Frequently Asked Questions

To apply you will need to be

• Employed by your current employer for at least 6 months
• Over 18 and paid monthly
• Earning over £1,300 per month
• Able to login online to your bank account your salary is paid into
  

Salad Money uses state of the art Open Banking technology to provide fair, affordable lending to employees who have been with their current employer for more than 3 months and earn more than £1300 per month. Our loans are up to £1,000 and do not impact credit score in any way.

Each loan application undergoes an Open Banking affordability assessment. This 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 8 monthly payments on time on your current loan, and your remaining balance must be under £500.

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

We do accept most employers apart from the self-employed, those paid by umbrella companies or those working for employers where we perceive there is a high degree of employment uncertainty in the near future. Our affordability assessment requires that we believe the employment income is sustainable over the duration of the loan.

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.

Open Banking is a secure method of sharing your financial information. It’s the digital equivalent of giving us your printed bank statement, and won't affect your credit rating in any way. To learn more, click here (https://www.saladmoney.co.uk/howitworks/openbanking).

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

Salad Money

Salad Finance Ltd

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 take 1-2 working days for us to receive payments via bank transfer. You will receive an automated text message once your account has been updated with your payment.

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@cs.saladmoney.co.uk, and we may be able to help you out.

You can also 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@cs.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