System, program product, and associated methods to autodraw for micro-credit attached to prepaid card
First Claim
1. A computer associated with a lending institution to thereby define a lending institution computer to allow one or more draws to a line of credit coupled to one or more of a plurality of prepaid card accounts, the lending institution computer comprising:
- one or more processors;
one or more input/output units;
non-transitory memory encoded with computer program operable by the one or more processors so that during operations thereof, a lending institution computer is operable to perform the following steps;
establishing a line of credit coupled to one or more of a plurality of prepaid card accounts, the line of credit having a total credit limit and to be drawn in one or more of a plurality of separate predetermined loan increments each being equal in value and less than the total credit limit;
determining, responsive to receipt of data indicating that a value of a proposed purchase associated with one or more of the plurality of prepaid card accounts is greater than a value associated with the one or more one of the plurality of the prepaid card accounts, a number of separate predetermined loan increments to be drawn from the line of credit so that the number of separate predetermined loan increments multiplied by the value of one of the plurality of separate predetermined loan increments plus the value associated with the one or more of the plurality of prepaid card accounts exceeds the value of the proposed purchase by less than the value of one of the plurality of separate predetermined loan increments; and
releasing draws from the line of credit in the number of separate predetermined loan increments determined by the lending institution computer to thereby define drawn predetermined increments when the drawn predetermined increments and a total value of a predetermined loan advance fee corresponding thereto collectively do not exceed the line of credit balance available, the total value of the predetermined loan advance fee being equal to a predetermined loan advance fee multiplied by the number of separate predetermined loan increments.
2 Assignments
0 Petitions
Accused Products
Abstract
A consumer is prequalified for a line of credit attached to a prepaid card by a lending institution. The lending institution computer makes available draws to the line of credit line in an authorization stream for a proposed purchase using the prepaid card as payment. When the line of credit is accessed, the prepaid card is loaded with an additional value equal to one or more preselected loan increments so that the prepaid card then has a new amount totaling a previous amount plus the amount of value of the one or more preselected loan increments and so that the new amount exceeds or equals the value of a proposed purchase. Next, a new value for the line of credit balance available is determined, accounting for value loaded onto the prepaid card and a preselected loan advance fee for each loan increment loaded onto the prepaid card.
269 Citations
20 Claims
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1. A computer associated with a lending institution to thereby define a lending institution computer to allow one or more draws to a line of credit coupled to one or more of a plurality of prepaid card accounts, the lending institution computer comprising:
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one or more processors; one or more input/output units; non-transitory memory encoded with computer program operable by the one or more processors so that during operations thereof, a lending institution computer is operable to perform the following steps; establishing a line of credit coupled to one or more of a plurality of prepaid card accounts, the line of credit having a total credit limit and to be drawn in one or more of a plurality of separate predetermined loan increments each being equal in value and less than the total credit limit; determining, responsive to receipt of data indicating that a value of a proposed purchase associated with one or more of the plurality of prepaid card accounts is greater than a value associated with the one or more one of the plurality of the prepaid card accounts, a number of separate predetermined loan increments to be drawn from the line of credit so that the number of separate predetermined loan increments multiplied by the value of one of the plurality of separate predetermined loan increments plus the value associated with the one or more of the plurality of prepaid card accounts exceeds the value of the proposed purchase by less than the value of one of the plurality of separate predetermined loan increments; and releasing draws from the line of credit in the number of separate predetermined loan increments determined by the lending institution computer to thereby define drawn predetermined increments when the drawn predetermined increments and a total value of a predetermined loan advance fee corresponding thereto collectively do not exceed the line of credit balance available, the total value of the predetermined loan advance fee being equal to a predetermined loan advance fee multiplied by the number of separate predetermined loan increments. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. Non-transitory memory encoded with computer program comprising a set of instructions operable by a computer associated with a lending institution defining a lending institution computer, the lending institution computer operable to perform the following steps:
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establishing a line of credit coupled to one or more of a plurality of prepaid card accounts, the line of credit having a total credit limit and to be drawn in one or more of a plurality of separate predetermined loan increments each being equal in value and less than the total credit limit; determining, responsive to receipt of data indicating that a value of a proposed purchase associated with one or more of the plurality of prepaid card accounts is greater than a value associated with the one or more one of the plurality of the prepaid card accounts, a number of separate predetermined loan increments to be drawn from the line of credit so that the number of separate predetermined loan increments multiplied by the value of one of the plurality of separate predetermined loan increments plus the value associated with the one or more of the plurality of prepaid card accounts exceeds the value of the proposed purchase by less than the value of one of the plurality of separate predetermined loan increments; and releasing draws from the line of credit in the number of separate predetermined loan increments determined by the lending institution computer to thereby define drawn predetermined increments when the drawn predetermined increments and a total value of a predetermined loan advance fee corresponding thereto collectively do not exceed the line of credit balance available, the total value of the predetermined loan advance fee being equal to a predetermined loan advance fee multiplied by the number of separate predetermined loan increments. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A computer-implemented method to allow draws from a line of credit in or more of a plurality of separate predetermined loan increments, the computer-implemented method comprising the steps of:
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establishing, by a computer associated with a lending institution to define a lending institution computer, a line of credit coupled to one or more of a plurality of prepaid card accounts, the tine of credit having a total credit limit and to be drawn in one or more of a plurality of separate predetermined loan increments each being equal in value and less than the total credit limit; determining, responsive to receipt of data by the lending institution computer indicating that a value of a proposed purchase associated with one or more of the plurality of prepaid card accounts is greater than a value associated with the one or more one of the plurality of the prepaid card accounts, a number of separate predetermined loan increments to be drawn from the line of credit so that the number of separate predetermined loan increments multiplied by the value of one of the plurality of separate predetermined loan increments plus the value associated with the one or more of the plurality of prepaid card accounts exceeds the value of the proposed purchase by less than the value of one of the plurality of separate predetermined loan increments; and releasing draws by the lending institution computer from the line of credit in the number of separate predetermined loan increments determined by the lending institution computer to thereby define drawn predetermined increments when the drawn predetermined increments and a total value of a predetermined loan advance fee corresponding thereto collectively do not exceed the line of credit balance available, the total value of the predetermined loan advance fee being equal to a predetermined loan advance fee multiplied by the number of separate predetermined loan increments. - View Dependent Claims (16, 17, 18, 19, 20)
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Specification