Description:BACKGROUND
Field of Invention
[001] Embodiments of the present invention generally relate to a social networking system and particularly to a networking system for lending and borrowing funds among users.
Description of Related Art
[002] Emergence of digital technologies has transformed various aspects of financial services, including lending and borrowing. In contemporary lending and borrowing networks, an auction process typically selects a first user who submits the highest bid amount within the auction duration. However, a significant issue arises when certain users exploit this process by strategically waiting until the last minute to ascertain the maximum bid amount. Subsequently, these users promptly add an additional amount to the current bid, effectively establishing a new bid amount, and ultimately securing the auctioned funds.
[003] Moreover, following this tactic, these users often default on subsequent installment payments from the following month onwards. Moreover, in some instances, users who obtain funds through this method abscond, submitting fraudulent or dummy security documents or files. Consequently, there arises a critical need to address the security concerns associated with these practices.
[004] Additionally, the conventional system allows all types of users to participate in the network and borrow funds. Users do not know about other users in the network and a total number of users in the network. Moreover, there is no credibility and liability check of the users in the network, and in case a user absconds from the network after disbursal funds there is no assuring way of getting funds back.
[005] There is thus a need for an improved and advanced networking system for lending and borrowing funds among users that can administer the aforementioned limitations in a more efficient manner.
SUMMARY
[006] Embodiments in accordance with the present invention provide a networking system for lending and borrowing funds among users. The system comprising: a user device. The system further comprising: a processor. The processor is configured to: enable registration of a borrower using a computer application by receiving user details through the user device; enable the borrower to join a group of lenders interested in lending funds to the borrower; enable the borrower to put a request for borrowing funds from the lenders in the group; conduct a voting process and shortlist the lenders in the group interested in lending funds to the borrower; create a sub-group of the lenders interested in lending funds to the borrower; enable the borrower to submit a set of documents for verification; and disburse funds to the borrower, upon complete and successful verification of the submitted documents.
[007] Embodiments in accordance with the present invention further provide a method for lending and borrowing funds using a networking system for lending and borrowing funds among users. The method comprising steps of: registering a borrower on the system using a computer application by receiving user details through a user device; enabling the borrower to join a group of lenders interested in lending funds to the borrower; enabling the borrower to put a request for borrowing funds from the lenders in the group; conducting a voting process and shortlist the lenders in the group interested in lending funds to the borrower; creating a sub-group of the lenders interested in lending funds to the borrower; enabling the borrower to submit a set of documents for verification; and disbursing funds to the borrower, upon complete and successful verification of the submitted documents.
[008] Embodiments of the present invention may provide a number of advantages depending on their particular configuration. First, embodiments of the present application may provide a networking system for lending and borrowing funds among users.
[009] Next, embodiments of the present application may provide a networking system for lending and borrowing funds among users that ensures committed and genuine users join the group.
[0010] Next, embodiments of the present application may provide a networking system for lending and borrowing funds among users that is transparent about other users in the group.
[0011] Next, embodiments of the present application may provide a networking system for lending and borrowing funds among users that operate under the regulation and mandate of official government rule.
[0012] Next, embodiments of the present application may provide a networking system for lending and borrowing funds among users that ensures retrieval of disbursed funds to a user, if in case the user absconds the group.
[0013] Next, embodiments of the present application may provide a networking system for lending and borrowing funds among users that verifies documentation and securities before disbursal funds.
[0014] These and other advantages will be apparent from the present application of the embodiments described herein.
[0015] The preceding is a simplified summary to provide an understanding of some embodiments of the present invention. This summary is neither an extensive nor exhaustive overview of the present invention and its various embodiments. The summary presents selected concepts of the embodiments of the present invention in a simplified form as an introduction to the more detailed description presented below. As will be appreciated, other embodiments of the present invention are possible utilizing, alone or in combination, one or more of the features set forth above or described in detail below.
BRIEF DESCRIPTION OF THE DRAWINGS
[0016] The above and still further features and advantages of embodiments of the present invention will become apparent upon consideration of the following detailed description of embodiments thereof, especially when taken in conjunction with the accompanying drawings, and wherein:
[0017] FIG. 1A illustrates a block diagram of a networking system for lending and borrowing funds among users, according to an embodiment of the present invention;
[0018] FIG. 1B illustrates a block diagram of a processor of the networking system for lending and borrowing funds among users, according to an embodiment of the present invention; and
[0019] FIG. 2 depicts a flowchart of a method for lending and borrowing funds using the networking system for lending and borrowing funds among users, according to an embodiment of the present invention.
[0020] The headings used herein are for organizational purposes only and are not meant to be used to limit the scope of the description or the claims. As used throughout this application, the word "may" is used in a permissive sense (i.e., meaning having the potential to), rather than the mandatory sense (i.e., meaning must). Similarly, the words “include”, “including”, and “includes” mean including but not limited to. To facilitate understanding, like reference numerals have been used, where possible, to designate like elements common to the figures. Optional portions of the figures may be illustrated using dashed or dotted lines, unless the context of usage indicates otherwise.
DETAILED DESCRIPTION
[0021] The following description includes the preferred best mode of one embodiment of the present invention. It will be clear from this description of the invention that the invention is not limited to these illustrated embodiments but that the invention also includes a variety of modifications and embodiments thereto. Therefore, the present description should be seen as illustrative and not limiting. While the invention is susceptible to various modifications and alternative constructions, it should be understood, that there is no intention to limit the invention to the specific form disclosed, but, on the contrary, the invention is to cover all modifications, alternative constructions, and equivalents falling within the scope of the invention as defined in the claims.
[0022] In any embodiment described herein, the open-ended terms "comprising", "comprises”, and the like (which are synonymous with "including", "having” and "characterized by") may be replaced by the respective partially closed phrases "consisting essentially of", “consists essentially of", and the like or the respective closed phrases "consisting of", "consists of”, the like.
[0023] As used herein, the singular forms “a”, “an”, and “the” designate both the singular and the plural, unless expressly stated to designate the singular only.
[0024] FIG. 1A illustrates a block diagram of a networking system 100 for lending and borrowing funds among users, according to an embodiment of the present invention. In an embodiment of the present invention, the system 100 may connect a user (a borrower) in requirements funds with a group and/or network of users (lenders(s)) interested in lending funds to the borrower.
[0025] According to an embodiment of the present invention, the system 100 may comprise a user device 102, a computer application 104, a database 106, an application server 108, and a processor 110.
[0026] In an embodiment of the present invention, the user device 102 may be a device used by the borrower for requesting funds from the group of lenders. The user device 102 may further be configured to enable the group of lenders to lend the requested funds to the borrower, in an embodiment of the present invention.
[0027] The user device 102 may be, but not limited to, a personal computer, a consumer device, and alike. Embodiments of the present invention are intended to include or otherwise cover any type of the user device 102 including known, related art, and/or later developed technologies. In an embodiment of the present invention, the personal computer may be, but not limited to, a desktop, a server, a laptop, and alike. Embodiments of the present invention are intended to include or otherwise cover any type of the personal computer including known, related art, and/or later developed technologies.
[0028] Further, in an embodiment of the present invention, the consumer device may be, but not limited to, a tablet, a mobile phone, a notebook, a netbook, a smartphone, a wearable device, and so forth. Embodiments of the present invention are intended to include or otherwise cover any type of the consumer device including known, related art, and/or later developed technologies.
[0029] According to an embodiment of the present invention, the user device 102 may comprise software applications such as, but not limited to, a calendar application, a calculator application, a banking application, and the like. In a preferred embodiment of the present invention, the user device 102 may comprise the computer application 104 which may be a computer-readable program installed in the user device 102 for executing functions associated with the system 100.
[0030] In an embodiment of the present invention, the computer application 104 when logged in by the borrower may provide a borrower-related interface for operating the system 100. The computer application 104 when logged in by the lender(s) may provide a lender-related interface for operating the system 100, in an embodiment of the present invention.
[0031] In an embodiment of the present invention, the database 106 may store the requested funds uploaded by the borrower to the system 100. The database 106 may store details associated with the borrower, in an embodiment of the present invention. According to embodiments of the present invention, the user details associated with the borrower may be, but not limited to, a username, an age, a gender, monthly earnings, accumulated assets, held liabilities, a credit score, and so forth. Embodiments of the present invention are intended to include or otherwise cover any user details associated with the borrower that may be stored in the database 106, including known, related art, and/or later developed technologies.
[0032] The database 106 may further store details associated with the lender(s), in an embodiment of the present invention. According to embodiments of the present invention, the user details associated with the lender(s) may be, but not limited to, a username, an age, a gender, monthly earnings, accumulated assets, held liabilities, a credit score, and so forth. Embodiments of the present invention are intended to include or otherwise cover any user details associated with the lender(s) that may be stored in the database 106, including known, related art, and/or later developed technologies.
[0033] According to embodiments of the present invention, the database 106 may be for example, but not limited to, a distributed database, a personal database, an end-user database, a commercial database, a Structured Query Language (SQL) database, a non-SQL database, an operational database, a relational database, an object-oriented database, a graph database, a cloud server database, and so forth. Embodiments of the present invention are intended to include or otherwise cover any type of the database 106 including known, related art, and/or later developed technologies.
[0034] Further, the database 106 may be a cloud server database, in an embodiment of the present invention. In an embodiment of the present invention, the cloud server may be remotely located. In an exemplary embodiment of the present invention, the cloud server may be a public cloud server. In another exemplary embodiment of the present invention, the cloud server may be a private cloud server. In yet another embodiment of the present invention, the cloud server may be a dedicated cloud server. According to embodiments of the present invention, the cloud server may be, but not limited to, a Microsoft Azure cloud server, an Amazon AWS cloud server, a Google Compute Engine (GEC) cloud server, an Amazon Elastic Compute Cloud (EC2) cloud server, and so forth. Embodiments of the present invention are intended to include or otherwise cover any type of the cloud server including known, related art, and/or later developed technologies.
[0035] In an embodiment of the present invention, the application server 108 may be a hardware on which the processor 110 may be installed. According to embodiments of the present invention, the application server 108 may be, but not limited to, a motherboard, a wired board, a mainframe, and so forth. Embodiments of the present invention are intended to include or otherwise cover any type of the application server 108, including known, related art, and/or later developed technologies.
[0036] In an embodiment of the present invention, the processor 110 may be located on the application server 108. The processor 110 may be adapted to be in communication with the user device 102. The processor 110 may be configured to execute the computer-readable instructions to generate an output relating to the system 100. According to embodiments of the present invention, the processor 110 may be, but not limited to, a Programmable Logic Control (PLC) unit, a microprocessor, a development board, and so forth. Embodiments of the present invention are intended to include or otherwise cover any type of the processor 110 including known, related art, and/or later developed technologies. In an embodiment of the present invention, the processor 110 may further be explained in conjunction with FIG. 1B.
[0037] FIG. 1B illustrates a block diagram of the processor 110 of the system 100, according to an embodiment of the present invention. The processor 110 may comprise the computer-executable instructions in form of programming modules such as a registration module 112, a request module 114, a voting module 116, a verification module 118, a disbursal module 120, and a payback module 122.
[0038] In an embodiment of the present invention, the registration module 112 may be configured to enable registration of the borrower using the computer application 104 by receiving the user details through the user device 102. The registration module 112 may further be configured to enable the borrower to join the group of lenders interested in lending funds to the borrower, in an embodiment of the present invention. After the registration of the borrower and admission of the borrower in the group of lenders, the registration module 112 may transmit a request signal to the request module 114.
[0039] In an embodiment of the present invention, the request module 114 may be activated upon receipt of the request signal from the registration module 112. The request module 114 may be configured to enable the borrower to put a request for borrowing funds from the lenders in the group, in an embodiment of the present invention. The request from the borrower may be reviewed by the lenders in the group, if the lenders are moved by the request of the borrower, then the request module 114 may transmit a voting signal to the voting module 116. Otherwise, the request of the borrower to borrow funds from the lenders may be rejected.
[0040] In an embodiment of the present invention, the voting module 116 may be activated upon receipt of the voting signal received from the request module 114. The voting module 116 may be configured to conduct a voting process. The voting process may involve a say of ‘YES’ or ‘NO’ by the lenders in the group for lending funds as requested by the borrower. Further, the voting module 116 may be configured to shortlist all the lenders in the group interested in lending funds (having a say of ‘YES’) to the borrower, in an embodiment of the present invention. In an embodiment of the present invention, the voting module 116 may further create a sub-group of the lenders interested in lending funds to the borrower. The sub-group may further contain the borrower, in an embodiment of the present invention. After the commissioning of the sub-group, the voting module 116 may transmit a verification signal to the verification module 118.
[0041] In another embodiment of the present invention, if the borrowers are more than one in number, then the borrower having the most votes (having the most say of ‘YES’) may be considered by the lenders for lending funds.
[0042] In an embodiment of the present invention, the verification module 118 may be activated upon receipt of the verification signal from the voting module 116. The verification module 118 may enable the borrower to submit a set of documents for verification, in an embodiment of the present invention. According to embodiments of the present invention, the set of documents for verification may include documents such as, but not limited to, securities, leverages, identification cards, address proofs, biometric information, signatures, and so forth. Embodiments of the present invention are intended to include or otherwise cover any documents for verification of credibility of the borrower, including known, related art, and/or later developed technologies. Upon successful verification of the submitted documents, the verification module 118 may transmit a disbursal signal to the disbursal module 120.
[0043] In an embodiment of the present invention, the disbursal module 120 may be activated upon receipt of the disbursal signal from the verification module 118. The disbursal module 120 may be configured to disburse funds to the borrower.
[0044] In an embodiment of the present invention, the payback module 122 may be configured to create an equated installment plan for the borrower to pay back the borrowed funds to the lenders in the group.
[0045] FIG. 2 depicts a flowchart of a method 200 for lending and borrowing funds using the system 100, according to an embodiment of the present invention.
[0046] At step 202, the system 100 may enable the registration of the borrower using the computer application 104 by receiving the user details through the user device 102.
[0047] At step 204, the system 100 may enable the borrower to join the group of lenders interested in lending funds to the borrower.
[0048] At step 206, the system 100 may enable the borrower to request borrowing funds from the lenders in the group.
[0049] At step 208, if the request for borrowing funds is approved, then the method 200 may proceed to a step 210. Otherwise, the method 200 may revert to the step 204.
[0050] At step 210, the system 100 may conduct the voting process for shortlisting the lenders in the group interested in lending funds to the borrower.
[0051] At step 212, the system 100 may create the sub-group of the lenders interested in lending funds to the borrower.
[0052] At step 214, the system 100 may enable the borrower to submit the set of documents for verification.
[0053] At step 216, after complete and successful verification of the submitted documents the method 200 may proceed to a step 218. Otherwise, the method 200 may revert to the step 214.
[0054] At step 218, the system 100 may disburse funds to the borrower.
[0055] While the invention has been described in connection with what is presently considered to be the most practical and various embodiments, it is to be understood that the invention is not to be limited to the disclosed embodiments, but on the contrary, is intended to cover various modifications and equivalent arrangements included within the scope of the appended claims.
[0056] This written description uses examples to disclose the invention, including the best mode, and also to enable any person skilled in the art to practice the invention, including making and using any devices or systems and performing any incorporated methods. The patentable scope of the invention is defined in the claims, and may include other examples that occur to those skilled in the art. Such other examples are intended to be within the scope of the claims if they have structural elements that do not differ from the literal language of the claims, or if they include equivalent structural elements within substantial differences from the literal languages of the claims. , Claims:CLAIMS
I/We Claim:
1. A networking system (100) for lending and borrowing funds among users, the system (100) comprising:
a user device (102);
a processor (110) in communication with the user device (102), and located on an application server (108), characterized in that the processor (110) is configured to:
enable registration of a borrower using a computer application (104) by receiving user details through the user device (102);
enable the borrower to join a group of lenders interested in lending funds to the borrower;
enable the borrower to put in a request for borrowing funds from the lenders in the group;
conduct a voting process and shortlist the lenders in the group interested in lending funds to the borrower;
create a sub-group of the lenders interested in lending funds to the borrower;
enable the borrower to submit a set of documents for verification; and
disburse funds to the borrower, upon complete and successful verification of the submitted documents.
2. The system (100) as claimed in claim 1, wherein the processor (110) is configured to create an equated installment plan for the borrower to pay back the borrowed funds to the lenders in the group.
3. The system (100) as claimed in claim 1, wherein the documents are selected from securities, leverages, identification cards, address proofs, biometric information, signatures, or a combination thereof.
4. The system (100) as claimed in claim 1, wherein the user details are selected from a username, an age, a gender, monthly earnings, accumulated assets, held liabilities, a credit score, or a combination thereof.
5. The system (100) as claimed in claim 1, wherein the user device (102) is selected from a phone, a laptop, a tablet, a computer, or a combination thereof.
6. A method (200) for lending and borrowing funds using a networking system (100) for lending and borrowing funds among users, the method (200) is characterized by steps of:
registering a borrower on the system (100) using a computer application (104) by receiving user details through a user device (102);
enabling the borrower to join a group of lenders interested in lending funds to the borrower;
enabling the borrower to put in a request for borrowing funds from the lenders in the group;
conducting a voting process and shortlisting the lenders in the group interested in lending funds to the borrower;
creating a sub-group of the lenders interested in lending funds to the borrower;
enabling the borrower to submit a set of documents for verification; and
disbursing funds to the borrower, upon complete and successful verification of the submitted documents.
7. The method (200) as claimed in claim 6, wherein the documents are selected from securities, leverages, identification cards, address proofs, biometric information, signatures, or a combination thereof.
8. The method (200) as claimed in claim 6, wherein the user details are selected from a username, an age, a gender, monthly earnings, accumulated assets, held liabilities, a credit score, or a combination thereof.
9. The method (200) as claimed in claim 6, wherein the user device (102) is selected from a phone, a laptop, a tablet, a computer, or a combination thereof.
10. The method (200) as claimed in claim 6, comprises a step of creating an equated installment plan for the borrower to pay back the borrowed funds back to the lenders in the group.
Date: May 02, 2024
Place: Noida

Dr. Keerti Gupta
Agent for the Applicant
(IN/PA-1529)