Frequently Asked Questions

To apply you will need to be

• Employed by your current employer for at least 6 months
• Over 18
  
• Earning over £1,500 per month
• Able to login online to your bank account your salary is paid into
  

Connecting all of your bank accounts increases your likelihood of being accepted.  Before you apply, please make completely sure that this loan is affordable for you and will not negatively impact your financial situation.

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 6 months and earn more than £1,500 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

 

You can use a personal loan for almost any purpose.

 

However, we will not offer a loan for:

• Gambling
• Investments including Cryptocurrency
• Business purposes
• As a deposit to purchase property/land

We make loan pay outs regularly throughout the day and you should receive the funds in your bank account usually within 3 hours after signing your agreement.

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. 

The rules regarding eligibility for a top up loan are automated in the system, and subject to change.

Currently, the option to top up your loan becomes available around halfway through your current loan, providing your payments are made on time and your Direct Debit hasn't been cancelled.

You will be notified by text once you become eligible to apply.

While we can’t be specific on the reasons behind each decision, the following are examples that may prevent someone from passing our affordability assessment:

• Earning less than the full-time National Living wage level in any of the last six months. This is currently £1,400+ per month after tax, and was £1,300+ up until May 2023
• Employed by your current employer for less than 6 months
• Having high amount of existing loans and/or repayments
• Having few or no Direct Debits bill payments from your account
• Having recent missed Direct Debit payments
• Having high gambling spend
• Having received a CCJ in the last 6 months
• Been made insolvent in the last 12 months
• Recent IVAs or Debt Management plans

As part of our application process we do not check your credit score or any Credit Reference Agencies data, so our assessment will not affect your credit score in any way.  Should your loan application be successful you will have an opportunity when you sign the agreement to opt in to sharing your data with Credit Reference Agencies and this may benefit you, your credit rating and your future availability of credit if you make your loan repayments on time.

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. The easiest way to settle your loan is through MyAccount by Open Banking payments. The payment once authorised will be credited immediately to 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 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.

Alternatively, visit MoneyHelper’s Debt Advice Locator Tool: www.moneyhelper.org.uk/debt-advice-locator or 0800 138 7777 for telephone or +44 7701 342744 for WhatsApp chat.

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.