Fintech platform Happy Money protects against leading causes of borrower defaults through new loan protection offerings, reduces stress for credit union partners and consumers

Happy Money has partnered with TruStage® to offer a first-of-its-kind solution for payment protection in the event of involuntary unemployment or disability, automatically included in every private loan at no extra cost to the borrower

TORRANCE, California, 26 January 2023 /PRNewswire/ — Happy moneya leading platform for unsecured lending in collaboration with credit unions, today announced the launch of TruStage Payment Guard Insurance, underwritten by CUMIS Specialty Insurance Company, Inc., a first-of-its-kind personal loan solution that provides borrower protection in the event of financial hardship due to involuntary unemployment or disability caused by illness or injury. Going forward, this loan payment protection will be included in every Happy Money loan, with TruStage Payment Guard Insurance paying benefits for up to three months of payments with an approved claim and reducing borrower default risk for Happy Money’s credit union partners.

Happy Money has partnered with TruStage® to offer a first-of-its-kind loan protection solution.

Happy Money introduces Payment Guard cover for its loans to address the uncertainty faced by both borrowers and lenders. With the US economy producing jobs at a slower pace as we enter 2023, the latest report from the US Department of Labor predicts job losses in the coming year. Happy Money’s new Payment Guard cover addresses two of the main reasons why good borrowers can default on their payments – creating a more robust lending product and helping to give borrowers peace of mind in a volatile economic environment, knowing they will be protected in case of coverage. involuntary unemployment or disability caused by illness or injury.

“Offering Payment Guard is a great example of how our fintech platform brings 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 improvements and innovations like this loan payment protection solution helps our partners stand stronger together as the economic backbone of their communities, while continuously improving their service and support to members.”

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Happy Money is the first company to offer personal loans with Payment Guard. The coverage, provided through TruStage, will benefit Happy Money’s lending partners and borrowers and stand out in an increasingly commoditized financial services environment:

• Financial resilience. With an approved claim, Payment Guard will pay a benefit amount equal to three months of the member’s monthly loan payment, up to the policy maximums, so they can focus on getting back on their feet. This helps them maintain their creditworthiness and ensures that payments continue to be made on time.

• Built-in peace of mind. Borrowers are automatically protected with their Happy Money loans. Unlike other forbearance programs, Payment Guard reduces the borrower’s principal balance without extending loan terms or incurring additional interest for the borrower.

• Reduced risk for lenders. This product allows Happy Money’s credit union partners to grow their loan portfolios with confidence. With reduced default risk, lenders benefit from a healthier and more robust portfolio.

“At TruStage, we believe that a brighter financial future should be available to everyone,” said Danielle Sesko, Director of Product Management. “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 provide borrowers with peace of mind in the event of an unexpected loss of income. We are delighted to partner with Happy Money on this offering .”

“Our dedication to being the best possible partner for credit unions means we are constantly innovating to provide product solutions for their most critical pain points,” said Joe Heck, COO of Happy Money. “We are proud to be the first fintech company to offer loans with Payment Guard, building on our strong foundation to provide unmatched value and risk management to our credit union partners and consumers in a time of great uncertainty.”

Happy Money has been the fintech platform helping borrowers achieve their financial goals since the company was launched in 2009, in the midst of the US recession. Payment Guard is the company’s next step in promoting a happier way of giving credit that prioritizes people’s well-being – helping consumers save time, money and stress. TruStage Payment Guard Insurance is underwritten by CUMIS Specialty Insurance Company, Inc. and not by Happy Money. All claims are subject to review and approval by CUMIS Specialty Insurance Company, Inc. and subject to the terms of the Payment Guard Insurance policy.

To learn more about Payment Guard, visit go.happymoney.com/insurance. Email [email protected] to find out how to become a Happy Money Lending Partner.

About Happy Money

Happy Money is a financial technology company that offers a lending experience primarily in collaboration with credit unions and other community-focused financial institutions. Our vision to transform the lending industry comes to life through our connected platform of financial partners that help provide a happier digital lending experience that meets the needs of today’s customers. Through automation and proprietary underwriting models, we offer flexible rates and payment plans that work best for borrowers’ unique financial situation. And we’re expanding the reach of our core product, The Payoff Loan™ for credit card debt reduction, to even more consumers via embedded financial services.

Backed by leading investors, Happy Money has helped over 300,000 borrowers since inception – working with lending partners to fund more than 5.5 billion dollars in loans*. As a fully distributed company, Happy Money has a passionate and purpose-driven employee base of over 300 people across the United States. For more information, please visit happymoney.com.

*As of 1 January 2023

About TruStage

TruStage is a member of the CUNA Mutual Group family of brands. Built on the principle of “people helping people”, CUNA Mutual Group is a financially strong insurance, investment and finance company that believes a brighter financial future should be available to all. Through our corporate culture, community engagement and products and solutions, we work to create a fairer financial system that helps improve the lives of those we serve and our community. For more information, visit trustage.com.

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SOURCE Happy Money