FLEXIBLE PAYMENT LOAN METHODS AND SYSTEMS

摘要

Flexible payment loan methods and systems are provided. When approved for a flexible payment loan, a user may skip making loan payments in a set of loan skipping periods without penalty. The set of loan skipping payment periods may be predetermined and may comprise the summer months of July and August. Interest may continue to accrue in the loan skipping periods when the user skips payments. In each review period, the condition of a flexible payment loan is validated. A user may continuously skip payments only if the flexible payment loan is in good standing.

主权项

1. A computer-implemented method of processing flexible payment loans, comprising:
determining an applicant's eligibility for a flexible payment loan based on the applicant's personal information and information regarding the loan provided via a user computer interface; determining a specification of a flexible payment loan based on the information provided via the user computer interface, the specification comprising an interest rate, a loan term, a loan payment period, the number of loan payments, each loan payment amount, and a set of predetermined loan skipping periods; and providing the specification of the flexible payment loan to the applicant, wherein the applicant is allowed to skip loan payments in the set of predetermined loan skipping periods without penalty and without need for additional input from the applicant or a lender.