A process to create loyalty and referrals for lending products

摘要

Inventors - Phil Hopper and Peter Phillips Loyalty and Referral Program for lending products Abstract 5 A process to create loyalty and referrals for lending products. Invention 1. The Lender (or financial institution) establishes a lending loyalty Program. 10 2. Borrowers become members or join the Program and take out a lending product with the Lender. 3. (Initial) Borrowers are encouraged to refer or assist in getting others to sign up to the Program. 4. For each new (Secondary) borrower that joins the Program and takes out a 15 lending product with the Lender the original borrower is given a discount on their interest rate or cash back based on the size of the new loan taken out. 5. The discount or cash back continues whilst both the original borrower and the new borrower remain with the Lender. 6. If the Secondary Borrower then introduces other borrowers to join the program 20 and they take out lending products then both the Initial Borrower and the Secondary Borrower will be given discounts on their interest rate or cash back with the Initial Borrower getting a lower level of discount. 7. The number of layers of Borrowers where discounts/ rewards will apply will be limited 25 8. Borrowers will be encouraged to ensure or assist any Secondary etc. Borrowers to remain current with lending product payments and not go into arrears or default. 12h March 2016