Today the Financial Health Exchange welcomes Angela Clements, CEO of Fair For You, who is on a mission to challenge the high cost credit industry. In today’s post she tells us about how Fair for You is offering consumers a better, fairer option for their borrowing needs.
Fair for You is led by a team with a community credit union background, who got tired of seeing the high cost credit stores opening shop after shop in Birmingham.
We found we couldn’t compete with them, no matter what we tried, so we decided to set up a national challenger. Wow, its been a lot of hard work!
After 2 years of research and gathering evidence from mums of younger families and low income, we asked a lot about their modern borrowing needs.
We were told that people are tired of being ripped off and treated badly when they had to use credit to buy essential items.
Originally we planned to look like a weekly payment store, but with cheaper pricing. But when we asked their customers, we found they wanted something better– something fairer.
Fair for You is a CIC and wholly owned by a charity so we have a strong mission and asset lock, with full authorisation from the FCA. Most importantly, we don’t have any shareholders or any owners to please, we are run entirely for the benefit of our customers.
We are creating a digital high street, partnering with manufacturers and retailers. We provide small loans to our customers to be able to buy quality and branded items at high street prices from our partner retailers.
Our loans are designed to meet all the needs we identified, so our credit is flexible, supportive, and affordable, within credit union pricing.
We allow our customers to choose repayments to suit their budget and we encourage customers to overpay when they can, so they have a buffer if they have to miss a payment.
Adopting digital technology, our service is available 24/7 through smart phones and tablets, with a telephone service available 8:00 – 8:00 weekdays, 9:00 – 6:00 on Saturday and 10:00 – 4:00 on Sunday.
Can we really take on the big weekly payment stores and the high cost credit used when families need a washing machine or a fridge freezer and offer a friendly and supportive service? We already are! Read our customer feedback https://www.fairforyou.co.uk/why-choose-us/the-ffy-difference/customer-reviews/. It shows us that our customers are very financially savvy and careful with their money, they just need better alternatives.
We launch formally on 1 February at the House of Commons, and we are very keen to work with any organisation that want to combat high cost credit, and would find it helpful to have us as part of their strategy.
We have webinars every Tuesday led by our Partnership Manager, Brenda Spencer. Dial in if you want to know more.