TruStage, a leading insurance, investment, and technology provider, has unveiled its latest lending solution, Payment Guard Insurance. The product, which represents a significant development in the digital lending and insurance market, aims to safeguard borrowers from unexpected losses that could potentially result in loan defaults. With TruStage Payment Guard Insurance, borrowers are offered protection in cases of covered job loss or disability.
The Payment Guard solution is designed to be an additional benefit provided by digital lenders across industries, and it covers borrowers immediately upon loan funding at no extra cost. The customizable solution can be tailored to fit the lender’s budget and can be seamlessly implemented without the need for coding.
Danielle Sesko, TruStage’s director of Product Management, stressed the importance of Payment Guard in alleviating borrowers’ concerns about making loan payments. She said, “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 facilitates happier lending between credit unions and consumers, collaborated with TruStage on the development of Payment Guard Insurance and became the first company to integrate the solution. Adam Zarlengo, Chief Product Officer of Happy Money, stated, “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.”
Zirtue, a relationship-based, peer-to-peer lending application that simplifies loans between friends, family, and trusted connections, recently announced its deployment of the TruStage Payment Guard product. Dennis Cail, co-founder, and CEO of Zirtue emphasized the importance of providing peace of mind to relationship-based lenders and stated, “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.”
Borrowers can expect seamless coverage through TruStage Payment Guard without any impact on their loan terms. The coverage is backed by TruStage’s competent digital claims team, ensuring that borrowers receive reliable support when necessary. By introducing this innovative solution, TruStage aims to revolutionize the lending landscape and empower borrowers with greater confidence and financial security.
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