New digital enhancement allows borrowers to add payment protection directly into their loan application
TruStage, a trusted name in insurance and financial services, is making it simpler than ever for borrowers and financial institutions to protect their loans. Their newly enhanced digital lending process lets borrowers add payment protection right from their loan application no extra steps, no extra hassle. Once selected, the coverage is automatically included in the loan documents.
“Eight in ten consumers say they want to protect their loans, but more than half don’t even remember being offered that option,” said Corrin Maier, VP of Lending Payment Protection at TruStage. “Just like travel insurance has become a standard step when booking a trip online, we want loan protection to be just as easy — especially in today’s uncertain economy.”
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Payment protection helps when life throws the unexpected at you — like a job loss or disability — by reducing, canceling, or making payments on the covered loan. That means borrowers get peace of mind, and financial institutions lower their risk.
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With the latest updates, borrowers can now choose the exact protection they need, see real-time pricing, and confirm eligibility instantly — all within the loan application. The process even works in Spanish if that’s the language set in the borrower’s browser.
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“We’ve already worked with credit unions to educate members about payment protection online,” Maier explained. “But before, adding that protection was still a manual step for credit unions. Now, it’s built right into the final loan agreement, making it effortless for everyone involved.”
The numbers show why this matters: total loans at federally insured credit unions now stand at $1.65 trillion, according to the NCUA. TruStage already partners with 93% of credit unions nationwide, and by the end of the year, more than 300 of them will offer this seamless loan protection option — with plans to expand even further.
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Source : PRnewswire