|Loan type||Unsecured personal loan|
|Loan amounts available||£500 – £1,000|
|Loan terms available||12 – 18 months|
|Age eligibility requirements||Minimum 21 years old|
|Access for lower credit scores||Some chance of approval – no recent DMP / IVA plans on your account|
|Chance of acceptance available||No|
|Loan pay out time after approval||1 day|
|Early repayment options||Yes|
Who is Salad Money?
Salad Money is a lender focussed on fair lending. They put an emphasis on checking your situation now, as they see it fairer than judging on credit score alone, with their primary customer base being those working in the public sector. They have been around since 2018, and they use social impact and benefit checks to assess their progress and performance.
How much can I borrow with a Salad Money loan?
Salad Money offer personal loans to key workers of £500 to £1,000. These can be taken out against repayment terms of 12 months to 18 months. The rates, amounts and timeframes made available to you will be dependent on your personal circumstances and your credit history.
What interest rates will can I get on a Salad Money personal loan?
Salad Money use real rates, to give you the best information to help make the right choice for your personal finances. The interest rates of any offers that are made to you will depend on your personal circumstances and your credit score, and these will help a lender decide how risky it is to lend to you. If you have a healthy credit score, you may be offered a lower APR. This means any monthly repayments may be lower.
If you have had challenges with making repayments in the past, or you have a thinner credit history caused by not much borrowing, you may find the rates you are offered are a bit higher. This is because you’re seen as a riskier person by lenders.
Need to give your credit score a boost? Check out our top tips for improving your credit score.
What can I use a Salad Money loan for?
Personal loans are usually used for large expenses, emergencies and funding for big purchases. There isn’t a strict list you have to stick to when spending a personal loan, but some of the more common uses include:
- Consolidating your debts
- Making home improvements
- Upgrading your car
- Holiday trips
- Weddings and other celebrations
Am I eligible for a Salad Money loan?
Your eligibility for a salad money loan will depend on your own financial circumstance, your credit score and their own criteria for loan agreements. Most lenders will assess how risky you are, and may look at your income, monthly outgoings and any existing debt that you have.
To be eligible for a Salad Money loan, you will need to:
- Have been employed by your current employer for at least 6 months
- Over 18 years of age
- Be earning at least £1,300 a month, and be paid monthly
- Use online banking
- Have no recent DMP / IVA plans on your account
- Have a UK bank account which has access to online banking
How quickly do Salad Money pay out their loans?
Salad Money aim to pay out all loans within 1 working day of the agreement being signed and approved, so fast payout times are a benefit of taking a loan out with them. Without the need for the extra paperwork required of a secured loan application, personal loans can be a lot quicker to underwrite and approve.
Can I repay my personal loan from Salad Money early?
Yes – there are options available to you if you wish to make extra repayments or settle your loan balance in full at any point during the lifetime of the loan.
Can I be self-employed and apply for a Salad Money personal loan?
Currently, Salad Money do not accept applications from potential borrowers if you are self employed, employed through an agency or are under an umbrella company, as they want to ensure you have the expected financial stability to manage repayments through the lifetime of the loan.
What do I need to consider when taking out a personal loan with Salad Money?
When borrowing any amount of money, the most important point to consider is that you only borrow an amount that you can afford to pay back, and can make the repayments for the lifetime of the loan.
- You may need to prove identity and / or income
- Salad Money may wish to get in touch over the phone if they have any questions on your application
- Missed repayments can have a negative impact to your credit score
How can I check my eligibility for a Salad Money personal loans?
Here at Aro, you can quickly check your eligibility for personal loan options, not only from Salad Money but also from our panel of over 50 lenders. Simply fill in your details on our site and we can show you your options.
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