Iceland Foods has announced the extension of its interest-free microloans scheme, an initiative aimed at supporting holiday shoppers and continuing through 2025.
- The microloan scheme, in partnership with Fair For You, provides customers with up to £100 on a preloaded card to use in Iceland or Food Warehouse stores.
- The loan scheme has been designed as an ethical alternative to high-interest lenders and has benefited over 23,000 families since 2022.
- Repayments for borrowed funds are set at a standard rate of £10 per week, though borrowers can opt to repay more.
- Existing customers can refill their cards, and new customers can apply online, ensuring many can afford a generous Christmas.
Iceland Foods has confirmed the continuation of its interest-free microloan scheme, which supports customers through the Christmas season and beyond into the next year. This initiative, in collaboration with Fair For You, allows individuals to borrow up to £100 without accruing interest, which can be utilised at any Iceland or Food Warehouse outlet.
The microloan is intended as an ethical and affordable alternative to other high-cost lending options that many might feel compelled to rely on. Since its inception at the beginning of 2022, followed by a nationwide launch later that year, the scheme has significantly benefited families, reaching over 23,000 households by the end of 2023.
Richard Walker, the executive chairman of Iceland, addressed the challenging financial landscape families are facing, particularly during festive periods. He criticised businesses that focus on complaining and instead stressed the importance of proactive measures that support consumers in practical terms. Walker reiterated that the Government is unlikely to reverse decisions made in the recent Budget, emphasising the need for adaptation rather than protest.
Existing users of the microloan scheme can increase their card balance starting 16 December, just in time for the festive season. New applicants are encouraged to apply via Fair For You’s website, offering them financial flexibility during a period often marked by financial strain. The standard repayment plan requires £10 weekly, although borrowers can choose to repay more at their discretion.
Iceland’s commitment to its interest-free microloan scheme exemplifies a supportive approach during challenging times for many families.
