Almost half of young people would choose credit unions over banks for loans

47% of young people would choose a Credit Union loan over a bank loan, a new survey claims.

The survey by CUNA Mutual, which provides financial services to Credit Unions worldwide, also shows that the 18 - 34 year old age bracket are more likely to borrow for college fees and car purchases.

The body are holding a conference in Dublin today and say younger people are a prime target for Credit Unions, but that access to them needs to be improved in order to tap into the potential market.

"We know that many people in the 18-25 year old [bracket] effectively live with their phones, and it's all around how the credit unions can embrace that technology," said CEO Paul Walsh.

"[They need] to allow people to access the credit union when they need it - particularly around lending products in that category."