Loan program and process for transacting the same
US7386507B2 · kind B2 · utility
Inventors
Key dates
| Filing date | Sep 21, 2007 |
| Grant date | Jun 10, 2008 |
| Priority date | — |
| Expiry date | Sep 21, 2027 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/03
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A loan program and process is structured to provide a significant end-to-end cost savings while overcoming many, if not all, of the drawbacks and regulatory obstacles present in the current payday loan industry. The program, the end-to-end process, and the arrangement thereof, permits a lender to offer short-term, small cash loans to employees through an employer controlled payroll system. Access to the employer controlled payroll system is achieved through an agreed upon relationship between a coordinator, a lender, and the employer. As part of the agreed upon relationship, the lender guarantees that all fees, interest, and other ancillary costs over and above a principle amount of the short-term, small cash loan will be kept at or below a predetermined annual percentage rate (APR). In addition, the loan is repayable over a number of payroll cycles such that each successive payday the principle balance of the loan decreases.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.