29 May Salad Money Accused of Profiting off NHS brand
Loan company has been accused of hijacking NHS branding to promote pay day loans for health staff
Salad Money – a for-profit ‘social enterprise’ set up in 2018 – provide loans exclusively to NHS employees of up to £1000. The company charges an annual interest rate of 69.9% to most NHS employees. For contrast, the NHS Credit Union, operating in Scotland and the North of England, charges 19.6% APR, and most credit unions charge around 1% a month.
The firm has been promoting loans to NHS employees on social media, using branding similar to the NHS. An advert went live on the 11th May on Facebook and Instagram, amid the coronavirus pandemic – and appears to mirror the NHS’ branding, telling people to ‘Apply Now’ to ‘Borrow £1000’.
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