A new report funded by Fair4All Finance identifies the incredible social impact of affordable credit provider Fair for You.
The report by the Centre for Responsible Credit shows how Fair for You have
- Generated over £50 million of social value since 2015
- Saved over £2 million from reduced use of NHS services
- Helped move over 71% of their customers away from high-cost credit
The report also identifies over 20 types of customer impacts. These include reduced living costs, healthier diets and improved mental health.
We started working with Fair for You as part of our Pilot Affordable Credit Scale Up Programme last year. We’re delighted to have been able to provide funding for them to commission this report.
The findings further evidence how properly serving customers in vulnerable circumstances can play an important part in helping people lead healthy and happy lives.
We believe this report sets a new standard for impact reporting in the affordable credit sector. We encourage other providers to use this as a basis for their own impact reporting.
The more we can all do to prove the social impact of affordable credit providers, the stronger the case for further investment in the sector becomes.
Sacha Romanovitch, CEO of Fair4All Finance said:
“We’re pleased to have been able to support Fair for You in further tracking their social impact. This report provides a compelling assessment of the impressive and far reaching benefits they have created. Benefits that are realised by the very customers who need them most.”
Angela Clements, Chief Executive of Fair for You said:
“Being part of the Fair4All Finance Affordable Credit Scale Up pilot has been transformational for Fair for You in many ways. Not least in the funding to conduct this research, which has enabled us to record the voice of our customers in great clarity. We’re proud that this voice describes the huge difference we’ve been able to make to people’s health and wellbeing. We appreciate the support of the team at Fair4All Finance and look forward to building on their investment to scale our work.”