VANQUIS & FAIR FINANCE LAUNCH INNOVATIVE PARTNERSHIP TO HELP 100,000 PEOPLE ACCESS AFFORDABLE CREDIT AND UNCLAIMED BENEFITS

• First of its kind decline referral partnership will support up to 100,000 financially underserved people with benefit checks and affordable credit
• Pilot programme has already helped over 2,600 people unlock finance and access nearly £10m in benefits entitlements
• Programme underpinned by £3mn lending facility from Vanquis

3rd July 2025, London: Today, Fair Finance and Vanquis launch a first-of-its-kind decline referral scheme that aims to support over 100,000 financially underserved people across the UK over the next two years. The scheme will direct Vanquis customers who are not yet eligible for its products to Fair Finance, where they can apply for an affordable loan and automatically be assessed for benefit entitlements.

The initiative follows a successful pilot programme that supported over 2,600 individuals, unlocking nearly £10 million in benefits and advancing £100k in loans, over the past 6 months. The new partnership is underpinned by a £3mn lending facility from Vanquis.

A widening credit gap

Currently one in three UK adults struggle to access credit from mainstream lenders^[1], with reports suggesting that millions have turned to illegal moneylenders.[2] This situation is at risk of worsening, with the FCA highlighting that 49% of people are potentially financially vulnerable.[3]

The Government has pledged to develop a National Strategy for Financial Inclusion, shaped by a Financial Inclusion Committee, with input from the financial sector. This follows calls from regulators and the government for a collaborative approach that prioritises customer well-being.

First of its kind partnership

This partnership is the first referral arrangement in the UK between a non-profit and a bank, that addresses these issues directly. It is creating an impactful and scalable solution to an issue affecting millions in the UK, helping them avoid financial inclusion and unnecessary borrowing.

It forms part of Vanquis’ broader ‘not yet’ proposition – an approach focused on supporting potential customers with tailored financial support rather than declining them outright.

“Our partnership with Fair Finance, alongside tools like Snoop, reflects our commitment to practical, inclusive support for financially underserved people,” says Ian McLaughlin, CEO of Vanquis. “Helping customers unlock the benefits they’re entitled to is a powerful way to ease financial stress, reduce the need to borrow, and build a more secure future. Through our ‘not yet’ proposition, we’re creating better ways for people to regain control and rebuild their financial lives.”

Faisel Rahman OBE, Founder and CEO of Fair Finance, said: “Partnering with Vanquis allows us to reach people often left behind by traditional lenders. Together, we’re not just providing loans, but are helping people unlock income through unclaimed benefits to build long-term financial stability. This referral process, backed by a new £3 million lending facility, shows how lenders can play a more proactive role in supporting financial inclusion. If adopted more widely, it could help lay the foundations for a fairer and more accessible financial system.”

 

About Vanquis Banking Group

 

• Vanquis is the UK’s largest specialist finance provider for financially underserved customers and one of the biggest financial services businesses outside the Southeast.
• Headquartered in Bradford and listed on the London Stock Exchange, Vanquis serves 1.69 million customers through core banking services and Snoop, a platform that helps individuals save up to £1,500 annually on spending and household bills.
• Committed to financial inclusion and social mobility, Vanquis provides tailored products and services that empower customers to take control of their financial futures. This aligns with our mission: to deliver caring banking so our customers can make the most of life’s opportunities.

 

About Fair Finance:

 

• Fair Finance is a non-profit social business tackling financial exclusion since 2005. It is one of the first microfinance organisations in the UK.
• For 20 years it has pioneered the delivery of affordable credit products to some of the most excluded in the country, while also providing advice and support to help people avoid eviction, and backing local entrepreneurs to grow their businesses.
• Starting from a council estate in Stepney it built a branch network around London and has recently moved online to become a digital and nationally accessible business.
• Since launch it has supported over 800,000 people avoid the clutches of moneylenders and loan sharks, while also helping people avoid eviction or start a small business. In that time it has invested nearly £50m to over 70k financial excluded people across the country.
• It is funded from social investors, foundation key stakeholders and commercial banking partnerships.
• Fair Finance’s founder Faisel Rahman has been honoured with on OBE for services to Community Finance.
• fairfinance.org.uk

 

 

About Snoop:

 

• Snoop is an award-winning consumer focused business that provides data-driven, personalised insights (‘Snoops’) to help consumers find their biggest money-saving opportunities.
• Snoop is part of the 2025 Fintech Pledge which brings together the fintech industry and strategic partners to help UK consumers build up their financial resilience and better protect against the rising cost of living.
• For more information about Snoop, please visit: https://www.snoop.app/

[1] PWC and Money & Totally Money, Overlooked and financially Underserved Report, 2022

[2] Fair4AllFinance, Millions turning to unauthorised lenders as new report shines a light on illegal moneylending in Great Britain, June 2023

[3] FCA, Financial Lives Survey, May 2024