System and Method for Providing a Cash Advance

• US 20130297487A1
• Filed: 11/21/2012
• Published: 11/07/2013
• Est. Priority Date: 08/13/2004
• Status: Abandoned Application

• Current Assignee: Sean Macguire
• Original Assignee: Sean Macguire
• Inventors: MacGuire, Sean
• Application Number:
  US13/683,697
• Publication Number:
  US 20130297487A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A loan system and cash advance product is provided which provides funds instantly to a financial institution or equivalent payment provider for pick-up by a registered user of the system. The user selects a cash advance product provided by an authorized distributor. The authorized distributor authenticates the user, pre-authorizes the purchase of the cash advance product, communicates with a loan system that verifies the user, authorizes the transaction, and transfers funds to the financial institution associated with the user. The authorized distributor then charges the user on his bill and remunerates the loan system cash advance product once the user has paid the bill.

Claims

1. A method for providing a cash advance to at least one user, the method comprising the steps of:

a) having the user initiate a cash advance request from a cash advance distributor, the user being a pre-established customer of said given cash advance distributor and receiving service bills therefrom;

b) communicating said cash advance request to a loans provider;

c) transferring a cash advance amount consistent with said cash advance request from a loans account of said loans provider to a user account; and

d) charging the user, on a future one of said service bills, a loan charge corresponding to at least said cash advance amount.

2. The method as claimed in claim 1, the method further comprising an authorization step, before step c), of evaluating said loan request based on a predetermined set of authorization parameters, only proceeding with steps c) and d) if said loan request satisfies said parameters.

3. The method as claimed in claim 1, wherein said user account comprises any one of a user or a third-party user bank account, a money order account such that a money order may be purchased for said cash advance amount in a name of the user and an electronic stored value device.

4. The method as claimed in claim 3, wherein said user account comprises said user bank account and the cash advance is accessible to the user through an automated banking machine adapted to access funds from said user bank account.

5. The method as claimed in claim 1, the method further comprising a user registration step before step a), wherein the user first provides registration information to the loans provider to obtain an authorization to request a cash advance from said cash advance distributor.

6. The method as claimed in claim 1, the method further comprising a distributor registration step before step a), wherein a potential distributor first provides registration information to the loans provider to become an authorized cash advance distributor.

7. The method as claimed in claim 1, wherein the cash advance distributor and the loans provider are managed by a same company.

8. The method as claimed in claim 1, the method further comprising a step, after step d), of transferring a repayment amount corresponding to at least said cash advance amount from a cash advance distributor account to said loans provider account.

9. The method as claimed in claim 8, wherein said repayment amount is transferred only once the user has repaid said loan charge to said given cash advance distributor upon reception of said future one of said service bills.

10. The method as claimed in claim 1, wherein said cash advance distributor is a telecommunications service provider such as a telephone company, an internet service provider, a cable service provider, a satellite service provider, a wireless service provider or a Pay-per-view service provider.

11. The method as claimed in claim 1, wherein said cash advance distributor is a company providing its own store credit card, said service bills comprising store credit card bills.

12. The method as claimed in claim 1, wherein said cash advance distributor is a utility company such as a gas company, an electric company, a water company, an oil company or a natural gas company.

13. The method as claimed in claim 1, wherein said loan charge comprises said cash advance amount and a service charge amount.

14. A cash advance system for providing a cash advance to at least one user of the system, the user initiating a request for the cash advance using a user communication device, the system comprising at least one cash advance distribution system of a given cash advance distributor communicatively configured to receive the request from the user communication device, at least one loan system in communication with said cash advance distribution system communicatively configured to respond to the request and transfer a cash advance amount consistent with the request from a loan system account to a user account and an automated billing system for charging the user a loan charge corresponding to at least said cash advance amount, wherein the user is a pre-established customer of said given cash advance distributor and receives service bills therefrom such that said billing system may charge the user said loan charge on a future one of said service bills.

18. The cash advance system as claimed in claim 14, wherein said loan system account comprises a loan system bank account electronically maintained on a computerized banking system of a given financial institution communicatively accessible by said loan system.

19. The cash advance system as claimed in claim 14, wherein said user account comprises an electronic account maintained on an interactive device communicatively accessible by said loan system.

20. The cash advance system as claimed in claim 19, wherein said user account comprises any one of a user bank account or a third party bank account electronically maintained on a computerized banking system of a given financial institution, a money order account electronically defined on a computerized device at a money order distribution location, an electronic stored value device and a loans account electronically maintained on a dedicated computerized loans account system.

15-17. -17. (canceled)

21-25. -25. (canceled)

26. A computer implemented method for providing a cash advance to at least one user using a user communication device, the method to be implemented over at least one communication network by a cash advance system adapted for communicating over the network, the cash advance system comprising at least one cash advance distribution system and at least one loan system, the method comprising the steps of:

a) initiating a cash advance request by establishing a communication link over the network between the user communication device and the cash advance distribution system of a given cash advance distributor, the user initiating said cash advance request being a pre-established customer of said given cash advance distributor and receiving service bills therefrom;

b) communicating said cash advance request to said loan system;

c) automatically initiating an electronic transfer of a cash advance amount consistent with said cash advance request from a loan system account to a user account; and

d) charging the user on a future one of said service bills a loan charge corresponding to at least said cash advance amount.

37. The computer implemented method as claimed in claim 26, wherein said cash advance distribution system comprises an automated billing system, said step of charging the user being automatically implemented by said automated billing system such that said future one of said service bills is automatically generated thereby to include said loan charge.

38. The computer implemented method as claimed in claim 26, wherein said given cash advance distributor is a telecommunications service provider such as a telephone company, an internet service provider, a cable service provider, a satellite service provider, a wireless service provider or a Pay-per-view service provider.

27-36. -36. (canceled)

39-43. -43. (canceled)