Patent ID: 8108279

Claim:
A computer associated with a financial institution defining a financial institution computer to access to a line of credit associated with a prepaid card account, the financial institution computer comprising: an input/output unit for communicating with a plurality of customer access interface devices; one or more processors; and one or more non-transitory memories encoded with computer program, the computer program comprising a set of instructions that, when executed by the one or more processors, perform the operations of: determining whether a consumer has one or more of a plurality of existing prepaid card accounts; determining eligibility for a line of credit account with a financial institution based on the consumer's historical use of the one or more of the plurality of existing prepaid card accounts; establishing a line of credit account associated with the one or more of the plurality of exiting prepaid card accounts responsive to determining the consumer's eligibility, the line of credit account having a total credit limit and adapted to be drawn in at least one of a plurality of separate predetermined loan increments each being equal in value and less than the total credit limit, the total credit limit being capped through underwriting criteria so that no more than a predetermined percentage of the consumer's historic direct deposit amount to the one or more of the plurality of existing prepaid card accounts is required for a minimum repayment amount; determining a number of separate predetermined loan increments to be added to the one or more of the plurality of existing prepaid card accounts from the line of credit account responsive to receiving a request from one or more of the plurality of customer access interface devices for draws from the line of credit account; loading the one or more of the plurality of existing prepaid card accounts with at least one of the plurality of separate predetermined loan increments that corresponds with the number of separate predetermined loan increments to thereby define loaded increments responsive to the loaded increments being equal to or less than an available balance of the line of credit account; determining a total value of a loan advance fee for the loaded increments, the total value being equal to a predetermined loan advance fee multiplied by the number of separate predetermined loan increments, the total value of the loan advance fee being less than a value of the loaded increments; determining a plurality of loan repayment portions for a total loan amount based upon a plurality of predetermined direct deposit periods, the total loan amount defined as the total value of the loan advance fee plus the loaded increments, each of the plurality of loan repayment portions exceeding the minimum repayment amount; and deducting one of the plurality of loan repayment portions from a direct deposit received in the one or more of the plurality of existing prepaid card account during each of the plurality of predetermined direct deposit periods.