Iceland offers installment loans for groceries in the UK as rising prices and falling wages put pressure on consumers

Tens of thousands of applications for an installment plan have flooded into a UK budget grocery chain just two weeks after its launch as a cost of living crisis weighs on UK household incomes.

Iceland Foods’ customers have submitted around 60,000 applications so far, more than the total number of loans the loan provider behind the initiative expects to offer in 18 months. Successful applicants can borrow up to £100 (€115) to pay for groceries in one of the branches.

While inflation and rising energy costs have hit households around the world, Britons in Europe have been particularly hard hit, with inflation hitting double digits and hitting a 40-year high. Price increases in the weekly supermarket store hit 11.6 percent in the two weeks to mid-August, the fastest pace since Kantar, a market research firm, began collecting data in 2008.

“It says something about the economic situation and the pressure many families are under that there has been such a strong uptake,” said Simon Dukes, chief executive of Fair For You, a UK Treasury-backed consumer credit provider that offers the loans . It is expected that 50,000 loans will be made over a period of 18 months.

https://www.independent.ie/business/iceland-offers-instalment-plan-loans-for-groceries-in-uk-as-surging-prices-and-falling-wages-put-the-squeeze-on-consumers-41957844.html Iceland offers installment loans for groceries in the UK as rising prices and falling wages put pressure on consumers

Fry Electronics Team

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