TORONTO, April 9, 2024 /CNW/ – Propel Holdings Inc. (“Propel”) (TSX: PRL), the fintech facilitating access to credit for underserved consumers, operating under the Fora Credit brand in the Canadian marketplace, today announced its launch of Fora’s Payment Protection Plan.
Fora’s Payment Protection Plan is a digital credit insurance product offered in partnership with Walnut Insurance and underwritten by Trans Global Insurance and Trans Global Life Insurance Company (“TGI”). The program is now available in eight provinces across Canada.
This is the first insurance product offered under one of Propel’s operating brands and gives Fora customers access to a compelling value proposition to safeguard against unexpected financial curveballs. The insurance benefits may cover a customer’s balance payments to Fora in the case of events such as job loss, loss of life or critical illness.
“Fora’s Payment Protection Plan offers our customer peace of mind, which reflects our broader mission of advancing the financial opportunity of underserved consumers. For Propel it also represents a new revenue stream in Canada and is part of our overall growth strategy of offering our existing customers complementary products aligned with Propel’s core purpose,” Noah Buchman, President & Chief Revenue Officer of Propel.
“Walnut is proud to help provide Fora borrowers with a new integrated feature, helping facilitate Fora’s promise of a fully digital lending experience,” said Derek Szeto, co-founder and CEO of Walnut. “With its new embedded payment protection option, Fora borrowers can acquire useful protection for their loan, at the click of a button.”
“The Trans Global Insurance Group is proud to bring its best-in-class loan protection products to Fora’s clients,” says Moe Assaf, Vice President of Financial Services of LFL Group. “Fora’s commitment to protect its clients fits perfectly with TGI’s commitment to provide customer-focused solutions. We are very excited about this program launch.”
