BoI trialling ‘Fomo funds’ loans for college students

BoI trialling ‘Fomo funds’ loans for college students

Product is a play on the phrase ‘fear of missing out’

Bank of Ireland is targeting students with so-called ‘Fomo funds’, offering them loans to finance their socialising.

The bank’s latest student product, which is being trialled at its Dublin City University branch, is a play on the phrase ‘fear of missing out’. It allows students to receive €100 into their bank account instantly by just sending a text.

However, students who fail to repay the loan within the required six week period will face a...

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