Comprehensive online loan transaction
US7996303B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Dec 30, 2005 |
| Grant date | Aug 9, 2011 |
| Priority date | — |
| Expiry date | Dec 28, 2028 |
Classification
- Technology area (CPC —)General
Abstract
Method and system for conducting a commercial transaction requiring a monetary loan online to allow a consumer or borrower to access a lending institution over a network connection and apply for a monetary loan online. The loan application is processed in real time and the borrower is notified of the type of loan, loan amount, interest rate, etc., that he/she is qualified for. Upon acceptance of the loan terms, the borrower is provided with a personal identification number (PIN) and a unique lender transaction ID that serves as confirmation of the loan. The lender transaction ID may then be taken to a suitable seller and used to conduct the transaction. The seller simply accesses the lending institution over a network connection, enters the lender transaction ID, the borrower's PIN, and other transaction-related information, and the lending institution automatically sends the appropriate payment to the seller.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.