Fair For You is known for its low-interest loan, which can be used to purchase a range of items at popular high-street retailers.
It is one of the unique buy now, pay later options you can access, thanks to its association with the Fair Credit Charity, which aims to make financing less expensive.
While it works as a social lender, its processes are similar to other payment plan providers. Hence, your credit score will be crucial to your eligibility.
Fair For You
Max. Amount
£600
Credit Check
Yes
Type
BNPL
Tip: You can access up to £600 as a first-timer to purchase items on its catalogue and over time, you can qualify for the shopping card usable at popular high-street stores.
The Fair For You website allows you to purchase new products on a payment plan. Its catalogue includes items in categories such as appliances, furniture, electronics, and pets.
The platform also provides a prepaid card that can be used to enjoy financing at any of its partner retailers, both online and in-person. However, you must be a Good Payers Club member, which requires you to have been a user for at least six months with no previous loan defaults.
Being a financing provider, Fair For You will conduct a check to determine your credit limit for financing products from its partners that may appear on your financial profile file.
Since its soft credit does not impact your score, you may want to utilise the eligibility checker it provides before you apply as this will help you avoid time-wasting by knowing if you will qualify.
It grants up to £600 when you shop directly through its catalogue but with the prepaid shopping card, you are limited to £350 to use online and offline at retailers like Iceland, Argos, and Carpetright.
The platform provides two different types of cards. If you own the Food Club card, this is only valid for grocery shopping on the Iceland website and its walk-in stores.
Its payment plan varies between 12 and 52 weeks, and interest is charged monthly at 4.25%, equivalent to 51% interest per year ( or a representative APR of 64.8%).
Whether it is a better option depends on factors like your credit score as you may still qualify for Fair For You with a poor standing. However, platforms like Novuna Finance and PayPal may offer longer terms at 0% interest which can be good alternatives.
Known for its flexibility, you can choose how convenient to repay, including weekly, fortnightly, or monthly.
While it allows you to delay payments provided you let them know of any financial difficulty before the due dates, you may be charged a default fee of £9.50 if you do not inform them.
Fair For You Requirements
To use the Fair For You financing service, you need to meet the following requirements:
- You are at least 18 years of age
- You are a full resident in the UK
- Have the National Insurance number
The above applies to purchasing through its catalogue as a new user but to qualify for Good Payers Club (to be eligible for the shopping card):
- You must have been on the platform for at least 6 months
- Have repaid previous loans with no default
How Fair For You Works
Fair For You is a monthly interest financing option which makes it appealing as you will only pay 4.25% of the loan amount if repaid within 30 days.
Unlike the other financing providers like Newpay, Dividebuy, and Klarna, you will not be able to use it directly on a payment page as a new user because you need to pass a trust test.
This test called ‘loan’ requires you to purchase products like appliances, electronics, sofas, and other essentials through its catalogue, available when you visit the Fair For You portal.
When shopping as a first-time user, the application will involve a credit check to determine the purchasing power that fits your profile. Once approved, you can purchase a range of items on payment plans.
The term varies and you can choose to make your repayments every week, bi-weekly, or monthly. The quicker you complete the payments, the better your chances of qualifying for its Good Payers Club.
As a Good Payers Club member, you can qualify for its prepaid shopping card that can be used to make payments at select retailers like Iceland, Argos, Euronics, and others.
Food Club Card vs Good Payers Club Card
Fair For You has two different cards, one for Good Payers Club members and the second for food and grocery shopping.
While they are from the same provider, behaviour differs as the Food Club Card is only usable at Iceland supermarkets when shopping on the website or at their store locations for groceries.
The Good Payers Club qualifies for all products at its partner stores, which also include Iceland supermarkets as well as Argos, Chems Direct, Habitat, Carpetright, and others.
With the Food Club Card, you are limited to a maximum of £100 (can be topped up on set dates) while the Good Payers Club Card can be topped up to £350 for shopping any time provided you have not used up your allowable credit.
Features of Fair For You
The platform has the following features:
Monthly Interest
There is a monthly interest that applies when using the Fair For You financing service, this is fixed at 4.25%.
The total payable at the end of the term can vary depending on when you complete payments but for a year, the interest rate is 51%, which is equivalent to a representative APR of 64.8%.
Third-party Powered Catalogue
You can also directly shop and spread the cost of your purchases through the Fair For You website.
The platform has several products in varying categories, mostly from its partners and can be delivered to most locations within the UK.
As a new user, your first experience will be shopping through the platform and as you build your trust level, you can be eligible for a prepaid card usable outside its website.
Shopping Card
The shopping card is one of the main reasons many people use the platform and it requires membership to the Good Payers Club.
This card is a prepaid version that can hold up to £350. It can be used to make payments at select retailers for different items, including mobile phones, appliances, furniture, and other essential goods and services.
Usable at Select Retailers
Despite the card being prepaid and having details like a regular debit or credit card, it cannot be used outside its network of retailers.
You must be shopping at allowable merchants for the card to be functional, online and at their physical outlets.
Credit Check
Fair For You will perform a credit check when you submit an application which can impact your financial record temporarily.
To avoid causing any short-term damage, there is an eligibility checker on the platform that you can use to know if you will be approved or not. This uses a soft inquiry hence, no impact.
Payment Plan
Its payment plan runs from twelve weeks to fifty-two weeks but you may be offered longer terms depending on your financial situation.
There is flexibility irrespective of which you select as it allows you to pay conveniently weekly, bi-weekly, or monthly (anyone you choose is better).
Late Payment
Working as a not-for-profit financing provider, the platform does not have a strict punishment when you default provided you contact the customer care team before the next due date to extend it.
However, a late payment fee of £9.50 may be added to your next instalment payment if you have not made it known to the team.
Fair For You may be a good option if you have a “not so good” credit score but the long-term plan can also be expensive hence, complete the due payments within the short-term to save on the interest charges.
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