CREDIT UNDERWRITING BASED ELECTRONIC FUND TRANSFER
First Claim
1. A credit underwriting method for approving a loan, the method comprising the steps of:
- receiving a request from a customer;
obtaining access authorization of a financial account belonging to the requesting customer;
approving the requesting customer for credit underwriting based at least in part on obtaining access authorization to the requesting customer'"'"'s financial account;
providing access to a loan to the requesting customer; and
extracting value from the financial account of the requesting customer in at least partial satisfaction of the loan by causing an electronic transfer from the customer'"'"'s financial account on behalf of the party providing the credit underwriting.
3 Assignments
0 Petitions
Accused Products
Abstract
A credit underwriting technique that allows a consumer to gain early access to funds for paying bills or conducting financial transactions contingent upon the consumer having a high-degree of reliability on the reception of future funds, and/or the granting of access to at least a portion of the funds represented by the future funds when received. The access can be in the form of an electronic transfer from an account in which the funds are deposited, or a direct deposit of the funds into either a lender accessible account or into the lenders account directly. The access can be applied for aggregated financial transactions or can be periodically applied for recurring transactions.
147 Citations
22 Claims
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1. A credit underwriting method for approving a loan, the method comprising the steps of:
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receiving a request from a customer;
obtaining access authorization of a financial account belonging to the requesting customer;
approving the requesting customer for credit underwriting based at least in part on obtaining access authorization to the requesting customer'"'"'s financial account;
providing access to a loan to the requesting customer; and
extracting value from the financial account of the requesting customer in at least partial satisfaction of the loan by causing an electronic transfer from the customer'"'"'s financial account on behalf of the party providing the credit underwriting. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A credit underwriting process for providing a temporary loan tied to the expected reception of future funds, the process comprising:
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approving a loan that is based upon a requesting customer;
granting access authorization to a financial account belonging to the requesting customer; and
demonstrating a probability for the reception of future funds;
establishing a time period over which the loan will remain in effect;
applying the loan amount towards the satisfaction of financial transactions of the requesting customer; and
extraction of value related to the applied loan amount from the financial account of the requesting customer by invoking an electronic transfer of at least a portion of the future funds once they are received. - View Dependent Claims (13, 14, 15, 16, 17)
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18. A method for providing credit underwriting, the method comprising the steps of:
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receiving a request for credit underwriting from a customer;
obtaining access authorization of a financial account belonging to the requesting customer;
approving the requesting customer for the credit underwriting based at least in part on obtaining access authorization to the financial account;
providing funds in satisfaction of financial transactions identified by the requesting customer; and
extracting value from the financial account of the requesting customer in at least partial satisfaction of the provided funds by performing an electronic fund transfer out of the requesting customer'"'"'s financial account. - View Dependent Claims (19, 20, 21, 22)
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Specification