Method and System for Rapid Loan Approval
First Claim
1. A method for extending a temporary line of credit to a customer, the method comprising the steps of:
- a. receiving a request for the temporary line of credit from the customer;
b. verifying at least a minimum number of deposit transactions have occurred in a deposit account belonging to the customer within a predetermined deposit verification time;
c. verifying that at least one prohibitive criterion has not been met by the customer;
d. extending the temporary line of credit to the customer only where the at least a minimum number of transactions have occurred in the deposit account within the predetermined time; and
e. collecting a repayment amount from the deposit account within a predetermined deposit time window.
4 Assignments
0 Petitions
Accused Products
Abstract
A method and apparatus for rapidly and remotely providing temporary credit to a borrower is provided. In one embodiment, a lender uses as one criterion in approving the temporary credit a minimum number of deposits within a predetermined deposit verification time. Upon receipt of a request for credit, which may come either from a prospective borrower or from a merchant upon denial of credit to the prospective borrower, a lender queries a deposit account to determine whether a predetermined minimum number of deposits has been made within a predetermined deposit verification time. The lender may also determine whether each of the deposits exceeds a minimum deposit amount. Where approved, the lender is able to rapidly dispense funds for use by the borrower. In one embodiment, the lender makes these funds available via a pre-paid credit card. The lender is then able to collect principal and interest through electronic withdrawals.
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Citations
22 Claims
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1. A method for extending a temporary line of credit to a customer, the method comprising the steps of:
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a. receiving a request for the temporary line of credit from the customer; b. verifying at least a minimum number of deposit transactions have occurred in a deposit account belonging to the customer within a predetermined deposit verification time; c. verifying that at least one prohibitive criterion has not been met by the customer; d. extending the temporary line of credit to the customer only where the at least a minimum number of transactions have occurred in the deposit account within the predetermined time; and e. collecting a repayment amount from the deposit account within a predetermined deposit time window. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A system for extending temporary credit to a customer, the system comprising:
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a. a network information server configured to deliver browser readable content to a client terminal having a browser in communication with the Internet, the network information server providing at least a temporary extension of credit webpage to the browser with which the customer may submit a request for a temporary extension of credit, wherein the request for the temporary extension of credit includes at least information identifying a deposit account belonging to the customer; b. a processing module operable with the network information server, the processing module being configured to verify that at least a predetermined number of deposit transactions have occurred in the deposit account, within a predetermined deposit verification time, in response to the request for the temporary extension of credit; c. a credit extension module operable with the network information server, the credit extension module being configured to direct the network information server to extend a temporary extension of credit to the customer where the predetermined number of deposit transactions have occurred within the predetermined deposit verification time; d. a financial transfer module operable with the network information server, the financial transfer module being configured to cause funds to be deposited in the deposit account; and e. a collection module operable with the financial transfer module, the collection module being configured to automatically collect a payment amount from the deposit account within a predetermined deposit time window. - View Dependent Claims (17, 18, 19, 20)
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21. A method for extending a temporary line of credit, the method comprising the steps of:
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a. receiving a customer request to purchase one of goods and services; b. transmitting a credit authorization request for the purchase; c. receiving a denial of the credit authorization request; d. transmitting a request for a temporary line of credit on behalf of a customer; e. receiving an authorization for a temporary line of credit upon a verification of a minimum number of deposit transactions in a customer deposit account within a predetermined deposit verification time; and f. completing a sale for the one of goods and services. - View Dependent Claims (22)
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Specification