14/07/2016

Another step forward for affordable credit

Fair for you is an affordable on-line alternative to Rent to buy, offering the affordable weekly payments that people need but without the high costs.

‘Fair for you’ is a ‘not for profit’ social enterprise set up by the former Chief Officer of Birmingham Credit Union, Angela Clements. 

Julia Webster, Church Credit Champions Network Coordinator from Together Liverpool said “Like all of us who work in the Financial Inclusion sector Angela was increasingly concerned about the ‘poverty premium’ experienced by those least able to access traditionally sources of credit.  The poverty premium is a term used to describe the practice of charging exorbitant rates of interest to customers deemed to be bad credit risks, in particular those on low pay or in insecure jobs and those on benefits."

"The ‘Rent to Buy’ sector has been a particular source of concern as interest rates and insurance costs on the goods rented can result in those least able to pay, being charged more than 3 times the value of the goods bought.  People use these shops because they have little alternative, they find it very difficult to get credit elsewhere and they like the idea of being able to pay weekly.”

Fair for you is an affordable on-line alternative to Rent to buy, offering the affordable weekly payments that people need but without the high costs. 

They have just launched a ‘buy now’ button enabling local authorities, housing associations and charities to buy goods for clients without credit, and they are looking to add significantly to the range of products they offer in the next few months.  To find out more about Fair for You visit their website at www.fairforyou.co.uk