By Aisling Finn on Wednesday 15 July 2020
Yapily’s API has been in use since late April and has helped Salad Money provide over 1,000 loans to NHS staff so far.
Open banking provider Yapily and ethical fintech Salad Money have today announced a partnership to help NHS staff find cheaper loan options.
The collaboration has already allowed Salad Money, the low-cost loan provider for NHS staff, to provide over 1,000 NHS staff with affordable credit options since the partnership first went live at the end of April.
Yapily’s API allows Salad Money to paint a full picture of a customer’s finances in real-time by extracting financial information directly from a person’s bank account.
The fintech can then create bespoke loans for customers, tailored to their financial needs by matching the classification of income and expenditure to Salad Money’s affordable lending criteria.
Tim Rooney, CEO of Salad Money, said: “Through harnessing Yapily’s technical expertise, we are able to continue taking on the flawed credit industry and deliver a completely new approach to lending.”
“We believe that the principles of open banking should be adopted by all lenders to eradicate financial exclusion and open up low-cost loans for critical NHS workers.”
Research from Salad Money has found that 80 per cent of NHS staff loan applicants are looking for ways to get out of their overdraft, with many struggling to stay afloat during the pandemic.
Stefano Vaccino, founder and CEO of Yapily said: “The economic impact of the COVID-19 crisis has placed huge financial pressure on individuals and businesses.”
“Helping businesses like Salad Money to match consumers’ personal financial needs will ensure everyone has access to fair and reasonable lending options.”
In just two months, through using Yapily’s API, Salad Money has processed over 2,000 loan applications and provided access to over £600,000 in affordable credit.