Salad Money loans review

Salad Money offers small, short term loans to NHS and public sector workers whose finances aren't looking too healthy.

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Salad Money

Our verdict

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.
Salad Money personal loan
3.5 ★★★★★
Finder score
Check eligibility

79.5% APR representative (Fixed)

Maximum loan

£1,000

Product fee

N/A

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Table: sorted by representative APR, promoted deals first
Name Product Finder score Finder score Customer rating Loan amounts Loan terms Loan rate type Link
Salad Money personal loan
Finder score
★★★★★
3.5
★★★★★
Not yet rated
Up to £1,000
12 months or 18 months
Fixed
Check eligibility
View details
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.
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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 typeUnsecured Personal Loan
Loan amountsUp to £1,000
Loan terms12 months or 18 months
Loan rate typeFixed
Same-day funding available
Concurrent loans allowed
Repayment methodsDirect 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 toAvailable to NHS employees only
Age18 or over
Income£1,400 per month
Additional requirementsYou 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.

Our verdict

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.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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