The University of Edinburgh Report: The Financial Health of NHS Workers.
Frustrated by the lack of affordable credit available, and with 8.5 million over-indebted and 5.8 million credit score invisible individuals in the UK, Salad Projects was established with a mission to democratise access to affordable credit.
Open Banking technology (with no reference to credit scores as the basis for determining the affordability of a loan) has the potential to democratise credit to millions by lending solely on what is affordable based on the income and expenditure showing in the applicants banking data for up to two years previously.
Salad Money, which lends exclusively to NHS workers using Open Banking data (lending between £500 and £1,000 at an APR of 34.9% when sponsored by NHS Trusts) has a unique data set for each and every applicant, providing the opportunity for unparalleled and granular insight into the financial lives of NHS workers covering some 15,000 plus applicants.
Salad Projects can legitimately use this information and has democratised this data, on an anonymised basis, to give civil society an independent analysis of the many factors giving rise to a lack of financial resilience for those NHS workers who then become reliant on persistent overdrafts and high-cost credit.
Salad Projects commissioned the University of Edinburgh to independently report on the financial lives of NHS workers using the anonymised Open Banking data collected by Salad Money.