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Happy Money has partnered with TruStage® It offers a first-of-its-kind solution for payment protection in the event of involuntary unemployment or disability.This is automatically included in all personal loans at no additional cost to the borrower
Torrance, California, January 26, 2023 /PR Newswire/ — happy moneya leading platform for unsecured lending in partnership with credit unions, today announced TruStage Payment Guard Insurance, CUMIS Specialty Insurance Company, Inc., is the first solution for personal loans that protects borrowers in the event of financial hardship due to involuntary unemployment or disability due to illness or injury. Going forward, this loan payment protection will be included with all Happy Money loans, and TruStage Payment Guard Insurance will pay out up to three months’ worth of payment benefits on approved claims and defaults for borrowers of Happy Money’s credit union partners. reduce the risk of
Happy Money has partnered with TruStage® to provide a first-of-its-kind solution for payment protection in the event of involuntary unemployment or disability. This solution is automatically included in all personal loans at no additional cost to the borrower.
Happy Money introduces Payment Guard coverage for loans to address the uncertainties faced by borrowers and lenders alike. As the U.S. economy slows its pace of creating jobs into his 2023, the latest report from the U.S. Department of Labor predicts job losses over the next year. Happy Money’s new Payment Guard coverage addresses two of the main reasons good borrowers default on their payments. Involuntary unemployment or disability due to illness or injury.
“The Payment Guard offering is a great example of how our fintech platform offers unique products and technology to support consumers and credit union partners in this complex environment.” Jeff Winner, CEO of Happy Money. “By rapidly building product enhancements and innovations like this loan payment protection solution, our partners can stand stronger as the financial backbone of their community and continuously improve their service and support to their members.” increase.”
Happy Money is the first company to offer personal loans using Payment Guard. Coverage offered through TruStage benefits Happy Money’s lending partners and borrowers alike and stands out in an increasingly commoditized financial services environment.
- financial resilience. Once the claim is approved, Payment Guard will pay out a benefit equal to three months of the member’s monthly loan payments, up to the policy cap. This allows members to focus on getting back on their feet. This will help you maintain your credit standing and ensure payments are made on time.
- Built-in peace of mind. Borrowers are automatically protected with Happy Money loans. Unlike other payment forbearance programs, Payment Guard reduces a borrower’s principal balance without extending the terms of the loan or accruing additional interest to the borrower.
- Reduce lender risk. This product allows Happy Money’s credit union partners to grow their lending portfolios with confidence. By reducing default risk, lenders can benefit from healthier and more resilient portfolios.
“At TruStage, we believe a brighter financial future should be accessible to all. Daniel Sesco, Director of Product Management. “TruStage Payment Guard is a first-of-its-kind, innovative insurance solution built specifically for digital lenders to improve the resilience of lending portfolios and protect borrowers in the event of an unexpected loss of income. We are excited to partner with Happy Money on this offering.”
“Our dedication to being the best possible partner for credit unions means we are constantly innovating to provide product solutions to their most critical pain points. Joe Heck, COO of Happy Money. “The first fintech company to offer loans using Payment Guard, built on a strong foundation of delivering unmatched value and risk management to our credit union partners and consumers during a time of great uncertainty. I am proud to be.”
Happy Money has been a go-to fintech platform helping borrowers reach their financial goals since launching the company in 2009 during the US recession. Payment Guard is the company’s next step in promoting a happier way to give credit prioritizing people’s well-being so consumers can save time, money and stress. TruStage Payment Guard Insurance is underwritten by CUMIS Specialty Insurance Company, Inc., not by Happy Money. All claims are subject to review and approval by CUMIS Specialty Insurance Company, Inc. and are subject to the terms of the Payment Guard Insurance Policy.
For more information on Payment Guard, please visit: go.happymoney.com/insurance. Email [email protected] Find out how to become a Happy Money lending partner.
About Happy Money
Happy Money is a financial technology company that partners with credit unions and other community-focused financial institutions to deliver people-first lending experiences. Our vision to transform the lending industry is realized through a connected platform of financial partners that help deliver a happier digital lending experience that meets the needs of today’s customers. Through automation and our unique underwriting model, we offer flexible rates and payment plans that best suit a borrower’s unique financial situation. We are also extending the reach of our core product, The Payoff Loan™ for credit card debt reduction, to more consumers through embedded financial services.
Backed by major investors, Happy Money has helped over 300,000 borrowers since its inception. $5.5 billion loan*. As a fully decentralized company, Happy Money has over 300 passionate and purpose-driven employees. usa. For more information, see: happymoney.com.
※Current January 1, 2023
About TrueStage
TruStage is a member of the CUNA Mutual Group brand. Built on the principle of “people help people”, CUNA Mutual Group is a financially strong insurance, investment and financial services company where a brighter financial future should be accessible to all. I believe. Through our culture, community involvement, products and solutions, we are committed to building a fairer financial system that helps improve the lives and societies of the people we serve. For more information, visit trustage.com.
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