A group of UK retailers is supporting a new Buy Now Pay Later (BNPL) alternative from the charity-owned responsible lender Fair for You.
The Fair for You Shopping Card loan aims to assist millions of Brits in managing the cost of essential purchases. Customers can apply for a credit limit of up to £350, which is loaded onto a prepaid Mastercard that can be used for partial or full payments online or in-store at partner retailers. Users can also top up the card once their balance is nearly paid off.
Customers will have a clear view of what they owe based on their payment plan, rather than just the APR. They can choose to pay weekly, fortnightly, four-weekly, or monthly, and can reschedule repayments without incurring charges for early repayment or adjustments to the payment schedule.
Retailers accepting the card at launch include Argos, Iceland Foods, Habitat, Dorset Home Stores, and ChemistDirect, with more expected to join soon.
Since its founding in 2015, Fair for You has supported over 90,000 customers and anticipates an additional 100,000 users over the next three years.
Simon Dukes, CEO of Fair for You CIC, stated: “Across the UK, millions of people have less than £100 in savings or struggle to access credit, including through Buy Now Pay Later providers. We want to ensure that these individuals can purchase essential items, whether it’s new flooring, school uniforms, baby equipment, or replacing a broken appliance.”