Iceland Foods has extended its interest-free ‘microloans’ initiative to support families during Christmas and throughout 2025.
- Shoppers can access up to £100 on a preloaded card, usable at Iceland and Food Warehouse stores.
- The scheme offers an ethical alternative to high-interest lenders, benefiting over 23,000 families since 2022.
- Existing customers can top up their cards from 16 December; new applicants can join through Fair For You.
- Richard Walker urges businesses to adapt to recent economic changes without undue complaints.
Iceland Foods is extending its popular interest-free ‘microloans’ scheme, an initiative that will continue to aid customers through the festive period and all of 2025. This effort is designed to provide crucial financial support during Christmas, a particularly challenging time for many families. The scheme aims to ease financial strain by allowing customers to borrow up to £100 without incurring interest, utilising a preloaded card that can be used at any Iceland or Food Warehouse store.
The microloans project represents a strategic collaboration with Fair For You, an online lending service. The decision to extend the initiative highlights Iceland’s commitment to being a supportive force amidst financial pressures, offering a viable alternative to high-interest lenders and, in more severe cases, loan sharks. By August 2022, the microloans programme was launched nationwide, and by September 2023, it had reached more than 23,000 families.
Regular repayment terms for these loans are set at £10 per week, although borrowers are given the flexibility to repay more should their circumstances allow. Existing cardholders will have the option to top up their balances from 16 December, ensuring they are ready in time for Christmas expenditures. For those new to the scheme, applications are facilitated through Fair For You’s website, providing an accessible entry point to Iceland’s financial support mechanism.
Richard Walker, the executive chairman of Iceland, emphasised the importance of adaptability in the current economic climate. With many businesses lamenting recent fiscal policies, Walker’s stance is clear: action and adaptability are crucial. He stated, “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.”
His remarks also included a call to steer away from counterproductive criticism of government budgetary decisions, encouraging businesses to meet challenges head-on rather than hoping for policy reversals.
Iceland Foods reaffirms its role in providing tangible financial support to its customers, demonstrating resilience in a challenging economic environment.
