Iceland Foods is extending its interest-free microloan initiative to support shoppers during the festive season and throughout 2025.
- The microloan scheme offers up to £100 interest-free on a preloaded card for use at Iceland or Food Warehouse stores.
- Designed to be an ethical alternative, it counters high-interest lenders and illegal loan sharks.
- Existing participants can enhance their loan options from December 16, while new users apply online.
- The initiative has benefited over 23,000 families since its 2022 launch, easing financial pressure.
Iceland Foods has decisively extended its interest-free ‘microloans’ scheme. This strategic move comes just in time for Christmas and will continue throughout 2025, aiming to provide relief to customers during financially demanding times.
Shoppers have access to a £100 interest-free loan via a preloaded card usable at Iceland and Food Warehouse outlets. The formal repayment plan is set at £10 weekly, yet offers flexibility for faster payback.
This initiative, a partnership with Fair For You, an online lender, started in early 2022. It provides a significant alternative to ultra-high-interest lenders and illegal loan sharks, thus ensuring ethical borrowing solutions for families.
Since its nationwide launch in August 2022, the Food Club scheme has been pivotal, assisting more than 23,000 families by September 2023.
Existing customers can further benefit by topping up their cards from December 16, ensuring readiness for Christmas expenditures. New customers are encouraged to apply through Fair For You’s website.
Richard Walker, Iceland’s executive chairman, emphasizes the company’s commitment, noting the challenging Christmas season ahead for families. By combating loan sharks, Iceland aims to ensure that families can enjoy a peaceful holiday season.
Walker also prompted businesses to adapt effectively to new financial circumstances, referring to the government’s recent Budget. He stressed that businesses should focus on supporting their customers rather than lamenting financial policies.
Iceland Foods’ extension of its interest-free loan scheme highlights its commitment to supporting families in need during challenging financial times.
