TruStage, an insurance, investment and technology provider, built on years of experience providing payment protection solutions to credit unions, announced the availability of its newest lending solution–Payment Guard Insurance.
The Payment Guard product is a key innovation in the digital lending / insurance space.
It is designed to protect against unexpected covered losses “that could lead to borrower defaults.” With TruStage Payment Guard Insurance, borrowers are “protected in case of covered job loss or covered disability.”
The Payment Guard solution is designed “to be an added benefit delivered by digital lenders regardless of business sector, immediately covering borrowers when their loan is funded at no additional cost to them.” The solution is customizable “to accommodate the lender’s budget and has a seamless no code implementation.”
Danielle Sesko, TruStage director of Product Management, said:
“Eight in 10 consumers have concerns about making their loan payments2. Our Payment Guard product offers borrowers a unique layer of protection for their payment obligations in case of covered job loss or covered disability. This product is designed to help lenders attract more borrowers, strengthen their portfolio’s performance and reduce time spent on collections. We want this coverage to become a ‘must have’ feature for borrowers when selecting their loan products and credit providers.”
Happy Money, a platform that connects credit unions and consumers to enable access to happier lending at scale, collaborated “with TruStage on the development of the product and became the first company to integrate the solution.”
Adam Zarlengo, Chief Product Officer of Happy Money, said:
“Offering this coverage with every Happy Money loan helps us bring greater confidence and protection to borrowers and strengthen loan performance for our lending partners.”
Last month, Zirtue, the relationship-based, peer-to-peer lending application that simplifies loans between friends, family and trusted relationships, “became the second platform to announce its deployment of the TruStage Payment Guard product.”
Dennis Cail, co-founder and CEO of Zirtue, said:
“With friends and family being one of the largest banks in the world, our goal is to help offer relationship-based lenders the peace of mind they deserve. The TruStage Payment Guard solution enables us to provide an innovative solution that could act as a safety net for our lenders, underscoring our commitment to driving financial security and inclusion.”
Coverage through the TruStage Payment Guard will “not impact borrowers loan terms and is supported by the TruStage digital claims team.”