Salad Money Impact Report 22-23 WEB - Flipbook - Page 27
IT IS POINTLESS TO WAIL
AND WRING OUR HANDS
IF WE DON’T TAKE ACTION.
PLEASE ACT NOW.
This report demonstrates Salad’s
extraordinary impact and growth in
the past year.
Every day, our stellar, talented
and committed team inspire me
with their e昀昀orts to support our
customers and applicants. Salad has
become the UK’s largest personallending community development
昀椀nance institution and enabled our
customers to save hundreds of
pounds each, and millions between
them.
Just think about those “hundreds of
pounds” for a moment. Some of our
customers, whose average monthly
income is around £2,000, save £30
per week each in interest compared
with borrowing from another
provider.
Think about what that means to
someone who takes home £480
each week. £30 is half a tank of fuel.
It’s a lot of groceries: several meals
for their family. Or it can go into
building a bu昀昀er so someone doesn’t
need to borrow again, or needs less
next time.
2022-2023 Impact Report
Now consider the market.
Mainstream lenders are vocal
about doing the right thing for all
consumers, including the 昀椀nancially
excluded. But actions speak louder
than words.
Social purpose lenders like Salad
are experts at serving the underserved. And with notable exceptions
– we value our partnerships – we
continue to be praised for our impact
by mainstream 昀椀nancial institutions
and social investors, who then say
“no” to backing our exceptional
business to meet the demand we
know is there.
Salad could cut our costs to the
people we serve, and serve more
people who want and can a昀昀ord
to repay an a昀昀ordable loan, if we
could secure the capital we need
from mainstream UK investors at
commercial rates. We will generate
a social and economic return on
this investment. We will enable more
people to avoid toxic high-cost
lenders and loan sharks.
Tim Rooney,
CEO, Salad Money
We could do even more if the FCA
were to act to make the credit
information market truly 昀椀t for
purpose. More still if policymakers
heeded calls for an extension to
the credit broking exemption, so
organisations can better signpost
community lenders.
So celebrate our impact with us
but act too so we can help more
key workers like Adrian, Lucy,
Laura, Dean and Harriet make their
household 昀椀nances stronger. Back
us, shout about us, signpost us,
work with us.
Thank-you to our exceptional
team and board for their work, to
our partners and funders for their
support, to all working to address
昀椀nancial exclusion, and to you for
reading this report.
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