Flexible credit provider Fair For You has provided a total of £10 million loans since it was established in 2015. Approximately £650,000 in loans has been issued in October 2018 alone, the highest amount ever issued in a single month. 32,000 loans have been granted by the company overall.
Fair For You was founded by Angela Clements to combat high-cost weekly payment stores. Through providing fair, flexible and affordable credit, the company ensures vulnerable, low-income families never have to go without essential household items.
The not-for-profit company has had an immeasurable social impact. According to an independent calculation by the Centre For Responsible Credit, Fair For You’s work has led to a £16 million poverty premium saving.
Fair For You’s work has garnered the attention of celebrities and business professionals alike, who are keen to make a stand against universal credit. Actor and founder of End High Cost and Credit Alliance, Michael Sheen, and MoneyMagpie Director, Jasmine Birtles, are just two of the company’s supporters.
On hearing about Fair For You’s financial success, Michael said:
‘I’ve just heard the excellent news about Fair For You providing a total of £10 million in loans since the company was founded. That’s £10 million of fairly and responsibly distributed finance to those who otherwise might have been trapped by a high cost credit provider to buy essential items for their homes. I’m a huge supporter of Fair For You, their values and the fantastic work the team does to combat unfair high cost lending and protect the financially vulnerable. The social impact of Fair For You is immeasurable, and I look forward to seeing the company grow and their work continue long into the future.’
On average, customers save £527 per item when choosing Fair For You over rent-to-own providers. Not only does Fair For You save people money, but it reduces the crippling stress and anxiety felt by those facing financial strain. Jasmine Birtles has witnessed first-hand the great work Fair For You does:
‘I’ve met many Fair For You customers who need an alternative to high-cost credit, particularly in emergencies; from the washing machine breaking to their child sleeping on a mouldy bed. Fair For You helps thousands of families every month and more people should know about their service, and avoid the debt trap that high-cost credit providers put them into.’
Speaking of Fair For You’s success, founder Angela Clements said:
‘This is the first time in a generation that a lower income consumer-led, unique credit solution has been created. Off the back of our Firm of the Year win at the Consumer Credit Awards, we’ve secured a partnership with Dunelm, who joins the likes of Hotpoint in backing our organisation. This is an exciting milestone for us, and I anticipate more growth as we continue our goal of creating a mainstream alternative to high cost credit in the UK.’