Method and system for obtaining credit

A method of processing a credit request and approval, the method comprising:

• receiving, at a credit routing system, a credit request from a mobile creditee computing device from a mobile creditee requesting a credit line for use with a vendor, wherein the credit request is initiated by the mobile creditee computing device so the credit line can be used to complete a purchase transaction at the site of the vendor;
• identifying at least one mobile creditor, each using a mobile creditor computing device, who has previously indicated a willingness to make at least a portion of credit held for the benefit of the at least one mobile creditor at a third party financial institution available to mobile creditees;
• providing the credit request from the mobile creditee computing device to the system, so as to enable the at least one mobile creditor to offer the at least a portion of credit held for the benefit of the at least one mobile creditor for use by the mobile creditee;
• receiving an approval along with purchasing rules selected by the mobile creditor, the purchasing rules including purchasing restrictions imposed by the mobile creditor that must be applied by a vendor before any funds may be accepted by the vendor for payment;
• providing the approval, the purchasing rules, the purchasing restrictions, and an authorization code to the mobile creditee computing device to be used in making a payment at the vendor;
• and
• processing the payment for a purchase transaction for the mobile creditee using the purchasing rules, the purchasing restrictions, and the authorization code to access the at least a portion of credit held for the benefit of the at least one mobile creditor to enable the mobile creditee to complete the purchase.

A credit routing system, including a computing device, wherein the credit routing system is for:

• receiving a credit request from a mobile creditee computing device from a mobile creditee requesting a credit line for use with a vendor, wherein the credit request is initiated by the mobile creditee computing device so the credit line can be used to complete a purchase transaction at the vendor;
• identifying at least one mobile creditor, each using a mobile creditor computing device, who has previously indicated a willingness to make at least a portion of credit held for the benefit of the at least one mobile creditor at a third party financial institution available to mobile creditees;
• providing the credit request from the mobile creditee computing device to the system, so as to enable the at least one mobile creditor to offer the at least a portion of credit held for the benefit of the at least one mobile creditor for use by the mobile creditee;
• receiving an approval along with purchasing rules selected by the mobile creditor, the purchasing rules including purchasing restrictions imposed by the mobile creditor that must be applied by a vendor before any funds may be accepted by the vendor for payment;
• providing the approval, the purchasing rules, the purchasing restrictions, and an authorization code to the mobile creditee computing device to be used in making a payment at the vendor;
• receiving confirmation from the vendor that the payment conforms to the purchasing rules, the purchasing restrictions, and includes the authorization code;
• and
• processing the payment for a purchase transaction for the mobile creditee using the purchasing rules, the purchasing restrictions, and the authorization code to access the at least a portion of credit held for the benefit of the at least one mobile creditor to enable the mobile creditee to complete the purchase.