Patent ID: 7769683
Filing Date: 2010-08-03
Classification: G06Q

Abstract:
1. A system for providing a loan product, the system comprising: at least one subsystem configured to provide a loan amount that corresponds to an amount of money provided to a borrower; at least one subsystem configured to provide an interest rate to the loan amount to determine a repayment amount for the loan product; at least one subsystem configured to determine a loan period that corresponds to an amount of time in which the borrower has promised to repay the loan amount; at least one subsystem configured to receive a plurality of first payments from the borrower during an adjustable time period of the loan period, wherein the interest rate comprises a first interest rate for the plurality of first payments; and at least one subsystem configured to receive at least one second payment from the borrower subsequent to the adjustable time period, wherein the interest rate is adjusted to a second interest rate that is lower than the first interest rate for the at least one second payment in response to each of the plurality of first payments from the borrower being made on time during the adjustable time period.