information
– Loan amount requested.
– Loan tenure preference (3 months minimum to 60 months maximum).
– Loan purpose and repayment history.
e. Documentation
– Uploaded documents such as ID proof, income verification, and property-related documents.
f. Device and Usage Information
– Device type and operating system.
– App usage, IP address, and browsing activity on our website.
2. How We Use Your Information
We use your data to:
– Facilitate loan applications and verify user-provided information.
– Assess eligibility and creditworthiness.
– Notify you about application status, pending installments, and repayment timelines via the app.
– Provide customer support and resolve inquiries.
– Ensure compliance with legal and regulatory requirements.
– Improve app functionality and user experience.
3. Loan Facilitation Process
The app itself does not provide or disburse loans directly. Instead, users apply for loans through the app, and Wealth Reach Finance Limited manually processes and verifies applications. Once approved, the loan is facilitated manually and disbursed directly to the user’s bank account. Notifications regarding loan approval, status updates, and repayments are sent via the mobile app. All loan-related transactions occur outside the app.
4. Loan Terms and Conditions
a. Minimum and Maximum Period for Repayment
– Minimum Tenure: 3 months.
– Maximum Tenure: 60 months.
b. Maximum Annual Percentage Rate (APR)
– APR: 35%.
c. Representative Example of Loan Cost
– Loan Amount: HKD 500,000
– Loan Tenure: 12 months
– Monthly Repayment: HKD 45,840 (Principal + Interest at 18% APR).
5. Compliance with Legal Requirements
We strictly adhere to the Money Lending Ordinance (Chapter 163) and other relevant rules and guidelines to ensure safe, transparent, and fair financial practices.
Verification of our business details can be conducted through the government portal:
Government Business Registration Enquiry
Steps:
1. Click “Enquire Now” (retry if the server is busy).
2. Proceed to “Begin Application” on the next page.
3. Click “Agree” to proceed.
4. Choose “Conduct Business Registration Number Enquiry” and click “Continue.”
5. Enter “Wealth Reach Finance Limited” as the full company name, add “New Territories” as the business area, enter the Captcha, and submit.
6. Platform Compliance
Our services comply with all platform policies, including:
– Clear Disclosures: Providing necessary information about repayment terms, APR, and loan costs.
– Prohibition of Predatory Lending Practices: Ensuring loan terms exceed a minimum repayment period of 60 days.
– Privacy Policy Compliance: Transparency in data collection, storage, and usage.
– No In-App Transactions: The app does not process monetary transactions directly. All notifications regarding loan approvals, installments, and repayments are informational only.
7. Sharing of Information
We do not sell personal information. However, your data may be shared in the following cases:
– Service Providers: Trusted third-party providers for identity verification, credit assessment, and customer support.
– Regulatory Compliance: When required to comply with applicable laws, regulations, or legal requests.
– With Your Consent: Data may be shared with third parties upon explicit consent.
8. Data Retention
Your data is retained only as long as necessary to facilitate loan applications or meet legal obligations. After the retention period, data is securely deleted.
9. Security Measures
We implement robust security measures to protect your data, including:
– Secure encryption of sensitive information.
– Regular security assessments and updates.
– Restricted access to authorized personnel only.
10. Your Rights
You have the following rights regarding your data:
– Access and Correction: Request access to or correction of your data.
– Data Portability: Obtain a portable copy of your data.
– Consent Withdrawal: Withdraw consent to data processing, though this may limit app functionality.
– Deletion: Request deletion of your data, subject to legal or regulatory requirements.
To exercise these rights, contact us at info@wealthreach.com.hk.
11. Cookies and Tracking
Our app and website may use cookies to enhance your experience. You can manage cookie preferences via your device or browser settings.
12. Third-Party Links
Our services may include links to third-party websites or apps. We are not responsible for their privacy practices and encourage you to review their policies.
13. Dispute Resolution
Disputes will be resolved through mediation or arbitration. If no resolution is reached, we will refer to the relevant regulatory body as needed.
14. Changes to This Privacy Policy
We may update this policy periodically. Any changes will be posted with a revised effective date. Continued use of our services indicates acceptance of the updated policy.
15. Contact Us
For questions or concerns, reach out to us at:
Wealth Reach Finance Limited
Business Registration Number: 70488925
Category: Money Lending
Address: Unit No. 1013, 10th Floor, Pioneer Centre, 750 Nathan Road, KL
Email: info@wealthreach.com.hk
Phone: +852 5394 6902