Electronic lending and borrowing system
First Claim
1. An apparatus for matching prospective borrowers with prospective lenders to initiate and complete a loan process in a consumer to consumer electronic borrowing and lending scheme, comprising:
- a means for accepting borrower data via a computer network from one or more prospective borrowers, where said borrower data includes, the type of collateral to be used in the loan, the loan terms and their respective range of acceptable values, and what loan terms are negotiable by each prospective borrower;
a means for accepting lender data via a computer network from one or more prospective lenders, where said lender data includes, the type of collateral to be used in the loan, the loan terms and their respective range of acceptable values, and what loan terms are negotiable by said prospective lenders;
a means for constant evaluation of said collateral;
a means for comparing said lender data from each said prospective lender to said borrower data from each said prospective borrower;
determining when said lender data from a prospective lender matches borrower data from a prospective borrower to identify a user counterpart match, where matching occurs when the values of said lender data equal the values of said borrower data or when said lender data or said borrower data is within the range of acceptable value; and
a means for providing lender with a list of borrowers, who have data matching the lender'"'"'s data;
a means for providing borrower with a list of lenders, who have data matching the borrower'"'"'s data;
a means for lenders and borrowers to negotiate terms of loan and complete loan process where terms of loan comprises of loan amount, period, rate of interest, collateral, collateral amount, type of collateral, mix of collateral, number of calls to be made, calls for top up, foreclosure, foreclosure penalty, validity period, collateral availability, and mode of payment; and
a means for lenders and borrowers to add new terms of loan for negotiation with counterparties,where both lenders and borrowers are consumers.
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Accused Products
Abstract
A common forum for borrowing and lending includes a plurality of remote devices associated with respective potential counterparts, a communications network for permitting communication between the remote devices, and a central server computer. Each user enters preferences and data pertaining to what he or she would like to lend or borrow and under what conditions. The central server computer then uses the preferences of lending and borrowing data from each user to identify possible counterparts that might be mutually acceptable based on the preference information. Once a match occurs, the potential counterparts can negotiate through the central server to negotiate some or all terms. After the negotiation is complete, the forum will reveal the counterpart details to both the parties of contract for settlement.
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Citations
46 Claims
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1. An apparatus for matching prospective borrowers with prospective lenders to initiate and complete a loan process in a consumer to consumer electronic borrowing and lending scheme, comprising:
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a means for accepting borrower data via a computer network from one or more prospective borrowers, where said borrower data includes, the type of collateral to be used in the loan, the loan terms and their respective range of acceptable values, and what loan terms are negotiable by each prospective borrower; a means for accepting lender data via a computer network from one or more prospective lenders, where said lender data includes, the type of collateral to be used in the loan, the loan terms and their respective range of acceptable values, and what loan terms are negotiable by said prospective lenders; a means for constant evaluation of said collateral; a means for comparing said lender data from each said prospective lender to said borrower data from each said prospective borrower; determining when said lender data from a prospective lender matches borrower data from a prospective borrower to identify a user counterpart match, where matching occurs when the values of said lender data equal the values of said borrower data or when said lender data or said borrower data is within the range of acceptable value; and a means for providing lender with a list of borrowers, who have data matching the lender'"'"'s data; a means for providing borrower with a list of lenders, who have data matching the borrower'"'"'s data; a means for lenders and borrowers to negotiate terms of loan and complete loan process where terms of loan comprises of loan amount, period, rate of interest, collateral, collateral amount, type of collateral, mix of collateral, number of calls to be made, calls for top up, foreclosure, foreclosure penalty, validity period, collateral availability, and mode of payment; and a means for lenders and borrowers to add new terms of loan for negotiation with counterparties, where both lenders and borrowers are consumers. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 43)
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24. A method for matching prospective borrowers with prospective lenders to initiate and complete a loan process in a consumer to consumer electronic borrowing and lending scheme conducted over a computer network comprising a central server connected to a plurality of remote devices through a communication network, at least one of the central server and the plurality of remote devices having a memory on which a program configured to execute the electronic borrowing and lending scheme can, at least in part, be stored, comprising the steps of:
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accepting borrower data via the computer network from one or more prospective borrowers, where said borrower data includes, the type of collateral to be used in the loan, the loan terms and their respective range of acceptable values, and what loan terms are negotiable by each prospective borrower; accepting lender data via the computer network from one or more prospective lenders, where said lender data includes, the type of collateral to be used in the loan, the loan terms and their respective range of acceptable values, and what loan terms are negotiable by said prospective lenders; evaluating the value of said collateral at a specified time period and providing an alert if the collateral falls below a baseline value and requesting supplemental additions to the collateral; comparing said lender data from each said prospective lender to said borrower data from each said prospective borrower; determining when said lender data from a prospective lender matches borrower data from a prospective borrower to identify a user counterpart match, where matching occurs when the values of said lender data equal the values of said borrower data or when said lender data or said borrower data is within the range of acceptable value; and providing said lender with a list of borrowers, who have data matching said lender'"'"'s data; providing said borrower with a list of lenders, who have data matching said specific borrower'"'"'s data; said lender and borrower negotiating terms of loan and completing loan process where terms of loan comprises of loan amount, period, rate of interest, collateral, collateral amount, type of collateral, mix of collateral, number of calls to be made, calls for top up, foreclosure, foreclosure penalty, validity period, collateral availability, mode of payment; and said lender and borrower adding new mutually agreed terms of loan for negotiation with counterparties, where both lenders and borrowers are consumers. - View Dependent Claims (25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 44, 45, 46)
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Specification