System and Method for Funding Loans
First Claim
Patent Images
1. A fUnding system comprising:
- a lending processor to approve a request for a loan from a borrower, to create a record that associates an amount of the loan with an access code, and to communicate the access code to the borrower remotely; and
an automated teller machine (ATM) to identify the borrower and to provide the loan amount without the use of a card, wherein the ATM comprises an input to accept the access code from the borrower.
0 Assignments
0 Petitions
Accused Products
Abstract
The problems presented in loan funding industry are solved by the systems and methods of the present invention. In accordance with one embodiment of the present invention, a system is provided where a borrower applies for and is approved for a loan remotely after which the borrower is provided with data, the borrower then enters the provided data into an automated teller machine and the automatic teller machine verifies the amount to be dispersed and disperses the amount to be lent to the borrower.
-
Citations
20 Claims
-
1. A fUnding system comprising:
-
a lending processor to approve a request for a loan from a borrower, to create a record that associates an amount of the loan with an access code, and to communicate the access code to the borrower remotely; and an automated teller machine (ATM) to identify the borrower and to provide the loan amount without the use of a card, wherein the ATM comprises an input to accept the access code from the borrower. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
-
-
9. A method for funding loans comprising:
-
processing data received from a borrower to determine if the borrower is approved for a requested loan; if a lender approves the borrower for the requested loan, creating a record associating a loan amount with an access code; transmitting the access code to the borrower in a format that is readable by the borrower; using an automatic teller machine (ATM) to receive the access code and to verify the identity of the borrower without the use of a card; and dispensing the loan amount using the ATM. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16)
-
-
17. A funding system comprising:
-
a lending processor to approve a request for a loan from a borrower, to create a record that associates an amount of the loan with an access code, and to communicate the access code to the borrower remotely and further associates a password with the access code and communicates the password to the borrower; and an automated teller machine (ATM) to identify the borrower and to provide the loan amount without the use of a card, wherein the ATM comprises an input to accept the access code and the associated password from the borrower. - View Dependent Claims (18, 19, 20)
-
Specification