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Zirtue Protects Loan Customers Against Unexpected Circumstances With TruStage Payment Guard Solution

Zirtue, the lending app aiming to help drive financial inclusion, has joined forces with TruStage, an insurance, investment, and technology provider. The peer-to-peer lending platform will make TruStage’s newest product, ‘Payment Guard Insurance’, available to its customers to better protect them against unexpected job loss or disability.

By making Payment Guard Insurance from TruStage available, Zirtue will pay for and provides insurance for eligible loans. The move aims to help protect customers against an unexpected covered job loss or disability.

Unemployment, inflation, and economic uncertainty are causing Americans financial distress. US-based analytics and advisory firm Gallup found that around 61 per cent of Americans believe recent price increases have caused financial hardship for their household.

Overall, Americans are now also saving less – with nearly half of adults (49 per cent) having less savings or no savings compared to a year ago, according to a survey by personal finance site Bankrate. These economic conditions also ensure the risk of default on loans is high.

Zirtue’s partnership with TruStage will help ensure loans do not go into default, providing security for borrowers and helping reduce the risk for lenders.

If Zirtue customers with active loans experience a covered job loss or disability, they can file a claim with TruStage Payment Guard Insurance within their Zirtue app.

Offering relationship-based lenders “the peace of mind they deserve”
Dennis Cail, co-founder and CEO of Zirtue
Dennis Cail, co-founder and CEO of Zirtue

Dennis Cail, co-founder and CEO of Zirtue, said: “Especially in the current environment of high inflation and tighter financial conditions, lenders need to feel confident since more borrowers may turn to friends, family, and trusted relationships during these financially challenging times.

“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, and our partnership with TruStage allows us to help provide an innovative solution that could act as a safety net for our lenders, underscoring our commitment to driving financial security and inclusion.”

Danielle Sesko, director of product management at TruStage, also discussed the support the solution will provide Zirtue customers: “Payment Guard helps increase lending capacity for institutions like Zirtue by providing a layer of protection against the leading causes for default.

“This helps assists lenders and borrowers alike during times of economic uncertainty and may reduce default risks, helping expand Zirtue’s lending capacity. We’re thrilled to have Zirtue as one of Payment Guard’s partners, as it also allows us to support their mission of promoting financial inclusion and aiding more people in achieving financial stability.”

Author

  • Tom joined The Fintech Times in 2022 as part of the operations team; later joining the editorial team as a journalist.

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