We wanted to write “all credit will screw you” but our lawyer said no.
Let's put it this way, most credit won't make sweet sweet love to your everyday finances as they don't really love you. They love their own bottom line, they cherish the chance for a quick buck and they relish the fact that they can obscure their intentions through impenetrable and opaque terms.
Fairlo is another breed. Fairlo is a life-happens credit buffer that is genuinely in it to be of service for our customers first.
The truth is out there. In the shape of data and facts.
£59,042million
The UK's total interest payments on personal debt over a 12-month period if based on February 2023 numbers
5.6million
The amount of UK adults missed payments on domestic bills or meeting any of their credit commitments in 3 or more of the previous 6 months
£162million
The estimated interest payments on personal debt in the UK. Per day. Based on February 2023
310months
Months it would take to pay off a credit card debt on the average interest making only the legal minimum repayments each month
The only way to be truly fair is to be truly honest and truly transparent.
Yes, fair interest rates are important. And yes, stupid fees are unfair. But as all credit have inherent shitty traits, by nature, it boils down to being completely honest. Well, most credit work hard with obscuring their real self. We work hard to expose our real self, so that you always know what you’re getting into.
The fairness receipt
With Fairlo you get a fairness receipt for every transaction, stating the exact economics of it. How much does it cost, where does the money go, how much do we stand to profit and so on. The Fairlo fairness receipt is the first in the world, which speaks volumes to just how opaque and dishonest the credit industry is.
Read more about the fairness receipt
Fairlo is B Corp impact certified
B Corp is a leading impact certification platform that vouches, through rigorous diligence, that a company has a more positive impact on the world than a negative one. We’re on a constant quest to improve ourselves and our impact on your life and being a B Corp certified company is part of that commitment.
Read about our B Corp certification
Honoring FCA’s “The Duty”.
Every credit company in the UK operates under a license from the Financial Conduct Authority (FCA) but many of them use the grey area wiggle room to trick customers into unsustainable debt.
With Fairlo you can trust our commitment to FCA directives. In July 2023 they launched The Duty, stipulating new guidelines on a better and more fair credit industry. We've lived by these rules from the day one.
The Duty will include requirements for firms to:
- end rip-off charges and fees
- make it as easy to switch or cancel products as it was to take them out in the first place
- provide helpful and accessible customer support, not making people wait so long for an answer that they give up
- provide timely and clear information that people can understand about products and services so consumers can make good financial decisions, rather than burying key information in lengthy terms and conditions that few have the time to read
- provide products and services that are right for their customers
- focus on the real and diverse needs of their customers, including those in vulnerable circumstances, at every stage and in each interaction