Salad Money loans: At a glance
Salad Money Personal Loan
12 or 18 months
£500 to £1,200
79.5%
No
Representative APR 79.5%. Based on a loan of £1,000 over 18 months at an interest rate of 59.97% p.a. (fixed). 17 monthly repayments of £81.64 followed by a final payment of £79.58. Total amount payable £1,592.94.
- Must be employed by your current employer for at least 6 months
- Must be over 18
- Must be paid monthly, rather than weekly
- Must be earning over £1,500 per month
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Salad Money is a community lender specialising in small loans for people with poor or limited credit histories and is a member of Responsible Finance, a national membership body for responsible finance providers. It is authorised by the FCA as a lender and credit broker.
A Salad Money loan is mainly for those employed by the NHS or public sector organisations, and the amount you can borrow is relatively small.
Salad Money doesn’t run a credit check during the loan application process. Instead, it makes its decision based on your income and spending habits, which means you’ll need to give it access to view your banking data, via open banking.
However, Salad Money will still look at common credit score pitfalls such as having no direct debit history, missed direct debits, debt fines, and recent individual voluntary arrangements (IVA) or Debt Management Plans when deciding on your application.
» MORE: Best loans for bad credit
Salad Money loans pros & cons
Pros
- Your credit score isn’t considered as part of your loan application.
- There are no charges to pay off your loan early.
Cons
- It can take one working day to get a decision on your application, and a further 24 hours before you get the money in your account.
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
As with any loan, it’s sensible only to borrow what you need and pay it back as quickly as possible based on what you can comfortably afford to repay each month. Before applying for a bad credit loan you must consider your alternatives and whether you could keep making the payments if an unexpectedly high bill landed on your doorstep or you lost your job, for example.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing. Missing payments will make an already bad credit score worse and can cause you serious money problems.
Before applying you can also use a loan eligibility service to conduct a soft search across multiple lenders to find out your likelihood of a successful application for several different loans, without affecting your credit score. But check how many lenders the service you use checks and make sure it only uses soft searches.
Other loans may be available in the UK loans market that are not included in this service.
Am I eligible for a Salad Money loan?
In order to be eligible for a Salad Money loan, you must:
- be over 18 years old
- have been employed by your current employer for at least six months at the time of your application
- be earning more than £1,500 a month
- have an online login to the bank account your salary is paid into
- agree to use open banking for your application
You may be eligible for a loan if you have a patchy credit history. For example, if you have an IVA that was activated at least 12 months ago or a county court judgment (CCJ) that’s at least six months old, Salad Money may still consider your application.
Help if you’re struggling with debt
Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing
If you are struggling with debt, you can seek advice from a debt advice service, such as:
- Citizens Advice
- MoneyHelper (formerly The Money Advice Service)
- National Debtline
- StepChange
- The Money Charity
Salad Money loans frequently asked questions
You can apply for a loan from Salad Money if you are an NHS worker or a public sector employee. Salad Money does consider other employers but there are restrictions and it does not consider applications from the self-employed.
Salad Money says it won’t contact your employer as a matter of course. However, if your employer is a Salad Money partner and you choose to make repayments via salary deduction, your employer will know about your loan.