Patent ID: 8117116

Claim:
A method comprising: processing, by a computer-based transaction account system, a request to automatically charge a recurring payment to a transaction account of a requestor for a loan from a loan company based on a previously submitted application from the requestor to the loan company, wherein the transaction account is a credit based account; associating, by the computer-based transaction account system, the loan with the transaction account of the requestor; initiating, by the computer-based transaction account system, automatic, periodic charging of the transaction account corresponding to a recurring loan payment amount for the loan; notifying, by the computer-based transaction account system, the loan company responsive to a decline of at least one of the automatic, periodic charges; receiving prepayment information, by the computer-based transaction account system, indicating that the requestor has prepaid at least a partial amount of at least one of the automatic, periodic charges; and notifying, by the computer-based transaction account system, the loan company responsive to the prepayment information relating to at least one of the automatic, periodic charges.