Fair For You is a finalist at the Credit Strategy Vulnerability Awareness Gala Awards 2023 taking place in Manchester this evening. They are shortlisted in the Best Vulnerable Customer Support Initiative category for their work, supported by Policy in Practice, that offers solutions to low income customers who have been refused loans from high street lenders.
Supporting vulnerable customers is core to the work of Fair for You
Fair for You is a flexible credit provider that improves people’s lives through responsible lending. They offer loans to customers to purchase essential household items directly from selected retail partners.
Fair for You helps financially vulnerable customers in numerous ways:
- Loans are flexible so that people can access credit on terms that work for them
- Adjustments to repayment schedules are possible if circumstances change
- Support is offered to customers who have trouble making their repayments
- Customers can easily manage their loan(s) in an online dashboard
Fair for You offers a pre loan application tool that allows people to check their likelihood of being accepted for credit before beginning their application and preventing a credit search from appearing on their credit file.
How the Better Off Calculator helps Fair For You’s customers
Fair for You has also licensed the Better Off Calculator from Policy in Practice as part of its communications and arrears strategy. The calculator is integrated into each customer’s online dashboard where they make payments or check balances.
The addition of the calculator means customers can maximise their income by calculating benefits they may be eligible for and not yet claiming.
The positive impact on Fair For You’s customers
By integrating the Better Off Calculator into customers’ dashboards, Fair For You is enabling financially vulnerable people to carry out a benefit check when logging into their account. The ability to check which benefits they may be eligible for but aren’t claiming gives customers context to their full financial circumstances and sets them up for long term financial success.
Their process for responsible lending also provides support for those on low incomes. Rejecting customers outright based solely on income could put them in further financial difficulty if they apply to another provider with higher interest rates and inflexible repayment plans.
By offering an alternative loan they extend their responsible money lending to a wider customer base, helping them to build a stronger credit history and improve their financial stability.