System and method for offering unsecured consumer credit transactions
First Claim
Patent Images
1. An electronic payroll system comprising:
- issuing a stored value card;
direct depositing wages to the stored value card; and
providing holders of the stored value card with advances on future wages.
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Accused Products
Abstract
A payday loan system is provided. An employee is issued a stored value card. The employee'"'"'s wages are direct deposited to the stored value card. The holders of the stored value card are provided with advances on future wages. The payroll cycle is tracked so that collection is triggered on the pay date. The stored value card account is accessed for the purpose of collecting repayment of the advance. After an employer makes a regular payroll deposit, the amount of the advance is collected.
241 Citations
68 Claims
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1. An electronic payroll system comprising:
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issuing a stored value card;
direct depositing wages to the stored value card; and
providing holders of the stored value card with advances on future wages. - 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, 24)
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25. A payday loan system comprising:
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issuing an employee a stored value card;
direct depositing the employee'"'"'s wages to the stored value card;
providing the employee with an advance on future wages; and
accessing on or after a pay period the stored value card for the purpose of collecting repayment of the advance. - View Dependent Claims (26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46)
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47. A payday loan system comprising:
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direct depositing wages to an account;
providing employees with advances on future wages;
automatically tracking a payroll cycle so that collection is triggered;
accessing the account for the purpose of collecting repayment of the advance; and
collecting after an employer makes a regular payroll deposit. - View Dependent Claims (48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68)
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Specification