Industry Loans Headquarters United Kingdom Founded 2015 | Founder Angela Clements Owner Fair for You Ltd | |
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Products Bedroom furniture, Household Appliances Type of business Community Interest Company | ||
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.
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The trading name of Fair for You is Fair for You Enterprise CIC, which is wholly owned by a charity of the same name, Fair for You Ltd.
History
Fair for You was established in 2015 by CEO Angela Clements, who had run the Citysave Credit Union in Birmingham. The business model was developed over two years, based on market research done on family households on less than £25k a year.
Fair for You secured £470,000 in September 2014, obtained its FCA licence in December 2015 and was launched in February 2016 at the House of Commons.
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. 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.”
Product offerings
Fair for You offers finance to purchase essential household items at an annual interest rate of 42.6%.
Charity and partnerships
Fair for You plans to build an online high street by partnering with manufacturers and retailers. In 2015, the company partnered with Whirlpool, whose brands include Hotpoint and Indesit.
They received funding from a number of partners in 2014, such as Esmée Fairbairn Foundation, Joseph Rowntree Foundation, The Funding Network and others.
The organisation is working with a range of organisations, including Turn2Us and the Money Advice Trust, to bring the offering to market.
Fair for You is owned by Fair for You Ltd.