PRIVACY POLICY
‍This Privacy Policy is meant to help you understand how we and our affiliates collect, secure, use, protect and share your personal information. This Privacy Policy applies to Easyfinance’s online and offline collection, use, sharing, and retention of your personal information.If you are a current Easyfinance customer, apply for a financial product or service with Easyfinance, you can read our U,S. Consumer Privacy Notice that describes how we collect, use, protect and share your personal information and the privacy options available to you.
‍Changes to Our Privacy Policy
‍Easyfinance may change or update this Privacy Policy periodically. When we do, we will let you know by appropriate means such as by posting the revised Notice on our website with a new “Last Updated” date. Any changes to this Privacy Policy will become effective when posted unless indicated otherwise.
‍1. Personal Information We Collect and How We Collect It1.1. Information you directly provide to Easyfinance
1.1.1 Site Registration
‍We collect personal information from you when you register on our websites and apps, interact with our websites, and/or provide information so that we can communicate with you. When you do this, we collect your email address, password, first and last name.
‍1.1.2 Applying for Products/Services
‍If you apply for a product or service, we may collect the following information:Your NameYour AddressTelephone NumberEmail AddressStudent Loan Account NumbersSocial Security NumberEmployment InformationSalary InformationWe may supplement the personal information you submit to us with information from third-party sources. For example, we may supplement your registration information with address standardization data to verify the address you have entered is valid and to protect you against identity theft, if permitted under applicable law.Finally, we never intend to collect personal information from children under 13 years of age. If we learn or are notified that we have collected this information from a child under the age of 13, we will promptly remove the data from our system.
‍1.1.4. Participation in surveys, contests, and events
‍We collect certain information, such as your name, address, telephone number(s), email address, when you complete surveys and participate in raffles or contests sponsored by Easyfinance. In addition, we may also collect information about your preferences, characteristics, psychological trends, predispositions, behavior, attitudes, intelligence, abilities, and aptitudes when you voluntarily participate in these activities. We do this to improve our services and products and build a better user member experience. We also use this information for marketing and promotional purposes.
‍1.1.5 Your Contacts and Their Information
‍With your permission, we access information about your contacts when you import or sync your contacts with our services and applications. We use this information to help you send money and referrals. You can disconnect or unsync your contacts at any time. When you unsync, Easyfinance no longer has access to your contacts. Further, Easyfinance does not store or retain information related to your contacts.
‍1.1.6 Easyfinance’s Community
‍We collect photos, contact information, email addresses, videos, and other content you post to your profile.Please note that all information posted on Easyfinance’s Community site is available to everyone using that service. The information you share is available to everyone accessing that service, and may be read, collected or used by others for any purpose, including sending you unsolicited messages.You can turn off social sharing at any time.
‍1.2. Information we collect from third parties
1.2.1 Aggregate Information
‍Aggregate information, which is data we collect about your use of our or third-party websites or services, from which personal information has been removed. Aggregate data is used to help us understand consumer trends, needs, interests, and preferences so we can improve our products and services.AgeIncomeGeographic Area
‍1.2.2 Consumer Reports
‍As a company engaged in lending, Easyfinance both receives and transmits data to consumer reporting agencies. We partner with these agencies to assess your creditworthiness and to prevent fraud and identity theft. This is done as part of our regular underwriting, fraud prevention and loan servicing processes.Information we collect in these reports includes, but is not limited to:Information about open and closed credit accounts, including the date opened, the date closed (if applicable), the latest reported monthly balance and monthly paymentInformation about credit inquiriesInformation about late payments and collection actions occurring on open and closed credit accountsInformation regarding public records of bankruptcy, judgements, tax liens, and other payment statusesThe credit score produced by the credit bureau providing the reportInformation about your transaction history, assets, and account balances
‍1.2.3. Information We Get from Data Brokers, Partners, and Advertising/Marketing Companies
‍Like other advertisers, we contract with third parties to place advertisements for our products and services on websites that are not our own. We place these ads where we think they are likely to be most relevant. These advertisements on third-party websites allow us to track responses to our ads. We and our Affiliates use this information to track the performance of our advertising and marketing campaigns by using tools like cookies, web beacons and similar technologies. We use these tools to collect and store information about your visits, page visits and duration, and the specific ad or link that the user clicked on to visit the site.
‍1.2.4 Cookies and Similar Technologies
‍Easyfinance uses “cookies” and similar tools to track your use of the Website when you use our services. We collect information such as the types of service used, and number of users we receive daily. Our web servers automatically log information about your computer, but we don’t use this information to identify you personally.We and our vendors use cookies and similar technologies to improve our service, our site and to provide more convenient and relevant experiences to you. Cookies are designed to transfer a small amount of data to your browser by servers within a domain. That data is only read by designated servers within that domain. It functions as your computer’s identification card and enables Easyfinance to improve your experience by securely maintaining your authenticated session and preferences.A web beacon embeds a small transparent gif image in a web page or email used to track when the page or email has been viewed. A similar device may be used where a product, service or functionality sends data to a server when a set of user-initiated events occur such as clicking a button on the website or in an email. This is similar to a cookie – it tracks your visit and the data is only read by the server that receives the data. However, it differs because it is not browser-based, may not function as an ID card and doesn’t store any data on your computer.Most Internet browsers are set up to accept cookies automatically. You can set your browser to notify you when you receive a cookie, allowing you to decide whether or not to accept it. For some web pages requiring an authorization, cookies are not optional. Users choosing not to accept cookies or similar devices will probably not be able to access those pages or their products and services.
‍1.2.5 Internet, device, and/or other similar network activity
‍Easyfinance also collects information about your computer or mobile device to improve and evaluate your use of our website and our services. We may gather data such as your browser type, operating system, loading or exiting of web pages, and the Internet Protocol (IP) address of your computer or device.
‍1.2.6 Contacting us by Telephone
‍If you communicate with us by telephone, we may monitor or record the call. This is done for reasons such as maintaining the integrity of your account, providing effective and timely service, and the improvement of Easyfinance’s products.
‍2. USE OF YOUR PERSONAL INFORMATION
‍We use your personal information to provide you with information or services you request, to inform you about other information and services we think will be of interest to you, to facilitate your use and our operation of our website, and to improve our products and services. We don’t forget about you once you’ve signed—Easyfinance provides services to propel your career and financial future.Here are some examples of ways in which we use your personal information:Creating and maintaining your login information on our siteContacting you regarding issues with your accountAllowing our servicing partners to process your paymentsInvitations to Easyfinance members eventsProviding member services, such as career management supportSending you information about new product offeringsMarketing and advertisingMaking it easier to send money to contacts
‍Sharing your personal information
‍Easyfinance only shares your personal information with unaffiliated third parties as permitted or required by law. We may share your personal information with our affiliate companies and as part of joint marketing campaigns with other financial companies. When Easyfinance shares your personal information with vendors and service providers who perform functions on our behalf, we require the security and confidentiality of your information, as well as limiting their use of the information to reasonably and necessarily to carry out their work with us and comply with applicable laws and regulations. Third parties we share your information with may include, but are not limited to:Our loan servicing partners who provide your statements, process your payments, and service your account or loanOther financial services firms or non-affiliated third parties for their marketing purposes as permitted by applicable law (if you are a resident of California or Vermont we will not sell your information, or share your information with nonaffiliated third parties for their marketing purposes, without your consent)Personal data collected through the short code service will not be shared, sold or rented to third parties for their marketing purposes.Financial institutions as required by laws regulating loan securitizationCredit reporting agenciesDirect marketing service providersAuditors and examinersLaw enforcement, regulators and other government bodiesOur regulators and other relevant government agenciesPlease note that, if you are a current borrower, you may not control certain information associated with your loan that you have already agreed to provide to certain investors as described in your loan agreement.Finally, personal information may be disclosed or transferred as part of, or during negotiations of, a merger, consolidation, sale of our assets, as well as equity financing, acquisition, strategic alliance or in any other situation where personal information may be transferred as one of the business assets of Easyfinance.
‍Aggregated/De-Identified Information
‍Personal Information that we have collected may be aggregated or de-identified in a manner that no longer identifies or links to you personally. We may share this aggregated or de-identified information with third parties for various business purposes, where permitted by applicable law.
‍3. PROTECTING YOUR PERSONAL INFORMATION3.1. What we do to protect your personal information
‍Easyfinance takes the privacy and security of its members’ personal information seriously. We maintain administrative, technical and physical safeguards designed to protect your information’s security, confidentiality and integrity.We protect personal information you provide online in connection with registering yourself as a user of our website. Access to your own personal information is available through a unique user ID and password selected by you. This password is encrypted while transmitted from your browser to our servers and while stored on our systems. To protect the security of your personal information, never share your password to anyone. Please notify us immediately if you believe your password has been compromised.Whenever we save your personal information, it’s stored on servers and in facilities that only authorized Easyfinance personnel and our contractors have access to. We encrypt all data that you submit through Easyfinance’s website during transmission using Transport Layer Security (TLS) in order to prevent unauthorized parties from viewing such information. Remember – all information you submit to us by email is not secure, so please do not send sensitive information in any email to Easyfinance. We never request that you submit sensitive or personal information over email.
‍3.2. Steps you can take to help us keep your information safe
‍There are many steps you can take to help us keep your information safe. First and foremost, choose complex, independent passwords for each website and service you maintain an account with. This helps keep any breach of any of your accounts isolated to one service. Also, don’t use anything related to your birthday, address, phone number, PIN number or any other easily guessable information in your password.Easyfinance urges your caution when using public computers or networks, like at a coffee shop or library. To best protect your personal information and login information, don’t use such computers to access your sensitive accounts, and if you must, ensure that you logout of your account entirely.account entirely. When either you or we update information in your account, such as the status of a loan application, we typically send you notice of these changes via email or text message. In recent years, individuals, businesses and even governments have seen a rise in “phishing” attacks. Phishing occurs when someone attempts to obtain your password or other sensitive information. Scammers often do this by impersonating a trusted user, or offering a compelling reason to open a malicious email attachment, click on a link or give over information. We never ask for your sensitive personal information, such as password, over email or other unsecure methods or through any site not under the Easyfinance.ai domain. Please notify us at support@Easyfinance.ai if you ever receive suspicious correspondence from us.
‍4. CORRECTING INFORMATION MAINTAINED BY THE CREDIT BUREAUS
‍Information related to your creditworthiness is maintained by the credit bureaus. If you find that there is an error or you want to dispute the information found in your credit report, please contact the credit reporting bureaus.
‍ExperianTransunionEquifaxhttp://www.experian.com/https://dispute.transunion.com/https://www.ai.equifax.com/
‍5. YOUR CHOICES REGARDING YOUR PERSONAL INFORMATION
‍We want you to be aware of the choices you have in limiting the sharing of your personal information.
‍Direct Mail Opt-Out
To opt out of Easyfinance’s marketing and advertising campaigns conducted via direct/postal mail, please email us at support@easyfinance.ai
‍Communication Preferences
‍Registered users can manage their communication preferences via the “My Profile” section of the site after logging into their account.
‍Data Sharing Preferences
‍Registered users can manage their “Optional Data Sharing Preferences” via the “My Profile” section of the site after logging into their account. This is a limited right and only applies in certain cases. Review our U.S. Consumer (GLBA) Privacy Notice to learn when the right applies.
‍5.1. Changing and Updating Your Personal Information
‍We want to provide you with the resources you need to keep your information with us correct and up-to-date. To update your profile, visit “My Profile” after logging into your account. This section of the site is password-protected to safeguard your information. As a registered user, you can update your password, physical address, phone numbers, education and employment information at any time on the website. If you need to change any other information in your profile.Our website contains links to other sites that may collect your personal information. For example, Easyfinance has relationships with various service providers whose services are available to you from our website, from other websites that are linked to our website, or in connection with our services. These partners offer services we think our customers may find useful or will improve our services. Those providers may require you to provide personal information to use their services. Personal information collected on other websites is not covered by this Privacy Policy. Unless stated otherwise, the policies of those partners will govern the collection, use, disclosure and security of your personal information.We don’t respond to “do not track” signals or similar mechanisms – where a visitor to Easyfinance’s website requests that we disable the collection of information about the visitor’s online activities, including navigation around our website and the service. We may also permit third parties to collect aggregate usage information on our website, and they may also not respond to “do not track” signals.
‍6. COMPLAINTS & CONCERNS
‍Easyfinance takes your privacy seriously,and maintains a process to respond to your concerns regarding violations of this Policy. If you believe that we haven’t complied with this policy in regards to your personal information or have questions regarding your privacy with us, please email us at support@easyfinance.ai. If you are reporting non-compliance with this Privacy Policy, please describe the issue in as much detail as possible without disclosing any sensitive information about you or third parties. We will respond to your request by email within 7-10 business days
.7. CONTACT INFORMATION
‍If you have any questions about Easyfinance’s privacy practices, please email us at support@easyfinance.ai

The Consumer Financial Protection Bureau (CFPB) defines debt consolidation as a “type of loan that collects many of your debts into one loan with one loan payment.”

But the CFPB goes on to stress that debt consolidation doesn’t eliminate or reduce any of your debts. It merely rearranges them into a more convenient form. If you owe $2,000 on one credit card and $3,000 on a line of credit and then consolidate them with a $5,000 debt consolidation loan, you still owe $5,000.

Getting a loan with a lower interest rate and a longer term can reduce your interest rate and lower your payment. However, too long a term could cost you more, even if the rate is lower.

For instance, if you owe $5,000 on a credit card with a 17% interest rate, and your minimum payment is $100 per month, it will take 79 months to clear that debt and cost you $2,896 in interest. If you refinance it to a 15-year home equity loan at 10% interest, your payment drops to $53 a month. But it will cost you $4,671 in interest by the time you pay it off.

So, you want to optimize the term of your new loan to suit your needs. You want it to be short enough to pay off within a reasonable period. But you don’t want it to be so short that you’ll struggle to make your monthly payments. One solution is to take a loan with a payment you can make easily but then pay it down as fast as you can.

You can consolidate all sorts of unsecured debt. And an unsecured debt doesn’t have an asset attached (as collateral) that the lender can repossess if you fail to keep up payments.

So unsecured debts include credit card balances, store card balances, personal loans, borrowing from family and friends, and so on. Credit card consolidation is widespread, partly because these tend to carry high rates.

In theory, you could consolidate some secured debts. You might zero the balance on your home equity line of credit (HELOC) or pay off your car loan. But these typically have low interest rates already. And it won’t be worth it unless your debt consolidation loan has a yet lower rate.

Of course, student debt is unsecured. But consolidating that is a whole different topic. And you should read Should I Consolidate Student Loan Debt? before tackling that.

Nowadays, few loans come with prepayment penalties. But there are still a few around. And you should check your loan agreements for any debts you plan to consolidate. Store or credit cards don’t have such penalties.

Don’t automatically think you can’t consolidate an account because it has a prepayment penalty. Sometimes, these can be very small, though not always. So, call your lender and ask how much you’ll have to pay. Then decide whether it’s so much that it makes consolidation of that particular debt uneconomic.  

It’s usually a good idea to undergo debt consolidation before you begin to experience real problems. If you wait until you start skipping payments or making them late, you’ll likely have already damaged your credit score.

And that means you’ll probably have to pay a higher interest rate on your debt consolidation loan. Leave it too long, and you might lose a lot of the savings you stood to make if you’d acted earlier.

There’s no point in consolidating your debts unless you’re going to achieve one or more of these three benefits:

Most people can achieve at least two of those goals.

Many who need debt consolidation have had problems managing their spending. That’s not always your fault. You may be facing medical bills or have experienced a period of unemployment. And you had to let your credit cards or other borrowing take the strain.

But, often, you’re in this position because you overspent trying to maintain an unsustainable lifestyle. Again, that might not be your fault. Some people are better money managers than others. You might as well blame yourself for not being an Olympic sprinter as for being inept with your finances. It’s who you are.

No judgment here. However, you really can’t leave things the way they are. If you consolidate your debt and then keep spending beyond your means, you’re heading for a world of pain. Because you’ll have to repay your debt consolidation loan and all the new borrowing you accumulate afterward.

The federal regulator we quoted earlier, the CFPB, has a good article about this. Do read it. But, briefly, it suggests you:

Consider credit counseling and/or a debt management plan (DMP) if your spending is beyond self-help. With a DMP, you’re usually required to close your credit cards and then make a single monthly payment into the plan. That payment is distributed to your creditors. Because your cards are closed, you can’t run your balances back up. And credit counselors can show you how to budget.

Yes, your credit score will probably fall when you consolidate your debts. But it’s likely to be a minor hit that lasts a brief time. And, soon after, you might well see your score boosted – perhaps by a lot.

Lenders pull your credit report when you apply for a debt consolidation loan. And every inquiry causes your score to drop a few points. (That’s why you should prequalify first and only authorize a credit report when you’re ready to apply for a loan.)

But once you zero out your credit cards and other unsecured accounts, your score could rise dramatically. That’s because your credit utilization will normally fall, and credit utilization is 30% of your score. This isn’t your total debt. It’s the proportion of your credit limits that your card balances make up. People with the best credit keep balances below 30% of their credit limits.

Here is an example of how debt consolidation can improve your utilization and credit rating.

Suppose you have credit cards with a total spending limit of $10,000, and your balances total $8,000. That’s 80% utilization, which is relatively high. By paying them off with an $8,000 personal loan or home equity loan, your utilization drops to 0%. That’s because installment loans don’t count in the utilization calculation. Note that you still owe $8,000, but your utilization is much-improved.

Debt consolidation can help pay off debt faster if you do it correctly. However, some mistakes can put you in a much worse financial position. Don’t undertake debt consolidation lightly, and avoid these common errors