Priya Patel
TLDR:
TruStage has introduced Payment Guard Insurance as a digital lending insurance solution to meet the needs of borrowers in the online marketplace. This innovative insurance product is designed to reduce friction in the loan origination process, protect borrowers from unexpected events, and help lenders build a more resilient loan portfolio.
TruStage’s Payment Guard Insurance offers a simplified design, is less expensive than traditional credit insurance, and does not modify the original loan terms. It is delivered seamlessly in the loan origination process, uses data from the loan application, and is configurable for various lending categories. This insurance product aims to de-risk the lending value chain and make credit more accessible to a wider audience.
Overall, TruStage’s Payment Guard Insurance is designed to cover borrowers in case of job loss or disability, reduce delinquent loans through mitigation, and increase efficiency in deploying capital for lenders. It offers a customizable and no-code implementation, making it a valuable addition to digital lending platforms.
