PUTTING A STOP
TO TOXIC LOANS
Hard working employees are being ripped off by toxic loan companies. Salad Money is here to change that.
We provide small, affordable loans to meet people’s urgent needs now, and free financial education to help them make good decisions in the future.
We are a for-profit social enterprise: the first truly responsible lender of our kind. We believe lending should be fair, for everyone.
WE WISH WE DIDN'T NEED TO EXIST
But we do. Many people struggle when faced with unexpected costs. Rather than take advantage of money misery, we want to end it. Salad Money is different because:
We exist to solve the high-cost loan problem, not keep investors happy
Our service funds free financial education for employees
We behave responsibly and we invite scrutiny
We are overseen by an independent body
HOW DOES SALAD MONEY WORK?
We provide loans exclusively to NHS employees of up to £700.
Depending on our relationship with your NHS Trust, we offer salary deducted loans or loans where we take repayments via direct debit.
Salary deducted loans come with the additional benefits that we can offer a 15 day interest free salary advance period as well as a lower interest rate. We useto assess affordability without using your credit scores.
Why does Salad Money use Open Banking?
We use Open Banking to decide if you can afford a loan. We believe this is fairer than using credit scores. The decision is based on your earnings and the amount you spend. The check is done on our behalf by Credit Kudos, our Open Banking partner, who are regulated by the Financial Conduct Authority. It’s completely secure and we never share your information with anyone. This application does not affect your credit rating in any way.
OPEN BANKING EXPLAINED
Open Banking is a secure method for sharing your financial information with trusted organisations. If you give permission, it works by connecting to your online banking service. It doesn’t allow anyone to make payments from your account or make any changes. And you’ll never be asked to give your login details to anyone except your own bank or building society. It’s the digital equivalent of giving someone your printed bank statements.
KNOWLEDGE IS THE
KEY TO POWER
Meeting immediate money needs is important, but it’s not enough.
We want people to be able to improve their overall financial well-being and live without money-related stress. That’s why we use our profit to pay for personalised financial education for the employees of all organisations who partner with us. This is delivered by Nudge, an independent company run by financial experts. Their sales-free advice is designed to help people manage their money well and avoid getting into debt in the first place.