Iceland has revealed the December top-up window for its ethical micro loans opened with 4,000 applications in 24 hours.
The Iceland Food Club, in partnership with Fair For You, allows customers to apply for “affordable micro loans” between £25 and £100 to pay for groceries at the frozen food retailer.
“Looks like the loans are being spent almost as soon as the money is loaded onto the cards,” Iceland managing director Richard Walker tweeted.
“We’re keen to help those most in need through these tough times.”
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This comes as, in August, the scheme opened up with 50,000 applications.
However, the CEO, Simon Dukes, of Fair For You, – the ethical loan company which has partnered with Iceland for the initiative, said the scheme is “not a silver bullet” for families battling food poverty.
Dukes told Grocery Gazette the zero-interest loans are targeted at individuals and families who “have difficulty” getting mainstream loans as a result of “poor credit files”.
“This loan is for those who can’t get credit anywhere else, who just need that extra bit of money to smooth over the holiday period,” he said.