Fair for You is a British, not-for-profit online lending company. It is a Community Interest Company set up to provide finance to families who do not have access to mainstream credit, so that they can purchase goods for their home directly from the manufacturers.1. "The high Street Scandal that makes the poor pay more for less" The Independent, 15 March 2016 (accessed 30 March 2016)"Social Enterprise takes on the pay weekly retailers" Third Sector, 29 March 2016 (accessed 30 March 2016)
Fair for You is the trading name of Fair for You Enterprise CIC. It is owned by the Fair Credit Charity, a registered charity previously called Fair for You Ltd."Fair Credit Charity Ltd, the Charity Commission for England and Wales"
History Fair for You was established in 2015 by Angela Clements, who had run the Citysave Credit Union in Birmingham."Fair for You an affordable alternative to Brighthouse" Church Action on Poverty, 8 February 2016 (accessed 22 March 2016)"Social Enterprise takes on the pay weekly retailers" Third Sector, 29 March 2016 (accessed 30 March 2016) The business model was developed over two years, based on market research done on family households on less than £25k a year."New Social Enterprise to provide low income households a lifeline" The Pioneers Post, 9 February 2016"A real challenge to high impact high cost credit?" Financial Heath Exchange, 29 January 2016 (accessed 30 March 2016)
Fair for You secured £470,000 in September 2014, obtained its FCA licenceFair for You FCA license in December 2015 and was launched in February 2016 at the House of Commons."Charity backs new lender to curb rent-to-own ‘legal loan sharks’" The Sunday Times (September 2014), accessed 30 March 2016"Social Enterprise takes on the pay weekly retailers" Third Sector, 29 March 2016 (accessed 30 March 2016)1. "The high Street Scandal that makes the poor pay more for less" The Independent, 15 March 2016 (accessed 30 March 2016)
According to the Financial Conduct Authority, around half of the people who have used other rent-to-own companies have experienced some degree of late payment fees, with more than one in 10 thought to end up having their goods repossessed.1. "The high Street Scandal that makes the poor pay more for less" The Independent, 15 March 2016 (accessed 30 March 2016) Chair of the All Party Parliamentary Group on Debt and Personal Finance and Labour MP Yvonne Fovargue said at the launch event: "Fair For You is a real alternative to other rent to own companies.""New Social Enterprise to provide low income households a lifeline" The Pioneers Post, 9 February 2016
Founder Angela Clements left Fair for You in 2020, and Simon Dukes was made CEO the following year."Fair for You - Our Team" Fair for You website]
Awards Fair for You has recently won the 'Consumer Credit Team of the Year' in the Credit Awards 2020 by Credit Strategy.
Fair for You has been voted Firm of the Year and Best Loan Provider (Lending <£2.5k) at the Consumer Credit Awards 2020, retaining the title Firm of the Year for three consecutive years.
In March 2020 Fair for You with EML and Lending Metrics won the Affordable Credit Challenge by Nesta in partnership with HM Treasury.
In 2019, Fair for You was the only triple award winner at the Consumer Credit Awards, voted Firm of the Year, Treating Customers Fairly Champion and Customer Service Champion.
Previously at the Consumer Credit Awards Fair for You were voted, Best Alternative Finance Provider and Firm of the Year in 2018 and Consumer Credit Champions & Best Newcomer in 2017.
They have also been finalists for the Customer Engagement Solution category in the Credit & Collections Technology Awards 2018.
Product offerings Fair for You offers finance to purchase essential household items at an Annual Percentage Rate (APR) of 55.6%.
Charity and partnerships In 2018 Michael Sheen launched an alliance of organisations that are working towards providing alternatives to high cost credit and eliminating the poverty premium in the UK, which Fair for You is a part of.
Fair for You have been members of the Social Enterprise UK since 2017.
Fair for You has built an online high street by partnering with manufacturers and retailers."New Social Enterprise to provide low income households a lifeline" The Pioneers Post, 9 February 2016 In 2015, the company partnered with Whirlpool, whose brands include Hotpoint and Indesit."Social Enterprise takes on the pay weekly retailers" Third Sector, 29 March 2016 (accessed 30 March 2016)
They received funding from a number of partners in 2014, such as Esmée Fairbairn Foundation, Joseph Rowntree Foundation, The Funding Network and others."New Social Enterprise to provide low income households a lifeline" The Pioneers Post, 9 February 2016
The organisation is working with a range of organisations, including Turn2us and the Money Advice Trust, to bring the offering to market."Can short term loans ever be ethical?" Good With Money (accessed March 2016)
References
External links Official Website