Computer-Implemented Methods, Computer Program Products, and Systems for Enhanced Loan Product Repayments
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United States of America Patent
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Issued Date -
May 3, 2012
app pub date -
Nov 2, 2011
filing date -
Sep 23, 2009
priority date (Note) -
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Abstract
A computer configured and programmed as a financial institution computer, method, and system to schedule and obtain loan repayments from a customer, including flexible loan repayment mechanisms and schedules corresponding to expected deposit dates, e.g., multiple paydays. The computer can determine a repayment schedule for one or more loans responsive to an electronic loan request by the customer, direct deposit data for the customer, and preselected loan product parameters. The computer can monitor an account for an expected direct deposit from a first time prior to an expectation date of the expected direct deposit and up to a second time after the expectation date for the expected direct deposit to thereby define a time period around the expected direct deposit. The computer can obtain one or more repayments responsive to a receipt of the expected direct deposit, the expected direct deposit being one of a predetermined hierarchy of deposit sources.
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