Iceland Offers Customers Loans To help Tackle “Food Poverty”
19 Aug 2022
Supermarket Iceland has introduced an interest-free loan scheme to help those struggling during the cost of living crisis
The scheme in partnership with non-profit organisation Fair for You, allows shoppers to apply for a pre-loaded Food Club card that ranges from £25 to £75.
Participants can then take out further credit, totalling to up to £100 at any one time.
The scheme which was trialled regionally before being rolled out nationally saw 95% of people who had taken out a loan deem it helpful, 71% saying they’re now less likely to fall behind on rent and other bills and 92% saying it had stopped or reduced their use of food banks.
Richard Walker, managing director of Iceland Foods, said: “More than ever, people are struggling to purchase much-needed everyday items during this relentless cost of living crisis, and fresh thinking is required by business and government to find workable solutions,”
“To those striving to worry less about how they will afford essential goods, this ethical credit scheme delivers real help when most needed and I believe it will make a valuable contribution to breaking the cycle of food poverty in this country.”