Credit-fuelled harmful gambling 07082024 - Flipbook - Page 3
ABOUT THIS REPORT
This report is published by Salad Projects,
which represents the interests of applicants
to Salad Money, a community development
onance institution (CDFI) established in 2019.
Salad Money is a social enterprise.
Its customers can aford to repay credit but
cannot access it on fair terms elsewhere.
At least 1 in 3 adults may have diïculty
accessing credit from mainstream lenders.*
On average each applicant has 1,800 individual
transactions spanning the previous 12 months
which Salad categorises and can analyse to
make an approval decision and generate
unique insights into applicants9 onancial health.
Salad Money uses Open Banking rather than
credit scores to assess afordability for a loan,
which means it can lend, responsibly, to some
people that mainstream lenders cannot, and
at a cheaper rate than its customers can ond
elsewhere (although Salad can only lend to a
small percentage, c. 7%, of applicants).
This report is based on the 177,089 applications
for credit received between 1st January
and 31st March 2024. If Salad declines an
applicant due to excessive gambling it informs
them that this is the reason and signposts
appropriate support.
THE DATASET
177,089
applicants
Two thirds (67%)
aged 30-49
57.5%
47.5%
male
female
All are in full-time
employment
£2,292 (average)
monthly net income
61% had
10% regularly
3 months before
than £1,000 a
month on gambling
gambled during the
spending more
their loan application
*Overlooked and onancially under-served, PwC, 2024: 20 million people and 1 in 3 adults may have diïculty accessing afordable credit
from mainstream lenders, many because of naws in credit scoring.
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