Salad Money Loans Review

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Salad Money is a lender that provides small loans primarily to NHS and public sector workers. Unlike most lenders, Salad Money does not rely on your credit score to make a decision. Instead, it uses open banking technology to assess your financial situation. 

This includes reviewing your expenses, shopping habits, and whether you spend money on gambling. Salad Money offers short-term loans ranging from £500 to £1,000.

However, Salad Money still considers common credit score issues, such as debt fines, missing direct debits, and recent Debt Management Plans or individual voluntary arrangements (IVA) when evaluating loan applications.

The good news is that if you borrow from Salad Money, you can make extra payments or pay off the loan in full without facing additional charges. Remember to borrow only what you need and repay it promptly based on what you can comfortably afford each month. 

Salad Money loans pros & cons

Pros:

  • Salad Money loans can be approved and disbursed within 24 hours, making it a convenient option for those in need of urgent funds.
  • Salad Money offers repayment terms of 12 or 18 months, giving borrowers flexibility to manage their repayments.
  • Salad Money does not consider credit scores as part of the loan application process, making it an option for those with poor or limited credit histories.
  • Salad Money offers multiple channels for customer support, making it easy to get help when needed.
  • Salad Money primarily lends to NHS and public sector workers, making it a specialized option for those in these industries.

Cons:

  • Salad Money charges interest on its loans, which can add to the overall cost of the loan.
  • Salad Money loans are capped at £500 to £1,000, which may not be sufficient for larger financial needs.
  • Salad Money charges fees for settling the loan early, which can be a drawback for borrowers who want to pay off their loan quickly.
  • While Salad Money has a 4.9-star rating on its website, there are limited reviews available, making it difficult to gauge the company’s reputation fully.

Salad Money Loans Overview

It is a community lender that specializes in small loans for people with limited or poor credit histories. As a member of a national body for responsible finance providers, Responsible Finance, Salad Money is authorized by the Financial Conduct Authority (FCA) as both a lender and a credit broker.

Unlike many lenders, Salad Money does not perform credit checks during the application process of loan. Instead, it assesses your eligibility based on your spending habits and income. To do this, you will need to grant Salad Money access to view your banking data through open banking.

Salad Money primarily serves NHS and public sector employees, offering relatively small loan amounts. If you are considering applying for a loan, you may using an eligibility service of loan that conducts a soft search across many other lenders.

This way, you can gauge your likelihood of a successful application without negatively impacting your credit score. Just be sure to verify number of lenders the service checks and ensure that it only uses soft searches.

Where Salad Money loans stand out

Salad Money loans stand out in several ways:

  • No credit score check: Salad Money uses Open Banking to assess affordability, not credit scores, making it a more inclusive option for those with poor credit history.
  • No extra charges for early repayment: Salad Money allows borrowers to pay off their loan in full without incurring any additional fees, a feature that sets it apart from other lenders.
  • Flexible repayment terms: Salad Money offers flexible repayment terms, allowing borrowers to choose from 12 to 18 months to repay their loan.
  • High approval rate: Salad Money has a high approval rate, with 79.5% of applicants accepted for a loan.
  • Free financial well-being support: Salad Money offers free financial well-being support, including benefits checking, to help borrowers manage their finances and avoid debt traps.
  • Highly rated by customers: Salad Money has a 4.9-star rating based on 7,017 reviews, indicating a high level of customer satisfaction.

What type of loans does Salad Money offer?

Salad Money offers short-term unsecured loans specifically designed for NHS and public sector employees. The loan amounts range from £500 to £1,000 and are aimed at individuals who may have difficulty securing credit from mainstream lenders. 

These loans are provided by Salad Money as a Community Development Finance Institution (CDFI), which is an independent social enterprise focused on serving those with limited access to financial services.

The loans are unsecured, meaning they do not require collateral like a house or car. Salad Money uses open banking technology to assess your financial behaviour, rather than relying on traditional credit scores, to determine loan eligibility.

Am I eligible for a Salad Money loan?

To be eligible for a Salad Money loan, you need to meet the following criteria:

  • You must be at least 18 years old to qualify.
  • You should have a minimum of six months of continuous employment with your current employer at the time of your loan application.
  • Your minimum take-home pay should be £1,400 per month.
  • You must not have been registered as insolvent in the last 6 years.

FAQs

Am I eligible for a Salad Money loan?

To be eligible, you need to be at least 18 years old and have a minimum of six months of continuous employment. Your take-home pay should be at least £1,400 per month. Also, you must not have been registered as insolvent in the last 6 years.

How quickly will I receive the funds if approved?

If your loan application is approved, the money will be in your account within 24 hours.

Can I settle my loan early or make additional payments?

Yes, you can settle your loan early or make extra payments without facing additional charges.

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