Jennifer D Kelly

US Patent:

7933833, Apr 26, 2011

Filed:

Aug 31, 2006

Appl. No.:

11/469467

Inventors:

Stephen Hotz - Marietta GA, US
Jennifer Kelly - Atlanta GA, US
Krishnamoorthy Srinivasan - Marietta GA, US
Ajay Kumar Jindia - Smyrna GA, US

Assignee:

Compucredit Intellectual Property Holdings Corp. II - Las Vegas NV

International Classification:

G06Q 40/00

US Classification:

705 38, 705 1, 705 14, 705 26, 705 35, 705 37, 705 39, 705 42, 705 45, 705 50, 705 64, 235379, 463 42, 707 10, 709204

Abstract:

A method and apparatus for rapidly and remotely providing temporary credit to a borrower is provided. In one embodiment, a lender uses as one criterion in approving the temporary credit a minimum number of deposits within a predetermined deposit verification time. Upon receipt of a request for credit, which may come either from a prospective borrower or from a merchant upon denial of credit to the prospective borrower, a lender queries a deposit account to determine whether a predetermined minimum number of deposits has been made within a predetermined deposit verification time. The lender may also determine whether each of the deposits exceeds a minimum deposit amount. Where approved, the lender is able to rapidly dispense funds for use by the borrower. In one embodiment, the lender makes these funds available via a pre-paid credit card. The lender is then able to collect principal and interest through electronic withdrawals.