Patent ID: 8671050

Claim:
A method of providing funds for a purchase of a product, comprising: approving a loan application from an applicant by a computer system, the loan application having an approved amount of funds therefor; opening a financial account; depositing into the financial account the amount of funds corresponding to the approved amount of the loan by the computer system; issuing an inactive loan card to the applicant, wherein the loan card is associated with the approved amount of funds in the financial account, and wherein the loan card is initially configured to be inactive, and to change the loan card to an active card upon receipt and verification of an identification information associated with a product intended to be purchased with the amount of funds of the loan application; wherein the product is a vehicle, wherein the identification information associated with the product comprises a vehicle identification number; receiving a notice that the applicant wishes to purchase the product by the computer system, wherein the notice comprises the identification information associated with the product; reconfiguring the loan card to be an active card when the received identification information is verified by the computer system; receiving notification from a credit card processing network that a merchant has commenced a transaction using the loan card to purchase the product; and disbursing at least a portion of the approved amount funds in the loan in the financial account by the computer system to the merchant.