At a Glance
Getting a loan with Salad is quick, fair, and hassle-free. Simply fill in an application, grant us Open Banking access, we’ll perform our eligibility and affordability checks and, if approved, you’ll receive your loan. This guide walks you through every step, from our online application to receiving your funds.
With no credit score used in the initial lending decision, we use Open Banking to assess what you can truly afford, keeping the process stress-free and transparent. You’ll know exactly what’s needed, when to expect a decision, and how soon the money will arrive in your account.
Your Loan Timeline
Applying for a loan can feel confusing and overwhelming, especially when different lenders have different processes. However, with Salad, it’s transparent and stress-free. From submitting your application to receiving your money, the process is straightforward and designed to be as convenient as possible.
Salad offers affordable loans to both private and public sector employees across the UK, using Open Banking, to make fairer, ethical lending decisions. This means we look at what you can afford, not your credit history, making credit accessible to everyone, even those with bad credit.
In this blog, we’ll walk through exactly what happens after you apply, so you know what to expect at every step.
If you’re wondering how long it takes to get a Salad loan, how we assess applications, or when the money will arrive in your account, here’s everything you need to know about our loan timeline.
It Starts with a Simple Online Application
The first step is filling out a simple online application. It only takes a few minutes and can be done from your phone, tablet, or computer. You’ll need to provide some basic details like your name, your job title, income, and bank information.
Unlike traditional lenders, Salad doesn’t check your credit score. Instead, we use Open Banking technology to get a clear picture of what you can afford, which helps us make fair decisions, quickly.
What Documents You Might Need
At Salad, we keep things simple and easy, so in most cases, you won’t need to upload any documents at all.
Once we have your consent to use Open Banking, we can securely and confidentially access the information needed to assess your loan affordability without asking for payslips or bank statements.
However, in rare cases, we might need extra details to verify your identity or income. If that happens, we’ll let you know exactly what’s needed and how to send it.
There’s no need to worry, because our team makes the process seamless, so you can move forward without any delays.
What Happens During the Eligibility and Affordability Check
After you submit your application, we carry out an eligibility and affordability check to make sure the loan is right for you. As mentioned, we don’t judge you based on your credit score in our initial credit decisioning process; instead, we use Open Banking to look at your real financial situation.
This helps us better understand how much you can afford to borrow without causing you financial stress. We’ll check your income, spending, and any regular payments to make a fair and responsible lending decision.
This part of the loan application timeline is quick and secure, designed to protect your financial well-being. Once this check is complete, you’ll be one step closer to getting your loan.
Here’s our eligibility criteria. To qualify for our loans, you need to:
- Be at least 18 years old.
- Be a UK resident.
- Have a UK bank account.
- Be employed by your current organisation for at least six months.
- Earn a minimum monthly income of at least £1,500 after taxes.
- Receive your salary through PAYE (Pay As You Earn).
- Be willing to share your financial data securely via Open Banking.
Fast, Fair Decision-Making with No Credit Score Impact
At Salad, we make fair and fast decisions. That’s why, when we’re reviewing your application, we rely on Open Banking to get a real picture of your finances.
This allows us to make responsible decisions based on what you can actually afford, without impacting your credit file.
You’ll usually receive a decision on the same day you apply, and we don’t use your credit score in our initial credit decisioning process.
This means you can apply with confidence, knowing your credit score won’t be affected during the application process. Our goal is to make borrowing simple, transparent, and stress-free for everyday key workers.
When (and How) the Money Lands in Your Account
Once your loan is approved, we’ll send you a clear loan offer with fixed terms and no hidden fees. Once you accept, the money will be sent straight to your bank account, usually within 2 hours, depending on the time of approval and your bank’s processing speed.
You don’t need to do anything else - no paperwork, no follow-ups. We’ll also send you confirmation so you know exactly when the funds are on their way.
We make the entire loan timeline process as smooth as possible, so you can get the support you need quickly, without stress or long waiting times.
For a Hassle-Free Borrowing Process, Choose Salad
Wondering how long a loan takes to come through when you apply with Salad? We hope this detailed loan application timeline has given you a clearer idea of what to expect.
At Salad, we make fair loan options available for every employed UK resident. As one of the UK’s leading online lenders, we understand that the credit score system isn’t always fair. That’s why we use an open-banking-based assessment to evaluate the financial situation of every applicant.
As a regulated lender, you can trust us to keep your financial data safe. Applying for one of our new loans doesn’t impact your credit score. We use Open Banking in our initial assessment. If successful, we report your loan to the CRA’s (Credit Reference Agencies). Your credit score won’t hold you back from being eligible.
To learn more about our personal loans, click here and to read more blogs like this one, visit our blog page now.
