Patent Issued for Systems And Means Of Loan Origination And Servicing Centered On A Recurring Deposit Of Funds

Patent Issued for Systems And Means Of Loan Origination And Servicing Centered On A Recurring Deposit Of Funds

“This summary is supplied to introduce an array of ideas in a simplified type which can be further described below when you look at the detail by detail description. This summary is certainly not designed to determine key features or important options that come with the advertised material, neither is it designed to be employed to restrict the range for the advertised material.”

The claims furnished by the inventors are:

“What is reported:

“1. A non-transitory computer-readable directions which, whenever performed by more than one processors of some type of computer system, cause more than one products to do a way for originating that loan utilizing a plurality of historic direct deposits to a merchant account, said method comprising: delivering, because of the computer system, a user by having a self-service software that displays a display on a person unit and allows the consumer to request a loan whilst the individual unit is attached to the computer system; getting a demand at an internet site supplied by a monetary solutions provider for the loan from a person; ascertaining a quantity of the plurality of historic direct deposit; ascertaining a regularity regarding the plurality of historic direct deposits; determining that loan quantity as a share associated with the number of the plurality of historical direct deposits; determining a payment routine prior to the mortgage quantity plus the frequency for the plurality of historic direct deposits, wherein the frequency regarding the plurality of historical direct deposits limits a payment amount of the mortgage; and limiting re re re payment from funds through the loan to just billers who possess a digital relationship aided by the economic solutions provider.

“2. The non-transitory computer-readable medium of claim 1, wherein the technique further comprises deducting re re re payments to settle the mortgage from the next direct deposit.

“3. The non-transitory computer-readable medium of claim 1, wherein determining a payment routine comprises computing a several of this regularity associated with the plurality of historic direct deposits.

“4. The non-transitory computer-readable medium of claim 1, wherein an individual holds a merchant account because of the economic solutions provider, and wherein the plurality of historic direct deposits is deposited into the account.

“5. The non-transitory computer-readable medium of claim 1, wherein the strategy further comprises: determining a tenure utilizing the economic services provider; and determining if any account that is corporate occur when it comes to individual.

“6. The non-transitory computer-readable medium of claim 1, wherein the strategy further comprises offering the mortgage with conditions and terms set prior to an utilization of the loan quantity.

“7. A method configured for originating a loan by way of a bill re re payment application supplied by a service that is financial, comprising: processor resources; and memory resources combined into the processor resources and configured to direct the processor resources to: offer a person having a self-service software that shows a display on a person unit and allows an individual to request a loan as the individual unit is linked to the device; enjoy guidelines, at a site supplied by the economic solutions https://signaturetitleloans.com/title-loans-ks/ provider through the individual unit, during the bill re payment application to start a loan application; accept details about a job candidate for the loan; determine the applicant has a plurality of historic direct deposits in a free account during the economic solutions provider; deposit funds in to the account during the monetary solutions provider; determine a repayment routine prior to a loan quantity and a regularity regarding the plurality of historic direct deposits, wherein the regularity associated with plurality of historic direct deposits limits the payment amount of the mortgage; and limit payment from funds through the loan to simply billers that have a digital relationship because of the monetary solutions provider.

“8. The machine of claim 7, further comprising: a minumum of one computer subsystem that allocates a very first part of the funds for re re payment of bills; and also at least one computer subsystem that allocates an extra part of the funds for cash withdrawals by the applicant.

“9. The machine of claim 8, wherein a primary interest rate pertains to the initial part, an additional rate of interest pertains to the second part.

“10. The device of claim 9, wherein the very first rate of interest is gloomier compared to the interest rate that is second.

“11. The device of claim 7, further comprising a minumum of one computer subsystem that allocates the funds to bills which have been formerly presented into the bill payment application ahead of the application for the loan is established.

“12. The machine of claim 7, wherein determining the repayment schedule comprises that are further a several of this regularity associated with the plurality of historic deposits.

“13. The machine of claim 7, further comprising a minumum of one computer subsystem that deducts re re payments from the deposit that is future.

“14. A method configured for providing a self-service, application for the loan and origination process, comprising: processor resources; and memory resources combined to the processor resources and configured to direct the processor resources to: offer a person with a self-service software that displays a display on a person unit and allows the consumer to request a loan although the individual unit is attached to the device; accept, at a web site given by a economic solutions provider, application for the loan information during the economic solutions provider through the individual unit; determine the consumer features a plurality of historic direct deposits to a merchant account held during the monetary services provider; determine a quantity of financing with the plurality of historic direct deposits; determine a regularity regarding the plurality of historical direct deposits determine a payment routine with the regularity associated with the plurality of historic direct deposits, wherein the regularity of this plurality of historic direct deposits limits the payment amount of the loan; restrict payment from funds through the loan to just billers who possess an electric relationship because of the economic solutions provider; immediately deducting repayments from a quantity of every future direct deposit; and credit the account with all the number of the mortgage.

“15. The device of claim 14, wherein the mortgage application is gotten and credited in a session that is same an individual unit.

“16. The device of claim 14, further comprising: one or more computer subsystem that allocates a portion that is first of quantity of the mortgage for re re payment of bills; and also at minimum one computer subsystem that allocates an extra percentage of the amount of the mortgage for money withdrawals because of the individual.

“17. The device of claim 16, wherein an initial rate of interest relates to the very first part, an additional rate of interest relates to the portion that is second.

“18. The device of claim 14, further comprising one or more computer subsystem that limits the consumer up to a predetermined amount of loans inside a predetermined duration of the time.”

For more information with this patent, see: Hildebrand,

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