Salad Money Loans

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What our Nerds say about Salad Money loans

CONNOR CAMPBELL

LEAD WRITER

Established in 2018, Salad Money is a lender specialising in small loans for people with poor or limited credit histories.

With a Salad Money loan you can currently borrow between £500 and £1,000, to be repaid over 12 or 18 months. This can be used for what you wish, from covering cash flow issues, to contributing towards a larger purchase.

Salad Money personal loans

With Salad Money, you can access a small personal unsecured loan, at a fixed interest rate, over a term of either 12 or 18 months. Salad Money Loans are only available to NHS or public sector workers.

One of the ways Salad Money differs from other lenders is the way you pay back the loan. While you can repay your loan in monthly instalments through a direct debit – as you would with most other loan products – if your employer is partnered with Salad Money, it is also possible to pay the loan back through salary deductions.

» COMPARE: Personal loans

How much can I borrow?

Salad Money loans are available in amounts from £500 up to £1,000.

If you take out a loan through Salad Money, you can then choose to repay it over 12 or 18 months.

What are the interest rates on a Salad Money loan?

As with most lenders, the interest rate you are offered by Salad Money will depend on your financial circumstances, how much you are borrowing, and for how long.

If your employer is partnered with Salad Money, it may be possible to get a lower interest rate than if your organisation is not partnered with the lender.

As Salad Money focuses on loans for borrowers with poor or limited credit history, you may find the interest rate higher than traditional lenders offer.

Can I get a joint loan from Salad Money?

At present, Salad Money does not offer joint loans. A joint loan is a form of borrowing where more than one person signs up for, and therefore is liable to repay, a loan.

Can I get a secured loan from Salad Money?

Currently, Salad Money does not offer secured loans. Unlike an unsecured personal loan, a secured loan requires you to put up an asset, such as your home, as collateral in order to be eligible.

» COMPARE: Secured loans

Pros and cons of Salad Money loans

Before making a decision on whether or not to apply for a Salad Money loan, you should weigh up the advantages and disadvantages.

Pros

  • Salad Money loans are available to people with a limited or poor credit history.
  • You will not pay any fees or charges for paying your loan off early.
  • If your employer is partnered with Salad Money, you can repay your loan through salary deductions.

Cons

  • You can only borrow a maximum of £1,000.
  • Interest rates may be higher than with more traditional lenders.

Bear in mind that Salad Money Loans only offer loans to NHS employees or Public sector workers.

How do Salad Money loans work?

When you submit your loan application to Salad Money, the lender will not carry out a standard credit check. Instead, you securely share your online bank account information – but not your login details – with Salad Money through a secure system called open banking, in order for the lender to assess your bank statements and decide whether or not you are suitable for a loan.

If your application is successful, you will be asked to sign a loan agreement. Once that is signed, your funds will be deposited by 12pm the following morning.

What if I miss a payment?

If you miss a loan repayment, you may incur a penalty charge. You could also negatively affect your credit score.

If you are struggling to make your repayments, you are encouraged to contact Salad Money as soon as possible.

Similarly, you can also contact debt charities, such as StepChange the National Debtline or Payplan for help.

Can I pay off a Salad Money loan early?

You can pay your Salad Money loan off early in its entirety – or make additional payments on top of your monthly instalments – without paying any fees or charges.

What can I use a Salad Money loan for?

There are no restrictions on what you can use your Salad Money loan for. You are simply limited by the amount you borrow. So you could use your loan for whatever you see fit.

You should always, however, seriously consider whether you need the funds before taking out a loan, and have a plan of exactly what you will spend it on.

Salad Money loan eligibility criteria

In order to be eligible for a Salad Money loan, you must:

  • be over 18 years old
  • have been employed by your current employer for at least six months at the * time of your application
  • be earning more than £1,300 a month
  • be paid monthly, rather than weekly
  • have an online login to the bank account your salary is paid into
  • work for the NHS or be a public sector worker

While Salad Money doesn’t carry out a traditional credit check, it will still assess your spending habits via an open banking ‘digital bank statement’. When doing so, Salad Money will be looking for:

  • any gambling spend
  • any current loan repayments you are making
  • your direct debit history
  • existing debt management or individual voluntary arrangement (IVA) payments

Can I get a Salad Money loan with bad credit?

Since Salad Money does not carry out a traditional credit check, it is possible to get a loan if you have a poor or limited credit history.

However, you will still need to pass Salad Money’s open banking affordability assessment in order to be eligible for a loan.

» COMPARE: Bad credit loans

Can I top up a Salad Money loan?

While you can only have one Salad Money loan at a time, it is possible to top up your existing loan.

To be eligible for a loan top-up, you will need to have made at least eight on-time monthly payments towards your existing loan, and have less than £500 to pay off.

How to apply for a loan from Salad Money

  1. You ‘build’ your loan on the Salad Money home page, choosing how much you want to borrow and for how long.
  2. You will then need to create your account by filling in the required online forms.
  3. After you have created your account, you need to provide Salad Money with your open banking data in order for the lender to carry out its affordability assessment.
  4. Salad Money will assess your application. You should hear back within one working day.
  5. If you are successful, you will be sent a loan agreement. Once signed and returned, you will receive your funds by 12pm the following day.

How long does it take for a Salad Money loan to be approved?

Salad Money says it will decide whether to accept or decline your loan application within one working day.

Salad Money customer reviews

Salad Money has a Trustpilot rating of 4.9 out of 5 based on 2,486 reviews.

This information is correct as of 28 September 2022.

Salad Money Loan FAQs

Is Salad Money only for NHS workers?

Salad Money loans are not exclusively for NHS workers, however in order to be eligible for a Salad Money loan, you will need to:

  • be over 18 years old
  • have been employed by your current employer for at least six months at the time of your application
  • be earning more than £1,300 a month
  • be paid monthly, rather than weekly
  • have an online login to the bank account your salary is paid into
  • work in the public sector

How much can you borrow with Salad Money?

You can borrow between £500 and £1,000 with a Salad Money loan, over a term of 12 or 18 months.

About the author

Connor Campbell
Connor is a writer and spokesperson for NerdWallet. Previously at Spreadex, his market commentary has been quoted in the likes of the BBC, The Guardian, Evening Standard, Reuters and The Independent. Read more

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