The world's first Fairness Receipt

Most credit companies go to absurd lengths to hide their real terms, obscuring the details through impenetrable legal jargon and opaque phrasings. Fairlo is now doing the exact opposite and launches the world' first Fairness Receipt, a detailed breakdown of the deal. Where does the money go, to what and what do we stand to profit? In short, what finance geeks call "unit economics".

The Swedish fintech challenger Fairlo believes in a fair world, even when it comes to money, and, that the first step towards a more fair credit industry is transparency. The better informed the customer is, the better prepared she/he is to evaluate the deal they're about to make, making the relationship between lender and borrower more sustainable.

"Yes, we're proud of our new Fairness Receipt but utterly horrified by the fact that no one has done this before. It goes to show just how dishonest the credit industry is" says Helena Westin, Chairwoman Fairlo.

The new Fairness Receipt is the first of many features Fairlo will launch in the coming year, all aimed at clarifying and educating around the credit's setup and optimal use. The credit is called "a somewhat more fair life-happens buffer", which encapsulates the idea, to offer a kind of extra option in everyday life.

Fairlo's starting point is a soul-searching one where we accept the simple truth that all credit has innate unfair dysfunctions. It's when you're able to acknowledge one's shortcomings you can start to truly work on improving oneself.

"There is no holy grail, no deus ex machina that magically solve credit's innate unfairness. It boils down to improving every detail day by day, asking oneself 'is this fair' every step of the way. And being fair begins with being honest" says Jimmy Hanna, founder and CEO Fairlo.

At Fairlo.co.uk customers can read statistics about debt, compare different lenders and see exactly what a Fairlo credit will cost as we apply the same interest rate for everyone, connected to the granted limit rather than some arbitrary risk assessment. In the months to come we'll launch more, somewhat more fair, news and features, all rooted in the idea of "is this fair"

Fairlo is a fintech driven by a strong culture rooted in the idea of a more fair and more sustainable life-happens buffer, an alternative to credit cards, expensive loans and buy-now-pay-later. Fairlo was launched in 2018 and has today a 4.8 score on Trustpilot from more than 3700 reviews.

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