Relationship-Based Lending Platform, Zirtue, Announces Partnership with TruStage™ to Provide its First-of-its-kind Loan Insurance Solution
Payment Guard Insurance from TruStage™ is designed to help protect Zirtue's peer-to-peer lenders and borrowers against an unexpected covered job loss or disability, helping users recover financially.
DALLAS, Aug. 8, 2023 /PRNewswire/ -- Zirtue, the world's leading relationship-based lending app with a mission to drive financial inclusion, announces today its partnership with TruStage™, a financially strong insurance, investment, and technology provider, built on the philosophy of people helping people. Formally known as CUNA Mutual Group, TruStage™ was born out of the credit union movement more than 85 years ago and serves more than 37 Million* consumers. Through this collaboration, the peer-to-peer lending platform will now help protect customers by making TruStage™'s newest product, Payment Guard Insurance, available. This coverage is designed to help digital lenders against an unexpected covered job loss or disability, at no additional cost.
Unemployment, inflation, and economic uncertainty are causing Americans financial distress, and according to Gallup, three in five Americans (61%,) say recent price increases have caused financial hardship for their household1. Additionally, Americans overall are saving less with nearly half of adults (49%) having less savings or no savings compared to a year ago, according to a Bankrate survey2. With these economic conditions, the risk of default on loans is high. By making Payment Guard Insurance from TruStage™ available, Zirtue pays for and provides insurance for eligible loans, designed to help protect customers against an unexpected covered job loss or disability. In turn, this helps ensure loans do not go into default, providing security for borrowers and helping reduce the risk for lenders.
"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," 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 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."
"Payment Guard helps increase lending capacity for institutions like Zirtue by providing a layer of protection against the leading causes for default," said Danielle Sesko, director of product management at TruStage. "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 allows us to support their mission of promoting financial inclusion and aiding more people in achieving financial stability."
If Zirtue customers with active loans experience a covered job loss or disability, they can file a claim with TruStage™ Payment Guard Insurance in just a few simple, steps. Here's how it works:
- File your claim. In the Zirtue app, click "Help." There you can file a claim with a simple, online application.
- Your claim is reviewed by TruStage™ claims insurance professionals.
- If approved, you'll receive your funds. Zirtue will apply the funds directly to your account, so you can settle your loan and focus on getting back on your feet instead.
For more information about Payment Guard Insurance, visit www.zirtue.com/trustage.
About Zirtue
With a mission to drive financial inclusion one relationship at a time, Zirtue is the world's first relationship-based, peer-to-peer lending application with direct payments to creditors. Zirtue simplifies loans between friends, family, and trusted relationships by turning informal promises into structured agreements with an automated repayment process. Corporate partners use Zirtue as an alternative embedded bill payment solution, allowing customers to request loans from friends or family members in order to pay their bills. Zirtue has raised $6.6 million in VC funding and more than $50 million in loans for bills and personalized IOUs have been processed on the platform. You can learn more about Zirtue at zirtue.com.
About TruStage™
TruStage is a financially strong insurance, investment, and technology provider, built on the philosophy of people helping people. We believe a brighter financial future should be accessible to everyone, and our products and solutions help people confidently make financial decisions that work for them at every stage of life. With a culture rooted and focused on creating a more equitable society and financial system, we are deeply committed to giving back to our communities to improve the lives of those we serve. For more information, visit www.trustage.com.
TruStage™ Payment Guard Insurance is underwritten by CUMIS Specialty Insurance Company, Inc. CUMIS Specialty Insurance Company, our excess and surplus lines carrier, underwrites coverages that are not available in the admitted market. Product and features may vary and not be available in all states. Certain eligibility requirements, conditions, and exclusions may apply. Please refer to the Group Policy for a full explanation of the terms. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by any financial institution. Corporate Headquarters 5910 Mineral Point Road, Madison, WI 53705. © TruStage. PGI-5820729.1-0723-0825
1 Brenan, M. (2023, May 18). More in U.S. Say Inflation Is Causing Financial Hardship. Gallup, Inc. https://news.gallup.com/poll/505928/say-inflation-causing-financial-hardship.aspx
2 Gillespie, L. (2023, June 22). Bankrate's 2023 annual emergency savings report. Bankrate. https://www.bankrate.com/banking/savings/emergency-savings-report/
*TruStage, Internal Data, 2022
SOURCE Zirtue
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