Frequently Asked Questions - FAQs | Salad Money

  • We have an online application which takes under 10 minutes to complete.
  • We don't check credit scores and your credit score is not affected by applying with us. As an alternative, we use secure Open Banking technology to make a decision based on your current financial situation. This means you do need online banking to apply. We run this check to ensure each of our customers can afford to take out a loan with us and we're not putting anyone in a worse position than they were in before (it checks for things like missed direct debits, or a high percentage of salary spent on gambling or debt repayment).
  • You will receive a decision within 1 working day of completing your application, and if you are accepted, the money goes into your account the morning after you sign your loan agreement.
  • We offer loans between £500-£1000. You can repay your loan over 12 or 18 months.
  • If we are partnered with your organisation, your repayments are paid via Salary Deduction and your Representative APR is 34.9%, with a Rate of Interest of 30.33%
  • If we are not partnered with your organisation, your repayments are paid via Direct Debit and your Representative APR is 69.9%, with a Rate of Interest of 54.19%
  • Our online calculator will give you a breakdown of total and monthly costs before you commit to applying for a loan with us. You can access that here: https://www.saladmoney.co.uk/#ApplyNow

To be eligible to apply for a loan with us, you need to:

  • Be over 18
  • Be a key worker in secure employment
  • Have been employed with the same organisation for 3 months+
  • Have earned £1100+ from your employer every month for the last three months
  • Be paid monthly, rather than weekly
  • Have an online banking account

Each loan application also undergoes an automated affordability assessment, using secure Open Banking technology. This assessment looks at things like your:

  • Gambling spend
  • Current loan repayments
  • Direct Debit history
  • Current Debt Management / IVA payments

Each customer is only able to have one loan at a time.

We do offer a loan top up service which becomes available once we have seen how you manage your current loan.

Currently, to become eligible to apply for a top up loan with us, you need to have made at least 6 monthly payments on time on your current loan, and your remaining balance must be under £600.

These rules are subject to change. You will be notified by text once you become eligible for this service.

Unless we are partnered with your organisation, your employer will not be informed of your loan and we will have no contact with them.

If we are partnered with your organisation and your repayments to us are paid via Salary Deduction, your payroll department will be informed of your loan.

All loans are disbursed the morning after the loan agreement is signed.

No matter what time of day you sign your agreement, you will receive your funds the following morning, before 12pm.

We do not check your credit score, and your credit score is not affected by applying with us.

As an alternative, we carry out an automated affordability assessment using information we collect securely (with your permission) from your bank. You can find further information about this below..

Open Banking is a secure method for sharing your financial information. It’s the digital equivalent of giving us your printed bank statements, and won’t affect your credit rating in any way.

We do not gain visibility of your log-in information, and we don’t receive permissions to make any changes to your account.

We use the data to decide if you can afford our loans, and to measure customer outcomes.

Our affordability check is done on our behalf by Yapily, our Open Banking partner, who are regulated by the Financial Conduct Authority.

Yes. You can settle your loan or make additional payments at any time, using the following bank details:

Salad Finance Ltd
Salad Money
Sort Code: 60-83-01
Account Number: 20406752

There are no fees or charges for doing this.

Please use your loan agreement number as the reference.

It takes 1-2 working days for us to receive payments via bank transfer.

If you send enough to settle your loan, you will receive an automated message once this has been updated on your account.

We understand that people's circumstances change, and we'll do everything we can to help you when we know there's a problem. That's why, if you're struggling to meet your monthly repayments, you should let us know - the worst thing you can do is ignore the problem. Just give us a call on 0203 092 0896, or email help@saladmoney.co.uk, and we may be able to help you out.

If it's difficult for you to talk to us, you can always speak to an independent organisation for free, confidential and impartial advice. Try StepChange, who can take an independent look at your financial situation and find a way for you to manage your debts. You can call them on 0800 138 1111 or visit www.stepchange.org.

You can email us on help@saladmoney.co.uk to find out more information about why your loan application was unsuccessful, or to appeal the decision made on your loan.

You should support your appeal by providing any additional relevant information that was not considered at the time of our original decision.

The following are examples of things that may prevent someone from passing the AI affordability check:

  • High gambling spend
  • High monthly debt/loan repayments
  • No Direct Debit history
  • Missed Direct Debits
  • Debt fines
  • Recent IVA / DMP plans