Millennials loving credit unions’ new fast-track Facebook loans
An innovative loan product targeting younger borrowers on Facebook has proven popular in a pilot with 16 credit unions
A group of credit unions in Ireland have come together in an effort to reach tech savvy borrowers in their 20s and 30s through Facebook.
The offer? An online loan with a lightning fast decision.
The application process for these loans reportedly takes less than 30 seconds, and all applicants are promised a speedy response.
Irish Millennials apparently love the concept. Close to half of those who have taken out one a Fast-Track Facebook Loan had never borrowed from a credit union before.
In fact, participating credit unions claim that 10% of their total new loan volume is stemming from these loans, and they think they can kick that to over 20% in the next 24 months.
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