Laying the Pathway Out of a Distressed Financial Environment

There might be a lot that human beings can do well, and yet there is little we do better than growing on a consistent basis. This tendency to improve under different circumstances has already fetched us some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, based on its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we dig a little deeper, it should become clear how the whole runner was also very much inspired from the way we applied those skills across a real-world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience from all conceivable directions, but even after achieving such a monumental feat, technology will somehow keep on bringing the right goods. The same has grown to become a lot more evident in recent times, and assuming Happy Money’s latest move ends up making the desired impact, it will only turn that trend into much bigger of a deal moving forward.

Happy Money, a platform for unsecured lending in partnership with credit unions, has officially launched an all new TruStage Payment Guard Insurance, which is designed to provide protection in the event of involuntary unemployment or disability caused by illness or injury. Underwritten by CUMIS Specialty Insurance Company Inc, the stated insurance will be included alongside every Happy Money loan. It will pay benefits of up to three months worth of payments, thus making sure that the borrower is able to maintain a respectable credit standing. Next up, the service, unlike many other alternatives in the market, will automatically reduce the borrower’s principal balance without extending the terms of the loan or accruing additional interest for the borrower. Hold on, there is more. The TruStage Payment Guard Insurance also leverages a low-risk framework to reduce the possibility of borrower default, something that enables the lender to move their money with far greater confidence.

“At TruStage, we believe a brighter financial future should be accessible to all,” said Danielle Sesko, Director of Product Management at Happy Money. “TruStage Payment Guard is a first-of-its-kind innovative insurance solution built specifically for digital lenders to help improve the resilience of their lending portfolio and offer borrowers peace of mind in case of an unexpected loss in income. We’re excited to partner with Happy Money on this offering.”

The launch of this new Payment Guard insurance comes during a very tough phase for the US job market. With more job losses predicted in the year 2023, it’s important to deliver a financial safety net at the disposal of all those who might be affected. Interestingly, Happy Money is the first company to offer personal loans through Payment Guard.

Founded back in 2009, Happy Money’s rise to prominence has largely come from its excellence in providing a people-first lending experience. As for how the company has managed to achieve such an experience, it has done so through automation and proprietary underwriting models. So far, Happy Money has served more than a 300,000 borrowers. This translates to facilitating almost $5.5 billion in loans. Nevertheless, given the significance of its latest offering, the stated numbers look all but ready to climb higher benchmarks.

“Offering Payment Guard is a great example of how our fintech platform is bringing unique products and technology to support consumers and credit union partners in this complex environment,” said Jeff Winner, CEO of Happy Money. “Rapidly building product enhancements and innovations like this loan payment protection solution helps our partners to stand stronger together as the financial backbone of their communities while continually improving their service and support to members.”