TruStage, a financially strong insurance, investment and technology provider built on over 85 years of experience providing payment protection solutions to credit unions, has officially announced the availability of its latest lending solution – Payment Guard Insurance. The Payment Guard product is a pioneering innovation in the digital credit insurance space and was recently named a Finovate Awards Finalist1 as an embedded insurance solution for digital lenders and borrowers. It is designed to protect against unexpected covered losses that could lead to borrower default. With TruStage Payment Guard Insurance, borrowers are protected in the event of a covered job loss or covered disability.
The Payment Guard solution is designed to be an added benefit offered by digital lenders, regardless of industry, and covers borrowers immediately when their loan is funded, at no additional cost to them. The solution is customisable to fit the lender’s budget and has a seamless, code-free implementation.
“Eight out of 10 consumers have concerns about making their loan payments2,” said Danielle Sesko, Director of Product Management at TruStage. “Our Payment Guard product offers borrowers a unique layer of protection for their payment obligations in the event of a covered job loss or covered disability. This product is designed to help lenders attract more borrowers, strengthen their portfolio performance and reduce the time spent on collections. We want this cover to become a ‘must have’ feature for borrowers when choosing their credit products and providers.
Happy Money, a platform that connects credit unions and consumers to enable access to happier lending at scale, worked with TruStage to develop the product and became the first company to integrate the solution. “We’re building a happier way to lend that helps borrowers achieve their goals and helps credit unions have a greater impact, and TruStage Payment Guard is a prime example of how we’re continuing to drive innovative technology and products through our platform,” said Adam Zarlengo, Chief Product Officer of Happy Money. “By offering this coverage with every Happy Money loan, we are helping to provide greater confidence and protection to borrowers and strengthen loan performance for our lending partners.”
Last month, Zirtue, the world’s first relationship-based peer-to-peer lending application that simplifies loans between friends, family and trusted relationships, became the second platform to announce the deployment of the TruStage Payment Guard product. “In the current environment of high inflation and tighter financial conditions, lenders need to feel confident as more borrowers may turn to friends, family and trusted relationships during these financially challenging times,” said Dennis Cail, co-founder and CEO of Zirtue. With friends and family being one of the largest banks in the world, our goal is to help provide relationship-based lenders with the peace of mind they deserve.” The TruStage Payment Guard solution allows us to provide an innovative solution that can act as a safety net for our lenders, underscoring our commitment to promoting financial security and inclusion.”
