Are you an NHS worker who worked flat out during this pandemic and struggled to make ends meet? Sadly, you’re not alone.
NHS workers are among the highest number of people applying for loans across the country, but they are regularly targeted with high-interest rates. In 2018, it was recorded that NHS staff were the most regular applicants for loans, alongside employees from Tesco’s.
Fast forward to now, and the experience of this pandemic has lengthened hours, and with little financial reward. As an NHS worker, it can sometimes be difficult to find a bank or lender who will consider your unique mixture of income streams and that’s why there are specific loans tailored to NHS staff.
At Salad Money, we are an online loan company that provides loans specifically for key workers workers at a considerably lower interest rate compared to toxic high-cost lenders who often charge upwards of 1000% APR. We recognise the difficulties involved in qualifying for loans, and we aim to give key workers the support they need.
Unlike traditional lenders, we value fairness and equality above profit and do not pay money to dividends, shareholders or investors, as this is reinvested back into you. Furthermore, we actively recognise the sacrifice and hard work that NHS and public sector staff have gone through and believe they should receive the support they deserve. Accessing financial support should not be defined by a history based on a credit score, but your financial situation in the here and now.
Why Are There Special Loans for NHS Staff?
People working for the NHS typically have more complicated working patterns and they are often paid by the hour or are even on a zero-hours contract. This can prevent a mainstream lender from qualifying an NHS worker for a loan - and therefore, there are loans specifically for NHS workers.
For NHS workers that are on lower salaries, Salad Money can provide access to affordable credit. We recognise that often workers live in credit-sparse areas, meaning it is difficult for them to access financial support.
NHS workers face a barrier to be accepted on traditional loan schemes, but this is where our loans come in.
Small and Big Loans and How to Use Them
Small loans can be a lifeline if you are faced with that unexpected bill or have to pay for something to be repaired. We can’t always budget for everything, and here at Salad Money, we have you covered for all eventualities.
Often providers of small loans offer these loans at extortionate interest rates, regularly charging over 1000% APR. But here at Salad Money, we don’t do that. We are members of Responsible Finance and our APR is 69.9%, the lowest in the group. In reality, you can use a small loan for anything, but most people use them for covering unforeseen expenses. Small loans are usually defined by anything between £500-£1000 and that is the maximum threshold that Salad Money provides.
Larger loans are anything above £1000 and are commonly used to fund second mortgages, moving costs and large purchases.
What Are the Benefits of Taking out a Loan?
Aside from the immediate, financial support they provide, taking out a loan and successfully repaying it in full can give you long term benefits. To begin with, at Salad Money you don’t have to have a pre-existing amazing credit score, as we assess you through Open Banking, and consider your immediate financial situation. And, whatever happens, our loans will never affect your credit score.
With small loans, the rate of interest is usually fixed and you can choose how long to repay them. Salad Money offers a repayment period on any amount you borrow of either twelve or eighteen months. These loans are unsecured, meaning it will not affect your current mortgage if you have one, as it isn’t secured on your home.
To put it simply - there is no harm in taking out a loan with Salad Money. We don’t judge you by your past credit rating and only want to improve your financial situation.
Small loans are versatile by nature and can be used to pay for anything - helping you get over that extra mile and unexpected bill payment.
Why Loans Through Salad Money Are Worthwhile
Being an online loans company committed to fair lending and supporting key workers, we are different from the rest. We lend with a social purpose in mind and take into consideration what you do.
To offer you a loan, we don’t rely on potentially out-of-date credit scores, but use Open Banking to assess your finances in the here and now. We can then use this data to see if your financial situation matches up to the type of loan you have applied for, and see whether you will be able to afford the repayments.
Across the UK, key workers are working harder than ever but still struggling to make ends meet. There are ‘credit deserts’ across the country that are deprived of access to affordable credit and we aim to reduce this by providing the support they desperately need.
We believe in fairness, and expanding financial aid wherever we can. Our assessment goes beyond relying on a credit score as we take into consideration your immediate reality. Furthermore, we recognise the struggles that many key workers are facing, and want to provide loans specifically to the those who need them.