Comprehensive online loan transaction
Number of patents in Portfolio can not be more than 2000
United States of America
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Aug 9, 2011
Issued Date -
N/A
app pub date -
Dec 30, 2005
filing date -
Dec 30, 2005
priority date (Note) -
Withdrawn
status (Latency Note)
Importance
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.
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