|iPhone / iPod touch:||iPad / iPad mini:|
Application iCreditRate represents a mobile loan calculator for iPhone/iPod touch/iPad which can estimate an effective annual percentage rate (EAR) of the loan, total payment value and plot a debts chart. The effective rate is estimated for loans with fixed-size payments (mortgage loans, auto loans, retail loans and so on).
New versions of iCreditRate will support only iOS7 or higher.
Currently the following types of the loans are supported:
- Generic loans with fixed-size payments
- Microloans with fixed-size weekly payments or with the payment at the end of the term
- Retail loans with fixed-size payments
- Mortgage loans with fixed-size payments
Also the Loan Advisor mode is available.
The current version supports APR mode for the effective rate calculations. You may turn this mode on in the global settings of your i-Device.
Here is an example:
The bank have sent you an offer: very advantageous loan, the rate is 18.16% per year, the total amount is 100 000 USD, loan’s term is 2 years, the monthly payment is only 5 000 USD. The one-time fee is 5 000 USD and the monthly commission is 1 000 USD.
Fill in all application fields and press “Next”. You can see that a real loan rate is 53.49% per year. Maybe it is better to look for a more friendly loan?
The application is available in the AppStore: iCreditRate
Here is the review of the application:
“Estimate The Cost Of Loans And Credits With iCreditRate” by Jerry Harris
You may find an additional contact information at the bottom of the web page.
Here is a small poll: