DEESIDE, Wales — As inflation hits food prices worldwide, one retailer is hoping a "Buy Now, Pay Later" program will help ease the purse strings for some families.
United Kingdom frozen foods and supermarket chain Iceland announced this week the launch of a "micro-loan" program in conjunction with a nonprofit called Fair for You.
Customers who apply will initially get a pre-loaded "Food Club Card" with between £25 and £75 which can be applied to one shopping trip.
Payments can be made weekly, every other week, or monthly. The minimum payment is £10 per week. Further credit of up to £100 can be accessed up to six times per year.
Iceland will not charge interest for accessing loan funds. Managing Director Richard Walker said, "this is about giving people a choice and helping families avoid going hungry — compassionately and respectfully."
Today Iceland plays its part in easing the #CostofLiving crisis through launching the Iceland Food Club with @FairforYouCIC. This is about giving people a choice, and helping families avoid going hungry - compassionately and respectfully.— Richard Walker (@icelandrichard) August 16, 2022
Read more: https://t.co/bRnOfCKDAh
The "micro-loan" card is offered to all customers, even those currently on government-backed benefits programs. However, the loan is still subject to approval.