Iceland Foods continues its financial support to shoppers by extending its interest-free microloans scheme for Christmas and the entirety of 2025.
- The scheme, known as Food Club, permits customers to borrow up to £100 without interest, in partnership with Fair For You.
- Repayments are typically £10 per week, though flexibility allows for higher repayments if customers choose.
- Existing customers can start topping up their cards from 16 December, while new applicants can apply via Fair For You’s website.
- Since its 2022 launch, the scheme has gained national traction, aiding over 23,000 families by September 2023.
Iceland Foods has reaffirmed its commitment to supporting customers by extending its interest-free microloans scheme through Christmas and throughout 2025. This initiative is designed to ease financial pressures on families during the holiday season and beyond. The microloans are accessible through a collaboration with Fair For You, an online lending company, allowing shoppers to borrow up to £100 interest-free. These loans are available on a preloaded card, which customers can use at any Iceland or Food Warehouse store.
The standard repayment plan is structured at £10 per week. However, users have the autonomy to pay more if they wish, providing them with financial flexibility. This design reflects Iceland’s strategy of offering an ethical financial product that stands in contrast to high-interest lenders and illegal loan sharks. By providing this alternative, Iceland seeks to address concerns of financial exploitation among economically vulnerable groups.
Existing patrons of the scheme can recharge their cards beginning 16 December, just in time for the festive season. This accessibility ensures that shoppers can adequately prepare for Christmas, mitigating some of the financial strain typically associated with the period. New customers interested in joining the scheme are encouraged to apply through the Fair For You website, making the process straightforward and user-friendly.
The Food Club loans, which started in early 2022, have been Iceland Foods’ response to a growing need for accessible and affordable credit. By August 2022, the programme was already operating on a national scale. By September 2023, the scheme had successfully assisted over 23,000 families, underscoring its impact and popularity among those seeking economic reprieve.
In a recent statement, Richard Walker, Iceland’s executive chairman, underscored the challenging circumstances faced by many families this Christmas. He emphasised the importance of businesses taking pragmatic steps to support their customers instead of lamenting economic variables outside their control. Walker remarked that the new phase of the Food Club is intended to help families afford a traditional Christmas, countering the threat posed by predatory financial practices. Furthermore, Walker called on fellow business leaders to adapt to policy changes following Labour’s challenging Budget, a sentiment he shared during an interview with The Telegraph.
Iceland’s proactive approach in extending the Food Club loans exemplifies its dedication to customer welfare amidst economic challenges.
