Streamlined Digital Lending: TruStage Upgrades Lending Security with Seamless, Real-Time Service
TruStage, a leading provider of insurance and financial solutions, has simplified the process of opting for payment protection in digital lending. This innovative approach offers significant benefits to both borrowers and financial institutions.
Simplifying the Process
TruStage's integration with digital loan applications allows borrowers to explore and express interest in payment protection options directly within the application. This eliminates the need for paper documents and reduces friction in the loan process [1][2].
Real-time eligibility checks ensure that borrowers are presented with only the payment protection options they qualify for, making the choices relevant and streamlined [1]. Members can make their protection decisions during the loan application, further streamlining the process and making it more convenient.
TruStage's solution uses API integration to seamlessly fit into credit unions' workflows, eliminating complex integrations and updates [2].
Benefits for Borrowers
The digital process increases transparency and education, leading to higher take-up rates as clear, contextual options and on-screen education increase borrowers' understanding of protection options [1]. Payment protection provides a safety net during unexpected life events like job loss or illness, helping borrowers stay on top of their loans [3].
The convenience of the fast and seamless digital process allows borrowers to manage their financial protection without additional hassle.
Benefits for Financial Institutions
Integrating payment protection into digital lending enhances the overall member experience, making the process more trusted and beneficial for both staff and members [1]. By offering payment protection, financial institutions can mitigate risks associated with borrower defaults, especially during economic uncertainties [3].
The automated integration of protection options into loan origination systems eliminates the need for manual data entry, reducing operational costs and improving efficiency [2].
Maier, a representative from TruStage, stated that the new process provides greater peace of mind and protects borrowers and financial institutions in case of unexpected hardships. The new process will be available at more than 300 credit unions by the end of the year, with the intention to expand. TruStage already has relationships with 93% of credit unions nationwide.
The technology improvements from TruStage enable borrowers to digitally select payment protection products for their loan. Real-time price estimates and eligibility verification are provided during the selection process. The process is available in Spanish for users who have Spanish language set within their browser.
Payment protection is automatically integrated into the credit union loan paperwork upon selection. The new process eliminates additional logistics for both the consumer and loan officer. The new process from TruStage can greatly increase access to loan protection as it brings this purchase experience option to a growing pool of consumers and financial institutions.
With outstanding loans at federally insured credit unions totalling $1.65 trillion, the streamlined payment protection process offered by TruStage is poised to make a significant impact in the digital lending landscape.
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