RE: ICELAND FOODS17 Aug 2022 14:27
Supermarket Iceland has rolled out an interest-free loan scheme to help shoppers stock up on everyday items amid the cost-of-living crisis.
The budget frozen food chain's new initiative allows customers to take out interest-free "micro loans" on a pre-loaded card of up to £100 to cover their grocery shop.
The supermarket today and its partner in the scheme, the not-for-profit lender Fair for You, today launched details of the scheme - including who is eligible, how it works, and how to apply.
The offer comes as grocery bills have surged at the fastest rate since 2008 as grocery price inflation jumped to 11.6% for the four weeks to August 7, compared to 9.9% in the previous month.
Research firm Kantar said this equates to a £533 annual increase in the average UK household’s grocery bill, with butter, milk, and poultry leading the price hikes.