This is the third investment from Fair4All Finance’s Affordable Credit Scale Up Programme, designed to increase the supply of fair and affordable credit for people in financially vulnerable circumstances. Salad offers two complementary products, both underpinned by innovative, proprietary technology. They use Open Banking data, rather than traditional credit scores, to lend responsibly to public sector workers that might otherwise be reliant on unaffordable payday loans. Loans are repaid either via Salary Deduction, through partnerships with employers, or by Direct Debit.
Salad also offers ‘Salad Money Mind’, a free online tool that promotes financial resilience through replaying spending behaviours and directing users to targeted sources of support. Salad, alongside all the social purpose lenders Fair4All Finance supports, has signed up to the Affordable Credit Code of Good Practice – ensuring that customers are treated fairly.
This investment will be used in conjunction with Salad’s commercial funding. With this long term support, Salad will expand its offering and further reduce the cost of credit for its customers.
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