Streamlined Digital Lending: TruStage Improves Lending Security through a User-Friendly, Instant Solution
TruStage, a leading provider of insurance and financial wellness solutions, has streamlined the loan protection process by integrating payment protection options directly into digital loan applications [1][2]. This innovative approach allows borrowers to opt-in seamlessly during the loan application itself, providing a user-friendly experience that benefits both consumers and financial institutions.
Key features of TruStage's digital enhancements include:
- Digital selection of payment protection products within loan applications, enabling borrowers to easily view, compare, and select coverage without leaving the loan workflow [1][2].
- Automatic integration of selected protection into loan paperwork and the loan origination system (LOS), reducing administrative work and errors [1][2].
- The solution offers real-time eligibility checks and pricing, enhancing transparency and speeding decision-making for borrowers [1].
- TruStage's multichannel, API-based design fits smoothly into credit union workflows without complex technical integration or disruption to existing systems [2].
- Accessibility in multiple languages, including Spanish, broadens borrower inclusivity [1].
By the end of the year, the new process will be available at more than 300 credit unions, with plans to expand further [1]. Currently, TruStage has relationships with 93% of credit unions nationwide [1].
The new process provides greater peace of mind and protects borrowers and financial institutions should the borrower experience an unexpected hardship that impacts their ability to pay [1][2]. With the total loans outstanding at federally insured credit unions reaching $1.65 trillion, as reported by the National Credit Union Administration (NCUA), the potential market for loan protection services is significant [1].
TruStage's digital enhancements address legacy pain points such as manual offer presentation, paperwork complexity, and integration hurdles, delivering a streamlined, user-friendly experience that benefits consumers worried about financial hardships and institutions seeking efficient risk management [1][2]. The new process has the potential to greatly increase access to loan protection as it brings this purchase experience option to a growing pool of consumers and financial institutions.
- In the new digital process provided by TruStage, borrowers can select payment protection products directly within digital loan applications, facilitating a user-friendly experience and saving both consumers and financial institutions from administrative work.
- The integration of real-time eligibility checks and pricing in TruStage's digital enhancements not only enhances transparency but also accelerates decision-making for borrowers, thereby aligning with the growing trend of technology integration in the business and finance sectors.
