We know that it’s not nice to be turned down for a loan.
Our new partnership with Hope 4U offers free, practical personalised support, based on customer postcodes, to customers we’re unable to lend to right now.
Already, Hope 4U has helped customers identify significant financial gains for a number of low-income households.
Here’s what you need to know.
What is Hope 4U?
Hope 4U is an advice agency that helps people to look at their whole financial picture, not just the immediate bill or gap in income.
They offer free, one-to-one support, whether that's over the phone, by email, or in person.
Organisations like energy companies, water companies, banks and local councils also refer people to Hope 4U. Since they were set up in 2020, they’ve helped thousands of people in total.
Even though we’ve got similar names, Fair for You and Hope 4U are separate organisations.
Which Fair for You customers will get Hope 4U’s help?
If you apply for a Fair for You loan but are declined for a loan, we might then give you information about contacting Hope 4U.
This is currently only for customers in certain postcode areas. This is because Hope 4U has certain target areas in which it can provide tailored support.
We are working to make other personalised support available more widely in future. This is the first time we’ve offered this kind of referral thanks to a new function in our system, which means we can send more tailored messages after declining an application.
What kind of support does Hope 4U offer to Fair for You customers?
Depending on your situation, Hope4U can help with:
- Benefit checks, to make sure you're getting everything you're entitled to
- Grants and hardship support
- Help with energy and utility bills, including support schemes
- Support with improving affordability and reducing household costs
- Home upgrades to make your home more energy efficient
- Crisis support for food and fuel
- Signposting to other services where needed
Hope 4U has already spoken to lots of Fair for You customers and helped some of them to identify thousands of pounds of financial gains, whether that is extra income, or savings on existing spending.
Why has Fair for You partnered with Hope 4U?
Since Fair for You was set up in 2015, we’ve lent to more than 100,000 customers, but unfortunately we’ve had to say ‘no’ to many more.
If we're not able to offer you a loan, Fair for You still wants to support you to get in a stronger position. Hope 4U helps us to do exactly that.
Often, needing credit is a symptom of something else - for example a household paying more than it should for energy, a missed benefit entitlement, or a bill that's spiralled because nobody had the time to deal with it. Hope 4U can help people to identify those difficulties, and find ways to resolve them.
Will this cost me anything?
No. The support is free.
Will speaking to Hope 4U mean I'll be approved for a loan next time?
No. Speaking to Hope 4U will not directly impact how we assess loan applications.
However, getting support from Hope 4U could improve your financial wellbeing, and an improvement in financial wellbeing may increase the likelihood of an approval.
What other support is available?
This is one of several ways we're working to support people beyond lending.
We also recently announced a partnership with Good With, a free financial wellbeing app that is now available to all our customers, whether or not your application was successful.
Plus, find a range of other tools, hints and tips on our Debt & Money Matters page.