Iceland will partner with non-profit lender Fair For You to offer loans of 25-100 pounds ($30-$121) through pre-loaded cards to financially vulnerable customers, who can make repayments once a week.
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The loan scheme would offer flexible repayment programmes and borrowers would not be harassed by debt collectors, Walker said on Sky News earlier on Wednesday. He also said loans would not be sold off to third parties.
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The loans will be limited to six windows through the year to coincide with school holidays when expenses usually rise, Iceland said.