Student FOMO loans
Senator Davitt raised concern that Bank of Ireland was marketing risky short-term “FOMO” loans to DCU students and asked that the Deputy Leader refer the matter to the Minister for Finance. Light exchanges followed about student life before he reiterated that the practice was misleading and should be challenged.
A disturbing matter was brought to my attention over the weekend. A student in DCU told me that Bank of Ireland has been "pushing", if I may use that term, cheap loans on students. He called them "FOMO" loans. I had to ask him to explain it to me.
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It means "fear of missing out". I suffer from it.
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Senator Noone is younger than me, and more in tune with student life and night life in Dublin.
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Senator Davitt is not selling a house now.
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I couldn't disagree. "Fear of missing out" loans are being peddled by Bank of Ireland in DCU at present. If they are trying to encourage people to join the bank, why don't they give them €50 or €100 to open an account, as they did in the past? That would be a more honest way of doing business. That cycle of short term loans is very prevalent in the UK, though not as big a culture in Ireland, thankfully, probably due to more regulation. I ask the Deputy Leader to raise this issue as soon as possible.