Salad Money have their priorities straight, offering affordable and fair short term loans to NHS and public sector workers. By providing your digital bank statement, Salad Money evaluate your spending habits and behaviours and make a fair decision of whether you're suitable for the loan you apply for.
Pros
Salad Money focus on offering "fair, affordable" loans with better interest rates to NHS and public sector employees
Low credit scores considered
Cons
Higher interest rates
No same day funds but Salad Money will try to send funds by the next working day
Representative example: Borrow £1,000 over 18 months at a rate of 59.97% p.a. (fixed). Representative APR 79.5% and total payable £1551.12 in 17 monthly payments of £86.37 and a final payment of £82.83.
Late repayments can cause you serious money problems. See our debt help guides.
What is Salad Money?
Salad Money is a short-term lender focused on offering “fair, affordable” loans to all NHS and public sector employees up to £1,000. Salad Money also partners with NHS Trusts, which means employees of that trust can receive better interest rates on their loans.
How does Salad money work?
Salad Money offers unsecured loans up to £1,000, with loan terms of either 12 months or 18 months. When assessing your loan application, Salad Money 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 following day, and you’ll then need to pay off your loan via monthly repayments.
What is Open Banking?
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.
Overview of features
Loan type
Unsecured Personal Loan
Loan amounts
Up to £1,000
Loan terms
12 months or 18 months
Loan rate type
Fixed
Same-day funding available
Concurrent loans allowed
Repayment methods
Direct Debit, Salary Deduction
Pros and cons of Salad Money loans
Pros
Affordability. Salad Money focus on offering “fair, affordable” loans with better interest rates to NHS and public sector employees.
Low credit scores considered. Salad Money recognises that key workers should be defined by more than their credit scores.
Cons
Higher interest rates. Bad credit loans tend to come with higher interest rates compared to standard loans.
No same day funds. Salad Money will try to send funds by the next working day.
Am I eligible?
Available to
Available to NHS employees only
Age
18 or over
Income
£1,400 per month
Additional requirements
You must have 6 months consecutive employment at an NHS/Public sector organisation You must be paid monthly, rather than weekly Able to login online to your bank account your salary is paid into
How can I apply?
First, you can use this eligibility checker to find out if you’d be likely to get approved for a Salad Money loan. This won’t impact your credit score.
Salad Money customer reviews
Salad Money 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 4,000 reviews (updated July 2023). Customers praised its good, trustworthy service and quick responses and funding.
Customer support
You can contact Salad Money through their email: help@cs.saladmoney.co.uk or by phone: 0203 092 0896.
Frequently asked questions
No, the NHS itself does not offer loans or other forms of credit to employees, but there are a number of lenders, such as Salad Money, that specialise in loans for NHS workers.
Salad Money’s initial application process does not affect your credit score. If your application for a loan is approved you can then opt in to share your data with Credit Reference Agencies which may improve your credit score if you repay your loan amounts in time.
Not necessarily, but by allowing Salad Money to access your data via Open Banking, you can avoid having to manually supply financial information they may request as part of your application, and it may also improve your chances of being approved.
Yes, you can repay your entire loan amount early without being charged an additional fee or penalty.
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Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney. See full bio
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