Patent ID: 8359263
Filing Date: 2013-01-22
Classification: G06Q

Abstract:
1. A method for converting the amount of a scheduled loan payment from a composite amount to an interest-only amount, the composite amount comprising loan principal and interest, the method comprising: electronically recording a loan payment by a customer, wherein the loan payment comprises the composite amount, and wherein the loan payment is associated with a loan; receiving a request by the customer for activation of a payment schedule conversion feature, wherein activating the conversion feature converts, for an activation period, the amount of the scheduled loan payment from the composite amount to the interest-only amount, wherein the scheduled loan payment is associated with the loan, and wherein the activation period comprises a limited period of time that is at least two months long; activating the conversion feature based at least partially on the receiving the request; and issuing, to the customer after the activating the conversion feature, a statement that defines an amount due as the interest-only amount.