Salad Money today announces the upsizing of its facility with Shawbrook Bank.
This additional funding will help thousands of hard-working public sector employees access fair, affordable credit.
Phillip Hyett, Finance Director of Salad Money, said:
“Access to affordable credit remains a challenge for many people. We are building an alternative to high-cost credit. Using Open Banking to underwrite our applicants is both fairer and more efficient than reliance on traditional credit scores. Shawbrook has demonstrated real commitment to our business, and we are delighted that they have reaffirmed their support with this increased facility.”
Mark Jarvis, Director of Shawbrook Bank said:
“Recognising that key workers in the public sector required access to affordable finance, Salad Money introduced an efficient lending platform and we worked closely with the team there to arrange initial funding to back this new offering. Salad Money has seen continued growth as they have scaled up the business and we have increased our lending facilities in line with this growth. We look forward to working with Phillip and the team as Salad Money continues to support this critical sector.”
About Salad Money
Salad Money is a social enterprise specialising in affordable credit for employed people across the UK. It was established in 2018 after identifying a severe lack of affordable credit for individuals with impaired credit score. It gives borrowers an alternative to toxic high-cost lending by using Open Banking for its affordability assessments, rather than credit scoring.