System and method for online peer-to-peer banking
OwnerAdam McGowaninventor
Life of this patent
Estimating the term…
Abstract
A method for providing a peer-to-peer loan service includes providing a website, listing lenders and amount of capital offered to be loaned and loan terms for each of the lenders in a lender database, placing a bid for a desired loan amount and desired loan terms by a borrower in the website, identifying at least one lender who can meet the borrower's bid, communicating this information to the borrower and reaching of equilibrium agreement between the at least one lender and the borrower. The equilibrium agreement is reached via an auction process and/or an algorithm process.
Claims43
A method for providing a peer-to-peer loan service comprising:
- providing a website wherein said website is accessible via a network connection and comprises a plurality of interlinked webpages stored in a memory and said memory is couple to a computing circuit and to a communications interface for communicating via said network connection;
- listing one or more lenders, and amount of capital offered to be loaned and loan terms for each of said one or more lenders in a lender database;
- placing a bid for a desired loan amount and desired loan terms by a borrower in said website;
- identifying at least one lender among said one or more lenders who can meet said borrower's bid and communicating information of said at least one lender to said borrower;
- selecting said at least one lender by said borrower and notifying said selected at least one lender of said borrower's bid;
- and
- reaching of equilibrium agreement between said at least one lender and said borrower.
The method of 12 further comprising paying back said funds to said at least one lender by said borrower and wherein said at least one lender receives said funds via a method selected from a group consisting of credit card, check, direct deposit in a bank account, wire in a bank account and deposit in an electronic account.
The method of page 18 wherein said borrow webpage and said lend webpage comprise links to an auction based process and an algorithm based process.
A system for providing a peer-to-peer loan service comprising:
- a website wherein said website is accessible via a network connection and comprises a plurality of interlinked webpages stored in a memory and said memory is couple to a computing circuit and to a communications interface for communicating via said network connection;
- means for listing one or more lenders, and amount of capital offered to be loaned and loan terms for each of said one or more lenders in a lender database;
- means for placing a bid for a desired loan amount and desired loan terms by a borrower in said website;
- means for identifying at least one lender among said one or more lenders who can meet said borrower's bid and communicating information of said at least one lender to said borrower;
- means for selecting said at least one lender by said borrower and notifying said selected at least one lender of said borrower's bid;
- and
- means for reaching of equilibrium agreement between said at least one lender and said borrower.
Dependencies are inferred from the claim text.