Zirtue partners with TruStage

Zirtue, the fintech startup that looks to simplify loans between friends and family, is partnering with .

As part of the partnership, Zirtue will offer TruStage’s Payment Guard Insurance product to users at no additional cost. The coverage is designed to help protect customers against an unexpected covered job loss or disability.

The amount of coverage borrowers may be eligible for is equal to their outstanding loan balance on the date of loss. The limit is $25k and according to the announcement, coverage will be included for “eligible loans.” The borrower is the policyholders and the lender is the beneficiary.

Founded in 2018, Zirtue claims to be the world’s first relationship-based lending platform. It raised $6.6 million in funding and one backer is Northwestern Mutual Future Ventures.

“Especially in the current environment of high inflation and tighter financial conditions, lenders need to feel confident since more borrowers may turn to friends, family, and trusted relationships during these financially challenging times. With friends and family being one of the largest banks in the world, our goal is to help offer relationship-based lenders the peace of mind they deserve, and our partnership with TruStage allows us to help provide an innovative solution that could act as a safety net for our lenders, underscoring our commitment to driving financial security and inclusion.” – Dennis Cail, co-founder and CEO of Zirtue.

“Payment Guard helps increase lending capacity for institutions like Zirtue by providing a layer of protection against the leading causes for default. This helps assists lenders and borrowers alike during times of economic uncertainty and may reduce default risks, helping expand Zirtue’s lending capacity. We’re thrilled to have Zirtue as one of Payment Guard’s partners, as it allows us to support their mission of promoting financial inclusion and aiding more people in achieving financial stability.” – Danielle Sesko, director of product management at TruStage.