COMPUTER PROGRAM, SYSTEM, AND METHOD FOR PROVIDING A CONSUMER WITH IMMEDIATE ACCESS TO FUNDS VIA A HYBRIDIZED SECURED LINE OF CREDIT

摘要

A hybridized secured credit financial product provides a consumer immediate access to funds corresponding to at least a portion of a line of credit before collateral securing the line of credit is realized. The consumer applies for a secured lined of credit. If approved, the consumer opens a first financial account that is a secured credit account. Collateral to secure the secured credit account is provided via a source of collateral funds, such as a onetime or periodic impending payment, associated with the consumer and deposited into a second financial account associated with the consumer. The consumer is allowed access to at least a portion of the line of credit before the collateral is actually deposited into the second financial account.

主权项

1. A non-transitory computer-readable medium having a computer program stored thereon for execution by a processor, the computer program operable to provide a consumer immediate access to funds via a hybridized secured credit financial product, wherein execution of the computer program by the processor performs the steps of:
receive a request, from the consumer, to open a first financial account that is a secured credit account; determine a collateral funding amount available from a source of collateral funds associated with the consumer, wherein the collateral funding amount is used as collateral for the secured credit account; establish a second financial account for depositing of the collateral funding amount in said second financial account; determine an initial credit limit for the secured credit account, wherein the initial credit limit represents an initial monetary amount available to the consumer for a period of time prior to all of the collateral funding amount being deposited in said second financial account; determine a regular credit limit for the secured credit account, wherein the regular credit limit represents a regular monetary amount available to the consumer after all of the collateral funding amount has been deposited in said second financial account; provide access to the consumer, via the secured credit account and prior to all of the collateral funding amount being deposited in said second financial account, of the initial monetary amount, such that the consumer may access the initial monetary amount using the consumer's secured credit account and prior to the second financial account being fully funded with the collateral amount; receive notice that all of the collateral funding amount is deposited into the second financial account; and provide access to the consumer, via the secured credit account and only after all of the collateral funding amount is deposited in said second financial account, of the regular monetary amount, such that the consumer may access the regular monetary amount using the consumer's secured credit account and only after the second financial account is fully funded with the collateral amount.