By MyBankTracker  Fri Nov 30, 2012

Credit Unions Use Facebook Loan Tool With Success

Credit unions have been using a Facebook application that allows them to generate more loans among members.

The application, created by startup Shastic, is a simple financial calculator that helps members calculate the cost of a mortgage or loan. Afterward, members are directed to online loan applications.

Numerica Credit Union, based in Spokane, Wash., was the first credit union to pilot the application and it has opened loans for 763 consumers so far this year, reported American Banker.

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