Salad Money
Here at Little Loans, we’re proud to work with a panel of trusted and responsible lenders.
Let us introduce you to one such lender: Salad Money. Whether you’ve been matched with them after your Little Loans search or you’re simply curious to find out more, our guide provides some key information.
Who is Salad Money?
Salad Money is a direct lender of short-term, personal loans.
They offer a different approach to lending, away from the more traditional process of being assessed solely based on your credit score.
Salad Money believe that ‘you’re more than your score’, which is why they use Open Banking to assist in their affordability checks.
What is Open Banking?
Open Banking enables customers to share their financial information with an authorised third-party, such as a lender or other credit provider. This gives lenders a deeper, more up-to-date understanding of your current financial situation. Open Banking allows the lender to view your spending habits and regular outgoings and understand how affordable any loan offer would be for your circumstances.
Salad Money describe Open Banking as ‘the equivalent of giving us your printed bank statements.'
Is Open Banking safe?
Open Banking is safe and secure. You control exactly who has access to your data and you can withdraw your consent at any time.
When you give permission for a lender or credit provider to use Open Banking, that company cannot edit or change anything about your bank account and will not have access to your log-in details, PIN, or password(s).
Is Salad Money authorised and regulated by the Financial Conduct Authority (FCA)?
Yes, Salad Money is authorised and regulated by the Financial Conduct Authority (FCA). You can find them on the FCA register here.
How do customers rate Salad Money?
As of October 2024, Salad Money are rated ‘Excellent’ on Trustpilot with a rating of 4.9/5. They have just under 9,000 reviews and 95% of these are 5*.
How much money can I apply to borrow and for how long?
With Salad Money, you can apply to borrow between £500 and £1,200, with a repayment term of either 12 or 18 months, depending on the loan amount.
What Annual Percentage Rate (APR) do Salad Money advertise?
Salad Money advertise a fixed APR of 79.5%.
The representative example is subject to change on a daily basis – for the most up-to-date rep example, Salad Money suggest checking their website on the date of your application.
Who can apply for a loan with Salad Money?
To be eligible to apply for a loan with Salad Money, you must:
- Be over the age of 18;
- Have been employed in your current job for at least 6 months;
- Earn a minimum income of £1,500 a month; and
- Be able to log in to the bank account that your salary is paid in to.
You cannot apply for a loan with Salad Money if you’re self-employed or paid by an umbrella company.
If I’m approved for a loan with Salad Money, when will I receive the money?
Salad Money states that they make regular payouts throughout the day and aim to send your money within 3 hours of you signing your credit agreement.
The time it takes for the money to become available in your account will depend on your bank’s policies and procedures, such as if they accept Faster Payments.
How will I repay my Salad Money loan?
You will repay your loan in monthly instalments until your loan term ends and your borrowing has been repaid in full. Through Open Banking, Salad Money will determine the date that you get paid by your employer and will automatically use this as your loan repayment date.
If your payday date changes, you can contact Salad Money and ask that they update your loan repayment date.
Can I apply for more than one loan at once with Salad Money?
Customers are only able to apply for one Salad Money loan at a time. However, it might be possible to get a loan top-up around half-way through your existing loan term. This option will only become available once Salad Money have observed how you manage your current loan. They will pay particular attention to whether your repayments have been made on time each month.
Can I make an overpayment on my Salad Money loan?
You can make overpayments on your Salad Money loanwithout incurring any fees.
Please be aware that Salad Money are unable to accept payments below the value of £10.
Can I repay my Salad Money loan early?
Yes, you can, and the good news is that Salad Money do not charge any early repayment fees.
I was matched with Salad Money after searching for a loan with Little Loans. Who should I contact if I have a question?
Little Loans is a credit broker, not a lender. If you have a question about using our service to help you search for a loan, or about your eligibility check, you can get in touch with us, and one of our friendly team will be on hand to help you.
If your query relates to the loan you’ve been matched with, or any stage of the journey after the initial eligibility check and search, you will need to contact the lender directly.
I’m struggling to repay my Salad Money loan; what are my options?
Salad Money states the following on their website:
“We understand that people's circumstances change, and we'll do everything we can to help you when we know there's a problem.”
They urge any customers struggling with their repayments to contact them via email at help@cs.saladmoney.co.uk or by calling 0203 092 0896.
If you’re worried about money, please know that help is available. You can access free, confidential money and debt management advice through charities and organisations such as StepChange, MoneyHelper, Citizens Advice, and National Debtline.
How do I contact Salad Money?
There are several ways to contact Salad Money, and the team are available to help you from Monday to Friday, between 9am and 6pm, excluding bank holidays.
- Via the online form on their website.
- Through the live chat function.
- Via email: help@cs.saladmoney.co.uk
- By phone: 0203 092 0896
- In writing:
Salad Finance
49 Greek Street,
London
W1D 4EG
Do Salad Money have a website?
Yes, they do, and you can view it here.
Information is correct as of October 2024.
The information contained in this article is for information purposes only and is not intended to constitute nor should be taken as advice.
Straight forward
“Easy pleasant service, quick decision and easy account management.”
Laurissa Marsden
Representative example: Amount of credit: £1000 for 12 months at £123.40 per month. Total amount repayable of £1,480.77 Interest: £480.77. Interest rate: 79.5% pa (fixed). 79.5% APR Representative. We’re a fully regulated and authorised credit broker and not a lender