Everything You Need to Know about the Fair for You Shopping Card loan

We recently brought you Everything You Need to Know about the Iceland Food Club Loan, so we thought it would be good to fill you in about another one of our loans - the Shopping Card Loan.

Here, we explore our Shopping Card loan in greater detail, answering your most-asked questions, including outlining what the Shopping Card loan is, how you can get your hands on one, and more.

This is everything you need to know about the Fair For You Shopping Card loan…

What is the Shopping Card loan?

From washing machines to food, our Shopping Card loan enables you to buy a range of household essentials from some of your favourite high-street retailers using a card preloaded with an amount from as little as £50 up to £350.

The Shopping Card loan can be topped up at any point during the year - helping you ensure you can cover broken fridges and sofas as well as birthday and Christmas gifts.

The prepaid card works just like any other loan. You agree to a repayment schedule and payments are taken from the agreed date.

It is important to remember that these repayments are not linked to any spending on your prepaid Shopping Card loan. So, you will be charged per your repayment schedule, regardless of whether you have used the card. When and how you spend the credit is your choice - ensuring flexibility.

Where can you use your Shopping Card loan?

You can use it in these high-street retailers: 

• Iceland and The Food Warehouse
• Argos
• Currys
• Tapi Carpets
• Euronics
• Lloyds Pharmacy
• Dunelm
• Habitat
• Tu at Argos
• Our 4 Walls
• Pharmacy2U
• The Charity Shop Gift Card

Can you use our Shopping Card loan when shopping online?

Online: You can select Mastercard and then enter the 16 digit card number, Expiry Date, and CVC on the card.

You may be prompted for a Memorable Word, which can be found in your customer account area.

And you may be asked to enter a Verification Code, this will be sent to your mobile number linked to the card.

In Store: You can use your card with Chip & PIN and contactless!

Just remember, the first time you use your card, you’ll need to enter your PIN.
 

How do you apply for a Shopping Card loan?

To apply for a Shopping Card loan simply head to the Shopping Card loan page. Once you’ve chosen your initial loan amount and accepted the terms and conditions, you’ll be taken to a new page to finalise the application.  

A Shopping Card loan is open to all new and existing customers. You just need to be over 18 years old and have a stable, regular income and a bank account you can make your repayments from. Your income can be from benefits or employment.

How much can you apply for?

With a Shopping Card loan, you can apply for a prepaid card with a loan between £50 and £350.
 

If you're on track with repayments and  have an outstanding balance under 75% of your credit limit you can top-up your card up to an additional £350. Apply in your customer account area.

Will applying affect my credit score?

As with similar loan-type applications, we will perform a credit search that will show on your credit file and could affect your credit score.

Will your loan application be accepted?

Although Fair for You was set up to ensure people can access fair credit rates, we’re unable to guarantee each application will be accepted.

When will you receive your Shopping Card loan?

Once your loan agreement is in place, we will get your prepaid Mastercard out to you as quickly as possible. Although we try to send your card as soon as we can, please allow 7-10 business days for delivery.

What’s the difference between a Shopping Card loan and a Food Club Card?

The Food Club Card:

• You can borrow an initial amount of £25-£75;
• Can be used at Iceland and The Food Warehouse only;
• An interest-free loan;
• You can top-up your Food Club Card up to £100 during windows in the school holidays.

The Shopping Card loan:

• You can borrow an initial amount of £50-£350;
• Can be used at Iceland, The Food Warehouse, Argos, Currys and more;
• 4.25% interest applied each month to your loan;
• You can top-up your Shopping Card loan up to £350 at any time during the year. 

You should also know that the loan and card balances are separate, so you may pay off the loan before you’ve spent the money on the card. This is good to know if you’re planning to buy something that costs more than the initial £350 top-up. For example, if you’ve paid off £300 of the loan, but not spent any money on the card, you’ll be able to add extra money on to the card, giving you more than £350 to spend.

Shopping Card loan vs Food Club Card - find out which could be best for you here
 

Can you have a Shopping Card loan and Food Club Card at the same time?

Unfortunately, you can only have one card at a time, so it’s important that if you’re eligible for a Shopping Card loan you have a think about whether it’s the best product for your needs.

Although the increased shopping choices and balance is tempting, it’s important to be mindful that you will be paying interest on your Shopping Card loan.

To see how much interest you could be charged on your Shopping Card loan and to see what your repayment schedule could look like, check out the Shopping Card loan calculator here.

Shopping Card loan vs Food Club Card - find out which could be best for you here

Repaying your Shopping Card loan

Repayments are set at the amount and frequency in your loan agreement. You can choose to repay weekly, fortnightly, four-weekly or monthly.
 

Which one should you pick?
Weekly or Fortnightly: These are great if you get paid every week or every two weeks. The individual payments are smaller, which can make them easier to manage.

Four-Weekly: Some people get paid every four weeks (usually on a Friday). If this is you, picking "Four-Weekly" ensures your payment always comes out just after you've been paid.

Monthly: This is best if you get paid once a month on a set date (like the 25th). Remember, for monthly plans, you must choose a date between the 1st and the 28th.

Note: Because there are 52 weeks in a year, a "Four-Weekly" plan actually happens 13 times a year, whereas a "Monthly" plan only happens 12 times. Check your calendar to see which one matches your payday!

To give you more freedom over how you pay off your loan, you can repay early with no penalty fees and even request a change to your repayment day. You can do both of these in your customer account area.

What happens if you miss a repayment?

While we want to give you flexibility when repaying your Shopping Card loan, we appreciate that your situation may change.

If you do miss a repayment, we will work with you to arrange an affordable payment plan and help you get back on track where possible.

Fair for You is committed to helping you to stay in control of your finances.

Here’s how you can contact us:

• By emailing payments@fairforyou.co.uk
• Call us on 0333 433 0739
   

Our opening times can be found on our contact us page.

What’s next?

If you already have a Shopping Card loan, you can check your balance, top-up and report your card lost or stolen in your customer account area.

Now you’re up-to-speed on everything you need to know about the Fair for You Shopping Card loan, will you be applying for one?

For more content on all things Fair for You, including the difference between Fair for You and a buy now pay later firm, explore our blog.

*Please note we’ve used links to external websites. Although we make every effort to ensure these links are accurate, up-to-date and relevant, Fair for You Enterprise CIC cannot take responsibility for pages maintained by external providers. Views expressed on external sites we link to are not necessarily those of Fair for You Enterprise CIC. If you come across any external links that don’t work, we would be grateful if you could report them to the web content team.

The content of this blog does not constitute personal financial advice, and the views expressed in it are those of the contributor or author, which may not necessarily represent or reflect the views expressed by Fair for You Enterprise CIC.