Combined Independents (Holdings) Ltd (CIH), part of Euronics, Europe's largest electrical buying group, has partnered with Fair for You, a charity-owned social lender providing affordable and ethical credit. More than 1million adults and children in the UK are in ‘appliance poverty’, meaning they live without at least one major household appliance. 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 & 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.”
Fair for You customers will initially be able to purchase products from the newly created 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 the Shopping Card.
