NAPERVILLE, Ill.–QCash Financial is reporting it has begun offering Payment Guard insurance to its credit union clients following a new partnership with TruStage. The solution provides portfolio coverage to potentially help prevent loans from becoming delinquent or charged-off due to covered job losses, according to the companies.
“We are really excited and thankful for this partnership,” said Seth Brickman, CEO of QCash Financial. “The TruStage team was able to tailor their existing Payment Guard Insurance solution to provide greater peace of mind to our credit union clients and, in turn, the members of those credit unions.”
The company said lending insurance has played a critical role throughout the consumer credit ecosystem, and that as loans become digitized, TruStage with its “first-of-its-kind digital lending insurance solution provides coverage for a fully digital lending event.
“The Payment Guard solution is designed to be a component of the loan, integrating easily and adding an extra layer of protection for both borrowers and lenders,” the company continued.
More Than Risk Mitigation
According to TruStage, with the new offering it is now protecting more than $375 million in aggregate loan portfolios and is focused on providing coverage to digital lenders/fintechs as well as their underlying lending capacity providers.
"TruStage and QCash Financial are united in our vision of enhancing the financial well-being for borrowers and lenders alike,” said Danielle Sesko, director of product management with TruStage. “Through our partnership with QCash, we are not just mitigating risk; we are fostering trust and resilience in lending transactions.”
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