Iceland relaunches interest-free loans for customers to ease pressure during school holidays
DEBT HELP Iceland relaunches interest-free loans for customers to ease pressure during school holidays
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ICELAND boss Richard Walker wants to help families "relax and make memories" this summer and not worry about food bills.
The frozen food chain has relaunched its interest-free loan scheme for the fourth year in a row.
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Mr Walker said: "The summer holidays should be a time for families to relax and make memories, not worry about how they're going to afford their next food shop."
Credit: Arthur Edwards / The Sun
Shoppers can borrow between £25 to £75 interest free in partnership with responsible lender Fair for You on Iceland's Food Club cards to online or in-store.
Loans are repaid in £10 weekly instalments, and returning customers can borrow up to £100 once their first loan is repaid.
Iceland said families will spend over £550million extra on food during the school holidays, with nearly three-quarters of parents facing higher costs because kids eat more at home.
Extra snacks and drinks add further strain to budgets.
Meanwhile, over a quarter of parents have turned to Buy Now, Pay Later schemes or loans to cover their grocery bills.
Many even sell personal items to make ends meet.
Mr Walker said: "The summer holidays should be a time for families to relax and make memories, not worry about how they're going to afford their next food shop. But the reality for millions is very different.
"Our Food Club will be available this summer, offering real, practical support that helps people stock up their fridges and freezers without falling into debt traps."
Applications for the Food Club are open now via fairforyou.co.uk.
Iceland has already given out up to £12.5million in interest-free loans to 31,000 customers.
Four methods you can use to clear debt
If you do borrow cash, be sure to factor in how you're going to repay it.
Iceland has partnered with a dietitian to help families make the most of their £75 Food Club loan.
They've created a budget-friendly shopping basket filled with healthy meals and snacks.
For £75, a family of four can enjoy 126 balanced portions.
For more information and to apply, visit: fairforyou.co.uk/food-club-card.
How to get free debt help
There are several groups which can help you with your problem debts for free. Citizens Advice - 0800 144 8848 (England) / 0800 702 2020 (Wales)
- 0800 144 8848 (England) / 0800 702 2020 (Wales) StepChange - 0800138 1111
- 0800138 1111 National Debtline - 0808 808 4000
- 0808 808 4000 Debt Advice Foundation - 0800 043 4050
You can also find information about Debt Management Plans (DMP) and Individual Voluntary Agreements (IVA) by visiting MoneyHelper.org.uk or Gov.UK.
Speak to one of these organisations - don't be tempted to use a claims management firm.
They say they can write off lots of your debt in return for a large upfront fee.
But there are other options where you don't need to pay.
Meanwhile, inflation hit its highest level in nearly 18 months last month, driven by rising food prices.
Rising inflation means prices are going up faster than they were the month before, pushing up grocery and household bills.
Consumer Prices Index inflation rose to 3.6% in June, the highest since January 2024, according to the Office for National Statistics.
Food prices have risen for the third month in a row, hitting their highest annual rate since February 2024.
Inflation for food and non-alcoholic drinks increased to 4.5% in June, up slightly from 4.4% in May.
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