Iceland Foods has announced the return of its interest-free loan scheme for the upcoming festive period, continuing throughout 2025. This initiative aims to support shoppers by providing financial relief amidst rising costs.
The next stage of Iceland’s ‘Food Club’ loans scheme will be implemented in partnership with Fair For You, an online lending company. This scheme allows customers to borrow up to £100 interest-free, loaded onto a card usable at Iceland or the Food Warehouse. Standard repayments are set at £10 per week, with the option for customers to pay more weekly if possible.
Customers currently benefiting from the scheme can top up their cards starting 16 December, just in time for Christmas. New applicants can access the process via Fair For You’s website, making it accessible for those looking to take advantage of this financial aid.
Originally launched at the beginning of 2022, this scheme was designed as a more ethical and affordable alternative to high-interest lenders, including illegal money lenders, as stated by the company. By August that same year, the scheme expanded nationwide, and by September 2023, it had already assisted over 23,000 families.
The initiative has facilitated loans exceeding £5 million since its launch, helping those in financial need to bridge income gaps with microloans between £25 and £100. Richard Walker, executive chairman, commented on the pressing challenges facing families this Christmas, highlighting the essential nature of their continued efforts to support customers.
He remarked, “For many families, Christmas is shaping up to be one of the hardest in recent years. While other businesses have been very vocal in feeling sorry for themselves of late, Iceland decided that we need to roll up our sleeves and get on with the job of supporting our customers.” He noted that the continuation of the Food Club would allow families to afford a proper Christmas, offering peace of mind and combating the threat of predatory loan sharks and unregulated lenders.
Iceland Foods’ renewed interest-free loan scheme reflects its ongoing commitment to aid financially vulnerable families, especially during demanding times. By providing an alternative to high-interest and illegal lending practices, the scheme hopes to ease the financial pressures faced by many during the festive season and beyond.
