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How we picked theseTo make it even easier to compare and evaluate unsecured loans we came up with the Finder Score. Speed, features and flexibility across 60+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Read the full methodologyPlease note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
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How do Salad loans compare against the competition?
See today's rates from across the personal loan market.
The Salad Money Personal Loan charges 59.9% APR representative on loans of £2,000. Salad offers the unsecured personal loan with repayment terms between 6 months and 2 years, and applicants can apply to borrow from £300 to £2,000.
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £300 to £2,000 |
| Loan terms | 6 months to 2 years |
| Loan rate type | fixed |
| Fee | 0% |
| Same-day funding available | |
| Instant decisions in most cases | |
| Soft-search facility available | |
| Joint applications | |
| Overpay without penalty | |
| Concurrent loans allowed | |
| Repayment methods | Direct debit |
The Annual Percentage Rate (APR) is a summary of the yearly cost of a loan. It takes into account both interest and any unavoidable charges you'll need to pay (for example an arrangement/product fee) over the duration of a loan. Because Salad doesn't charge an arrangement fee, its APR comprises just the interest rate – and so they're one and the same.
However, the vast majority of lenders tailor rates (and therefore APRs) to the individual applicant. If they think you're a riskier bet, they'll offset that by offering you a higher APR. The "representative APR" (as defined by the Financial Conduct Authority) is what Salad gives to at least 51% of those who take out the loan. The other 49% could pay more. Salad must calculate APR in the same way as other lenders, and must tell you your personal APR before you sign a loan agreement.
Salad advertises a representative APR of 59.9% on loans between £2,000 and £2,000 on the Salad Money Personal Loan.
Salad is a short-term lender focused on offering “fair, affordable” loans to those in full time employment with impaired credit up to £2,000. While it initially focused specifically on loans for NHS employees (offering salary deduction repayments) it no longer partners with NHS trusts and instead focuses on full-time workers who might not have perfect credit.
Salad offers unsecured loans up to £2,000, with loan terms ranging from 6 months to 2 years. When assessing your loan application, Salad uses Open Banking to access your financial data and history and assess your suitability for a loan.
If your application is successful, you’ll receive your funds by the same day, and you’ll then need to pay off your loan via monthly or weekly repayments (aligned with application payment frequency).
Open Banking is the name given to changes to the financial services industry that makes it easier for you to share your banking and financial data with UK banks and providers. This includes your everyday spending and saving. Open Banking aims to improve competition and innovation in the banking sector and to help you get a better deal on financial products.
| Available to | New or existing customers |
|---|---|
| Age | 18 or over |
| Min. income | £18,000 |
| Additional requirements | You must have 6 months consecutive employment You must be paid in weekly or monthly payements Able to login online to your bank account your salary is paid into |
First, you can use this eligibility checker to find out if you’d be likely to get approved for a Salad loan. This won’t impact your credit score.
Salad has received very positive reviews from customers, according to review platform Trustpilot. It currently has a rating of 4.9 out of 5, based on more than 8,000 reviews (updated August 2024). Customers praised its good, trustworthy service and quick responses and funding.
You can contact Salad through their email: help@cs.saladmoney.co.uk or by phone: 0203 092 0896.
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