Iceland are continuing to help amidst the rising cost of living by launching an interest-free loan scheme to help those in need with their food shop.
The frozen foods supermarket giant has joined with ethical lender Fair For You to offer customers small loans that will cover everyday essentials that cost between £25 - £100.
It comes as households across the country are continuing to battle even further costs at the supermarket after latest figures suggested that annual grocery bills could rise by £533.
Shoppers looking to apply for the loans need to be signed up to Iceland's Food Club, where they can load up their card with anywhere between £25-£75.
Iceland Managing Director Richard Walker has said that the loans will only be offered to those who can afford them and customers will receive an email notification if they are successful. Eligible customers will be sent out their pre-loaded card within 5-7 business days.
Repayments are then set at £10 per week and customers are able to choose the day they are made and overpay if convenient to them.
The supermarket chain has said that the roll out of the micro-loans comes after a successful pilot trial that found 92% of food bank users able to stop or reduce their reliance on them completely, reports BBC News.
Initially paid back with interest, Iceland made the decision to make them interest-free for the national roll out.
It is the latest initiative to be offered from the supermarket giant to help their customers out with purchasing everyday essentials amidst the rising cost of living.
Last week they announced that they had launched a £30 voucher for thousands of pensioners through their "summer Cheer" Campaign.
They have also become the first ever supermarket to allow anyone over the age of 60 to get 10% off their food shop when they purchase anything in any Iceland and Food Warehouse stores on Tuesdays.
Additionally, they have also launched their Christmas Bonus Card Savings early this year to help cash-strapped families get the Christmas essentials for less.
Find out more about Iceland's interest-free Food Club Card loans here.
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