LendingMetrics’ ADP platform has been integral in the support of Fair For You’s latest initiative with high street retailer Iceland.
The Iceland Food Club is a unique scheme designed to help households avoid food poverty and get a better handle on their finances. It builds on affordable finance provider Fair For You’s award-winning work supporting financially-excluded households to buy essential items, avoid hardship and build financial resilience.
Fair for you has harnessed ADP’s automated underwriting technology to assess users; providing rapid real-time screening of prospective borrowers, ensuring affordability and compliance parameters are met.
The innovative credit scheme, which is now available nationwide following regional trials, offers microloans of between £25 and £100 to those needing to smooth out their income. Anyone can apply and, if successful, credit is loaded onto a card that is used in store or online. During the pilot phase, customers paid interest on loans, but for the national rollout Iceland has decided to invest in making all loans interest-free.
David Wylie, Commercial Director of LendingMetrics, said: ‘We are delighted that Fair For You has decided to utilise the best-in-class features of ADP to underpin the onboarding of borrowers for the Iceland Food Club. Our platform gives users unmatchable insight into the finances of prospective borrowers, enabling them to make optimal affordability decisions.’