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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