Photo: Steve Buissine | Pixabay
As food costs in many countries rise at an alarming rate, one research firm predicts the average annual household shopping bill will be nearly $800 (£643) higher this year. In a bid to offset the increase, UK supermarket chain Iceland Foods has begun offering small, interest-free loans to help people buy groceries. The microloan program, called Iceland Food Club, is designed to help families spread out the cost of food over a few months. Repayment of the microloans are made at a rate of £10 a week. There are no late fees for missed payments, and payment can be rearranged. Within a week of the program's launch in August 2022, over 50K people applied to join the Iceland Food Club. The loan scheme was developed in partnership with Fair for You, a charity-owned ethical lending nonprofit, whose CEO Simon Dukes noted, "The scale of applications received is an indication that there is a strong desire for this kind of ethical credit."
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