Salad Money Impact Report 22-23 WEB - Flipbook - Page 24
DEAN’S
REWARD IS
LOWER RATE
Dad of two Dean was very happy when he landed a new
job with a better salary. But there was a snag. He had
always been paid weekly, and his new employers would be
paying him monthly.
In addition, he would be working a
month in-hand, which meant there
would be no wages going into his
bank account for six weeks.
Dean started his new job as a
container supervisor and the loan
money eased his family 昀椀nances
until he got his 昀椀rst pay cheque.
With monthly rent and bills to pay
and children of 7 and 9, the Worksop
dad knew he couldn’t manage and
decided to take out a short-term
loan to bridge the gap.
“I could easily a昀昀ord the payments
on my new salary. I downloaded
the Salad Money app, which I found
really useful. I could see all my
payments and know exactly how
much I still owed.”
He started to search online for a
loan, but was shocked at the amount
of interest being charged by payday
lenders.
“The maximum time period I could
borrow for was three months, the
interest charged was ridiculous and
I would have been paying massive
amounts each month,” said Dean.
Once he’d nearly repaid his 昀椀rst loan,
Dean asked for a follow-on loan
from us – and we were able to grant
this at a lower rate than his 昀椀rst. “I
took out a loan for a little extra. My
monthly payments stayed the same
and we used the money to pay for a
family holiday.”
I could easily a昀昀ord the
payments on my new
salary. I downloaded
the Salad Money app,
which I found really
useful. I could see all
my payments and
know exactly how
much I still owed.
“There was no way I was doing that.
Then I spotted Salad Money and the
terms seemed a lot better.
“I completed the application online,
which was quite easy, and very
quickly got approved for a loan.”
24
Fair Lending for Key Workers
