System and methods for transmitting funds and instituting loans
1 Assignment
0 Petitions
Accused Products
Abstract
A combination money transmitter and loan system includes a central computer having a processor and a memory. Multiple user accounts are stored in the memory, each having a unique user identifier and a user balance indicative of a monetary balance value. A loan database stores a loan amount, a loan term, and an interest rate. Using the processor, a calculator program calculates a periodic repayment amount based upon the loan amount, the loan term, the interest rate, and stores the periodic repayment amount in the loan database. During a loan process, a money transmitter program transmits funds from the user balance of a first user to the user balance of a second user using the unique user identifier of the second user. Subsequently the periodic repayment amount is periodically transmitted from the user balance of the second user to the user balance of the first user.
29 Citations
49 Claims
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1-7. -7. (canceled)
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8. A computer-implemented system for facilitating and documenting loans between known individuals, the system comprising:
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a host computer operatively connected to receive communications from user computers via a network;
a loan database for storing loan information for loans instituted via the system, wherein loan information includes a loan amount, a loan term, and an interest rate;
means for storing user accounts for users, wherein a user can comprise either or both of a lender or borrower, and wherein a user account is associated with one or more financial accounts of the user;
means for receiving a loan offer document from a first user, the loan offer document including loan information and a designation of a known second user to whom a loan offer is to be made;
means for sending an electronic message from the system to the second user regarding the loan offer;
means for presenting to the second user, via the system, information regarding the loan offer;
means for receiving instructions from the second user regarding whether the second user desires to accept or reject the loan offer; and
means, responsive to an indication of acceptance of the loan offer by the second user, for storing in the loan database the loan information specified in the loan offer document. - View Dependent Claims (9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44)
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45. A computer-implemented method for facilitating and documenting loans between known individuals, comprising:
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receiving, at a host computer, a loan offer document from a first user, the loan offer document including;
(i) loan information including a loan amount, a loan term, and an interest rate; and
(ii) a designation of a known second user to whom a loan offer is to be made;
sending an electronic message to the second user regarding the loan offer;
presenting, to the second user, information regarding the loan offer;
receiving instructions from the second user regarding whether the second user desires to accept or reject the loan offer; and
storing the loan information specified in the loan offer document in response to an indication of acceptance of the loan offer by the second user.
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46. A computer-implemented system for facilitating and documenting loans between known individuals, the system comprising:
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a host computer operatively connected to receive communications from user computers via a network;
a loan database for storing loan information for loans instituted via the system, wherein loan information includes a loan amount, a loan term, and an interest rate;
means for storing user accounts for lender users and borrower users;
means for enabling a lender user to initiate a loan process, via the system, by requesting a loan offer document from the host computer;
means for receiving, from the lender user, a loan offer document for a loan offer, the loan offer document including loan information and a designation of a known borrower user to whom the loan offer is to be made;
means for sending an electronic message from the system to the designated borrower user regarding the loan offer;
means for presenting to the borrower user, via the system, information regarding the loan offer;
means for receiving instructions from the borrower user regarding whether the borrower user desires to accept or reject the loan offer; and
means, responsive to an indication of acceptance of the loan offer by the borrower user, for storing in the loan database the loan information specified in the loan offer document.
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47. A computer-implemented method for facilitating and documenting loans between known individuals, comprising:
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receiving, at a host computer, a request from a lender user for a loan offer document to initiate a loan process;
receiving, at the host computer, the loan offer document from the lender user for a loan offer, the loan offer document including;
(i) loan information including a loan amount, a loan term, and an interest rate; and
(ii) a designation of a known borrower user to whom the loan offer is to be made;
sending an electronic message to the designated borrower user regarding the loan offer;
presenting, to the borrower user, information regarding the loan offer;
receiving instructions from the borrower user regarding whether the borrower user desires to accept or reject the loan offer; and
storing the loan information specified in the loan offer document in response to an indication of acceptance of the loan offer by the borrower user.
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48. A computer-implemented system for facilitating and documenting loans between known individuals, the system comprising:
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a loan database for storing loan information for loans instituted via the system, wherein loan information includes a loan amount, a loan term, and an interest rate;
means for storing bank account information for lender users and borrower users;
means for receiving, from a lender user, a request to initiate a loan process through the system;
means for receiving a loan offer document from the lender user for a loan offer, the loan offer document including loan information and a designation of a known borrower user to whom the loan offer is to be made;
means for receiving instructions from the borrower user regarding whether the borrower user desires to accept or reject the loan offer;
means, responsive to an indication of acceptance of the loan offer by the borrower user, for storing in the loan database the loan information specified in the loan offer document; and
means for transferring funds for the loan amount from a lender user bank account to a borrower user bank account.
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49. A computer-implemented method for facilitating and documenting loans between known individuals, comprising:
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receiving, from a lender user, a request for a loan offer document to initiate a loan process;
receiving the loan offer document from the lender user for a loan offer, the loan offer document including;
(i) loan information including a loan amount, a loan term, and an interest rate; and
(ii) a designation of a known borrower user to whom the loan offer is to be made;
receiving instructions from the borrower user regarding whether the borrower user desires to accept or reject the loan offer;
storing the loan information specified in the loan offer document in response to an indication of acceptance of the loan offer by the borrower user; and
transferring funds for the loan amount from a lender user bank account to a borrower user bank account.
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Specification