Oh so I can borrow money just to survive but I’m to be thankful I don’t pay extra on it? Get stuffed
>The scheme is designed to enable them to cover school holiday grocery bills or smooth out gaps in their income by providing interest-free “microloans” of between £25 and £100 to buy everyday items.
>Iceland has partnered with Fair for You on the initiative, which is being extended across the UK from 16 August after a pilot phase during which loans were provided to more than 5,000 customers.
>The microloans are made available on preloaded cards, with repayments set at £10 a week. During the pilot, customers paid a “minimal” amount of interest on the loans, but Iceland had decided to invest an undisclosed amount “in making all loans completely interest-free for the national rollout”.
>An independent evaluation of the pilot found that 92% of customers who had previously used food banks had stopped or reduced their use, while 71% said they were less likely to fall behind on rent, council tax or other bills.
The final bit at the end there is the bit to take note of. It seems to actually have helped people and hopefully will in the future.
This is one of those things that we should not need in our country, but is helpful that we have it.
*Klarna has entered the chat*
I can’t wait for the next Brighthouse, maybe call it it “FoodHouse”
Maybe I’m missing something here but…..why don’t they just provide the food free of charge directly to customer who are eligible for these loans? Why the extra rigmarole?
Went to give this charity a quick google, their monthly interest rate seems to be 3.75%? So annually thats what, 45-55% pending compound interest?
Seems a tad high for a charity, no?
Nice idea in theory, but how many people will never be able to afford to pay it back?
So you can’t afford food one week, so you get a small loan that makes you £10 short for the next 10 weeks
I just want to invite the government to shove these up their arse, and provide some food instead.
I was initially told my student loan, back in 2010, would be interest-free. There was a change in policy real quick, so now I pay interest. Fuckers.
More debt, great.
Yes they don’t come much more uninteresting than this.
17 comments
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What a timeline.
People needing loans for food.
Have we taken back control yet? Is it going well?
If they have no bread let them take out loans
Oh so I can borrow money just to survive but I’m to be thankful I don’t pay extra on it? Get stuffed
>The scheme is designed to enable them to cover school holiday grocery bills or smooth out gaps in their income by providing interest-free “microloans” of between £25 and £100 to buy everyday items.
>Iceland has partnered with Fair for You on the initiative, which is being extended across the UK from 16 August after a pilot phase during which loans were provided to more than 5,000 customers.
>The microloans are made available on preloaded cards, with repayments set at £10 a week. During the pilot, customers paid a “minimal” amount of interest on the loans, but Iceland had decided to invest an undisclosed amount “in making all loans completely interest-free for the national rollout”.
>An independent evaluation of the pilot found that 92% of customers who had previously used food banks had stopped or reduced their use, while 71% said they were less likely to fall behind on rent, council tax or other bills.
The final bit at the end there is the bit to take note of. It seems to actually have helped people and hopefully will in the future.
This is one of those things that we should not need in our country, but is helpful that we have it.
*Klarna has entered the chat*
I can’t wait for the next Brighthouse, maybe call it it “FoodHouse”
Maybe I’m missing something here but…..why don’t they just provide the food free of charge directly to customer who are eligible for these loans? Why the extra rigmarole?
Went to give this charity a quick google, their monthly interest rate seems to be 3.75%? So annually thats what, 45-55% pending compound interest?
Seems a tad high for a charity, no?
Nice idea in theory, but how many people will never be able to afford to pay it back?
So you can’t afford food one week, so you get a small loan that makes you £10 short for the next 10 weeks
I just want to invite the government to shove these up their arse, and provide some food instead.
I was initially told my student loan, back in 2010, would be interest-free. There was a change in policy real quick, so now I pay interest. Fuckers.
More debt, great.
Yes they don’t come much more uninteresting than this.
Recession incoming
/r/letthemborrowcake