I have a general query

Open Banking is a UK wide regulation which gives you more control over your banking data. Open Banking enables you to share your data securely with selected third parties such as Salad Money.

If you have your online banking set-up, you’ll be able to share your account directly with Salad Money’s Artificial Intelligence driven system. This protects your data and enables Salad Money to make an assessment of your ability to afford the loan that you are applying for. It’s the digital equivalent of giving us your printed bank statements.

Open Banking is a new service but it is completely in your control. It is your choice to use services made available by Open Banking, such as our lending product. By sharing your data you allow Salad Money to assess you fairly without editing your bank details or transactions, and without impacting your credit score in any way. This is the beauty of Open Banking. Whenever you agree to share your data using Open Banking, it will only ever be the data you agree to - and you can cancel that at any time.

We cannot edit anything in your bank account and we don't have visibility of your log in details. Our AI affordability assessment will interpret your transactions - helping us make a decision on whether or not to lend to you. All of your data is encrypted and protected, meaning you are safe.

If you have been employed for 6 months+, meet our minimum income threshold, have online banking, and receive your wages into a current account, you are eligible to apply for a loan with us.

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 need to have earned the full time National Living Wage amount in each of the last six months. This was £1400+ until April 2024, and £1500+ from May 2024 onwards. If you are paid weekly, each weekly payment must have been £375+. If you are paid fortnightly, each payment must have been £750+. Benefits and Self Employed income do not count towards this.

To be eligible to apply with us, you need to have earned the full time National Living Wage amount in each of the last full six months. This was £1400+ until April 2024, and £1500+ from May 2024 onwards.

As we look at the last full 6 months, any salary received in the current month can not be counted. If you are paid weekly, each weekly payment must have been £375+. If you are paid fortnightly, each payment must have been £750+.

You need to have been paid in the same way (ie. monthly or weekly) for the last six months. Benefits and self employed income do not count towards these figures.

We're unable to process applications for those who do not meet these income requirements due to salary deducted benefits or wage stream.

We are passionate about lending responsibly. Our affordability assessment looks at a variety of factors in your Open Banking data that inform us about your current financial circumstances, and whether we should lend to you.

Some of the factors we take into account are:

• Direct Debit history - we need to see a strong, successful Direct Debit history in order to lend
• Your lending history - we look at things like your current monthly commitments, and your recent lending habits
• Visibility of spending - if a large portion of your income is withdrawn in cash or sent to a bank account we do not have visibility of, we are unable to make a sound lending decision
• Gambling spend - we are unable to lend if your gambling spend surpasses our thresholds

If you haven't been able to find the information you're looking for on your account or in our Help Centre, please fill out the contact form below to let us know how we can help you.