The Social Impact of Fair for You - Third report released
Monday 27th of March 2017
The report is commissioned independently from the Centre for Responsible Credit by the Registered Charity. It provides an assessment that Fair for You is making, in the first year of lending, to the lives of its customers. The previous two social impact reports showed that customers had found considerable benefit in comparison to the high cost credit products which they had been obliged to use. Those benefits were not only financial but related to the wellbeing of the entire household, reducing levels of stress, anxiety and depression.
The third report, follows customers who have been able to replace their use of high cost credit to purchase household goods with Fair for You’s affordable and tailored credit solutions designed specifically to meet the borrowing needs of lower income families. For example, they calculate Fair for You has saved customers £2.3m in the first year of lending.
As Fair for You Enterprise begins to scale its service provision, having secured social investment from a wide range of social investors, we also report on the wider impact of removing the poverty premium from low income households, and the return on social investment that may be achieved.
Click here to view the reports or download them all from the Tpas knowledge hub.