Iceland
Iceland Food Club
Record inflation dealt a heavy blow to UK consumers in 2022. Food prices climbed 17.6%, seriously impacting households already living payday to payday, with 65% borrowing money to pay bills.
This was a chance to be a force for good. So, we tackled food poverty head on and launched the first ethical credit solution for struggling customers: The Iceland Food Club.
The initiative saw Iceland become the first supermarket retailer to offer customers small, interest-free, micro loans to address short-term food insecurity - and sustain families when budgets simply couldn’t stretch far enough. Partnering with not-for-profit UK lender; Fair For You to administer the program, Iceland aimed to give shoppers the little extra cushion they needed to get by.
Now, loan applications average 4,000 daily, reliance on loan sharks has declined by 82% and over £6million in loans have been granted to date, helping thousands weather inflation with dignity.
This was a chance to be a force for good. So, we tackled food poverty head on and launched the first ethical credit solution for struggling customers: The Iceland Food Club.
The initiative saw Iceland become the first supermarket retailer to offer customers small, interest-free, micro loans to address short-term food insecurity - and sustain families when budgets simply couldn’t stretch far enough. Partnering with not-for-profit UK lender; Fair For You to administer the program, Iceland aimed to give shoppers the little extra cushion they needed to get by.
Now, loan applications average 4,000 daily, reliance on loan sharks has declined by 82% and over £6million in loans have been granted to date, helping thousands weather inflation with dignity.