Salad Money Impact Report 22-23 WEB - Flipbook - Page 25
WE WANT TO GIVE
BANKS OUR BEST
CUSTOMERS
You’ve probably never met a business which wants
to “give its best customers away.” Salad already “rate
rewards” customers accepted for a re昀椀nance loan and
signposts a potentially lower-cost option. We want to go
even further but need high-street banks’ support.
Salad uses Open Banking, our own
Arti昀椀cial Intelligence-powered
software and our fantastic team to
make fair lending decisions. We can
o昀昀er a昀昀ordable credit to people who
can’t get it elsewhere, helping them
spread larger costs over time.
Our customers pay us back and build
their 昀椀nancial strength. They receive
昀椀rst-class customer service from
our contact centre in Brighton. They
value our excellent digital journey.
As is common with all lenders, once
someone has repaid most of their
昀椀rst loan, some want a second to
meet new needs. If they pass a full
a昀昀ordability reassessment, we o昀昀er
a “re昀椀nance” loan. We “rate reward”
such customers with their re昀椀nance
2022-2023 Impact Report
loan at a lower rate than their 昀椀rst,
then a further APR reduction if the
customer chooses and is successful
for a second re昀椀nance.
But we also do something unique:
informing customers that, as their
昀椀nancial position has improved,
they may be able to access cheaper
credit elsewhere. We even link to a
site where they can check out their
local Credit Union.
It’s a demonstration of our social
purpose ethos in action. And
there’s more we could do. Salad’s
customers bank with UK retail banks,
yet typically banks are unable to
advance loans to the people we
lend to.
Once customers have established a
great payment history with a Salad
loan (which we can demonstrate to
banks) then if they need credit in
the future, we could work more
closely with a high-street bank to
reward them with an even lower-rate
bank loan.
This would demonstrate a bank’s
commitment to boosting 昀椀nancial
inclusion by accepting customers
who have proven they can repay
a Salad loan and are in a position
to start using mainstream credit.
Banks: contact us to discuss this.
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