CIH, the electrical buying group, which is part of Euronics, has partnered with Fair for You, a charity-owned social lender providing affordable and ethical credit.
More than one million adults and children in the UK are in ‘appliance poverty’, meaning they live without at least one major household appliance.
With a third of UK adults having difficulty accessing mainstream credit, replacing broken appliances could be a struggle.
Fair for You’s responsible lending service gives Euronics agents the ability to support such customers, ensuring they do not have to go without essential items or turn to high-cost credit.
Since its formation in 2015, Fair for You has provided over 250,000 loans (totalling £70m) to more than 83,000 customers across the UK.
Owned by the Fair Credit Charity, Fair for You is dedicated to alleviating poverty through better credit provision. It is a three-time winner of Consumer Credit Provider of the Year at the National Credit Awards.
“We are delighted to announce our new partnership with Fair for You,” said Rich Knapman, new B2B acquisition and development manager at Euronics UK.
“Our relationship is built on similar values and our joint focus on the communities we serve. Euronics agents are at the heart of their local communities, being part of high streets across the country – we are ‘closer than you know’ – and have always been committed to being part of and supporting their areas.”
Chris Bennett, chief commercial officer at Fair for You, said: “We want to provide our customers, who often find that mainstream lenders and retailers do not serve them, with choice and a wide range of products from a wide range of retailers, so they can find the product that truly meets their needs.
“Partnering with Euronics is a perfect fit, not just because of its product range, but because of our shared values of supporting local communities, which means we can build a strong relationship for us and our customers.”
Fair for You customers will initially be able to purchase products from the newly created bespoke Euronics website.
Euronics agents will be paid in full by Fair for You, with repayments made weekly, fortnightly, or monthly by the customer to Fair for You.
Customers can set up their payments in a way that works for them: they can change the frequency of those payments whenever they need – with no fees. There are no late fees for missing a payment.
Customers can increase their repayments on an ad-hoc basis if they prefer to do so or defer payments and catch-up to get themselves back on track whenever they can.
First time Fair for You customers can purchase products using the ‘Core’ loan, which is specifically for large household appliances. If they keep a good payment history with Fair for You, they can then become part of the lender’s ‘Good Payers Club’ solution, which Euronics is a part of, and gives them access to an even broader range of products through a Shopping Card.
Fair for You regularly commissions independent evaluations of its work, which demonstrate wide-ranging social impacts for customers including reducing stress and anxiety; making customers feel more in control of their finances; helping them to avoid loan sharks; and making it easier for them to enter or remain in employment.
More than one million adults and children in the UK are in ‘appliance poverty’, meaning they live without at least one major household appliance.
With a third of UK adults having difficulty accessing mainstream credit, replacing broken appliances could be a struggle.
Fair for You’s responsible lending service gives Euronics agents the ability to support such customers, ensuring they do not have to go without essential items or turn to high-cost credit.
Since its formation in 2015, Fair for You has provided over 250,000 loans (totalling £70m) to more than 83,000 customers across the UK.
Owned by the Fair Credit Charity, Fair for You is dedicated to alleviating poverty through better credit provision. It is a three-time winner of Consumer Credit Provider of the Year at the National Credit Awards.
“We are delighted to announce our new partnership with Fair for You,” said Rich Knapman, new B2B acquisition and development manager at Euronics UK.
“Our relationship is built on similar values and our joint focus on the communities we serve. Euronics agents are at the heart of their local communities, being part of high streets across the country – we are ‘closer than you know’ – and have always been committed to being part of and supporting their areas.”
Chris Bennett, chief commercial officer at Fair for You, said: “We want to provide our customers, who often find that mainstream lenders and retailers do not serve them, with choice and a wide range of products from a wide range of retailers, so they can find the product that truly meets their needs.
“Partnering with Euronics is a perfect fit, not just because of its product range, but because of our shared values of supporting local communities, which means we can build a strong relationship for us and our customers.” Fair for You customers will initially be able to purchase products from the newly created bespoke Euronics website.
Euronics agents will be paid in full by Fair for You, with repayments made weekly, fortnightly, or monthly by the customer to Fair for You.
Customers can set up their payments in a way that works for them: they can change the frequency of those payments whenever they need – with no fees. There are no late fees for missing a payment.
Customers can increase their repayments on an ad-hoc basis if they prefer to do so or defer payments and catch-up to get themselves back on track whenever they can.
First time Fair for You customers can purchase products using the ‘Core’ loan, which is specifically for large household appliances. If they keep a good payment history with Fair for You, they can then become part of the lender’s ‘Good Payers Club’ solution, which Euronics is a part of, and gives them access to an even broader range of products through a Shopping Card.
Fair for You regularly commissions independent evaluations of its work, which demonstrate wide-ranging social impacts for customers including reducing stress and anxiety; making customers feel more in control of their finances; helping them to avoid loan sharks; and making it easier for them to enter or remain in employment.
For more information about Fair for You, visit www.fairforyou.co.uk/.
